Burson v. Capps

John S. Burson, et al., v. Jeffrey G. Capps, No. 2, September Term, 2014 Federal Truth in Lending Act—Right of Rescission—Statutory Interpretation Under the federal Truth in Lending Act (TILA), the right of rescission granted in

15 U.S.C. § 1635

may not be invoked by borrowers before the loan transaction is consummated. Before consummation, there is nothing for a borrower to rescind. An attempt to do so is without effect. Our holding is consistent with Regulation Z, TILA’s implementing regulation, which presupposes that, when the right to rescission is exercised, there is something to rescind.…