Darrow v. Beneficial Fin. Co.

This appeal presents this court with two dispositive issues: (1) whether defendant's counterclaim under the Federal Truth in Lending Act is in the nature of a setoff and was properly dismissed as barred by the one year statute of limitations of15 U.S.C. § 1640 (e); and (2) whether the plaintiff's suit should have been dismissed because the loan contract upon which the action was premised failed to meet the disclosure requirements of § 5-18-16 (a)(1) of Alabama's Small Loan Act. We hold that the trial court properly determined that defendant's counterclaim was time barred but that it erred in…