US Sup Ct Rules Rescission of Loan Only Requires Written Notice & Not Filing of Suit Within 3 Years

US Supreme Court decision (January 13, 2015).

This case addressed the issue of what steps a borrower must take in order to effectively rescind a loan under the Truth in Lending Act. The threshold issue was whether a borrower exercises rescission rights by merely providing written notice to his or her lender, or whether a lawsuit must also be filed before the 3 year statute of limitations period elapses.