As you all may well be aware, on January 13, 2015, the Supreme Court of the United States unanimously ruled in Jesinoski v. Countrywide that the Truth in Lending Act means what it says and says what it means. A TILA rescission is effected upon notice. In Justice Scalia’s own words, “Section 1635(a)’s unequivocal terms—a borrower “shall have the right to rescind . . . by notifying the creditor . . . of his intention to do so” (emphasis added)—leave no doubt that rescission is effected when the borrower notifies the creditor of his intention to rescind.”
Although the Supreme Court did not create any new law with this unanimous decision, the decision has had the effect of scaring the living daylights out of those financial behemoths and their law firms. Below is a recent webinar conducted by one of the law firms representing those financial institutions. Listen for yourself to their own interpretation of what they call “post-Jesinoski”. You can also download a copy of the slide presentation here.