TILA Rescission: Three Years from When? Three Days from When?

James Macklin, a senior forensic analyst has worked together with attorneys and produced the following article on the “statute of limitations” as it applies to notices of rescission. I think I agree with their premise but would add that in all probability, if the lender is not known — the three day right of rescission starts to run when the real lender is disclosed. Otherwise there either is no contract for loan or the three day right can be exercised. If the three day right is exercised, then there is no defense to it of any kind even if the bank files the challenge action within 20 days of the notice. The challenge action would be subject to dismissal for failure to state a cause of action.

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