Jesinoski v. Countrywide Home Loans, Inc. (2014)
- Docket
- 13-684
- Decided
- 2014-01-01
Summary
Question: Does the Truth in Lending Act allow a borrower to rescind a loan by notifying the creditor within the three-year time frame, even though a lawsuit has not yet been filed? Conclusion: Yes. Justice Antonin Scalia delivered the opinion for a unanimous Court. The Court held that the three-year period required by the Truth in Lending Act (TILA) is satisfied when the borrower notifies the lender of his intent to rescind the loan within that period, even if a lawsuit has not yet been filed. The plain language of TILA specifies that a borrower need only notify the creditor of his intent to rescind the loan; it does not require the borrower to file a lawsuit. Although common law recession traditionally requires the borrower to return what was borrowed (as would result from a lawsuit), modern jurisprudence does not require that a statute be interpreted as implementing its common law analog.