Answer:
Answer from Randy: The borrower can rescind the loan for up to three years and return the money they owe you less any interest or other fees they have been charged.
Answer:
Answer from Andy: There are also the standard penalties your regulator may raise or an attorney representing one or more of your customers.
FIRREA Penalties and
Civil liability:
• Statutory damages double the finance charge (min $100, max $2,000)
• Actual damages
• Fines up to $500,000 or 1% of creditor’s net worth, whichever is less in class action suits
• Attorney’s fees and court costs
First published on BankersOnline.com 7/15/13
print
share