Jenkins v. Eastover Bank for Savings

BANKS, Justice,

for the court:

This case requires that we construe a provision in. the Truth-in-Lending Act1 exempting loans made for “initial construction” from the notice requirement of three-day right to rescind. We conclude that the circuit court properly construed the statute, but that, as to one of the two loans in question, it erroneously applied the statute so construed. Accordingly, we affirm in part and reverse in part the summary judgment rendered in favor of the lender.

I

Charles T. Jenkins, a resident of Jackson County, Mississippi, applied for a loan in July 1987 with Eastover Bank…