Holmes v. Olson

The present suit arises from a consumer credit transaction. Canarlice Holmes filed suit seeking to recover statutory penalties from O. C. Olson, d/b/a Southern Investment Company alleging a failure to make disclosures required by federal “Truth-in-Lending” legislation. The trial court agreed with Holmes holding that the security agreement did not adequately describe the security interest held by the creditor as required by 15 U.S.C. § 1639(a)(8) and 12 C.F.R. § 226.8(bX5). The Court of Civil Appeals, however, reversed the judgment of the trial court holding the security interest adequate to…