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#208225 - 07/07/04 01:13 PM TIL Liability?
Anonymous
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If a bank purchases a loan (e.g. via a branch acquistion) and later on discovers that the loan has a reimburseable TIL violation, is the purchasing bank liable to the customer?

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Lending Compliance
#208226 - 07/07/04 01:34 PM Re: TIL Liability?
Andy_Z Offline
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Andy_Z
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Posts: 27,754
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This could easily be a holder in due course issue. Often there is a buy-back agreement for these scenarios to protect you.
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AndyZ CRCM
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#208227 - 07/07/04 01:45 PM Re: TIL Liability?
Anonymous
Unregistered

I had a similiar question about this. If a Final Truth in Lending was wrong, and a new one issued to the customer, should we require a SIGNED corrected final TIL? Thanks.

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#208228 - 07/07/04 02:03 PM Re: TIL Liability?
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
If you send corrected TILs it is a good idea to request it, but not necessary.

Keep in mind if your original TIL had a reimbursable error, sending a corrected TIL does not relieve you of your reimbursement liability.
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The opinions expressed are mine and they are not to be taken as legal advice.

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