Fendon v. Bank of America, N.A.

Dist. Ct. did not err in dismissing on timeliness grounds plaintiff’s action under Truth in Lending Act (TILA) to rescind mortgage he signed with defendant-bank. Record showed that plaintiff notified defendant that he was rescinding loan on August 15, 2008, April 16, 2009 and June 17, 2010, but did not file instant action until 2016, which was after state court had entered final judgment on March 23, 2016 on defendant’s foreclosure action on subject property. While section 1640(a)(1) of TILA authorizes awards of damages for violations of said Act, section 1640(e) sets one-year limitations period for any claim under section 1640. Moreover, instant limitations period began on September 4, 2008, which was 20 days after plaintiff sent defendant his first notice of rescission and when defendant had ignored said notice. Fact that plaintiff sent subsequent notices did not serve to extend limitations period.