Shimsky v. Valley Credit Union

This case involves allegations of violations of the Truth in Lending Act and breach of contract in relation to an “open ended” financing arrangement. This appeal is taken from the District Court order dismissing appellants’ complaint and granting respondent’s motion for summary judgment.

On January 10, 1979, appellant Patrick F. Shimsky obtained a $5,500 loan from respondent (hereinafter Credit Union) by means of an open ended revolving credit plan. The annual percentage rate on the outstanding balance was 12%, and the agreement provided for minimum monthly payments. The language which gave…