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Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission Rights Under TILA



by Marieke T. Beck Coon
Schnader Harrison Segal & Lewis LLP - Philadelphia Office

Christopher H. Hart
Schnader Harrison Segal & Lewis LLP - San Francisco Office

Stephen J. Shapiro
Schnader Harrison Segal & Lewis LLP - Philadelphia Office

March 19, 2013

Previously published on March 2013

In a recent decision, the Third Circuit took sides in a split between U.S. Circuit Courts of Appeal over what action borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act (TILA). It ruled that borrowers need only send lenders valid notice within the time allowed under the statute in order to rescind a loan agreement.


 

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