Opinion ID: 444627
Heading Depth: 2
Heading Rank: 3

Heading: The Time Limitations of the Act

Text: 10 The Olsons' action as to the remaining four loans is barred by the time limitations of the Act. Section 1640(e) provides a one-year period of limitations for actions for violations of the general disclosure requirements of the Act. 4 This Court has interpreted this section to mean that the period of limitations begins to run when credit is extended through the consummation of the transaction without the proper disclosures. Dryden v. Lou Budke's Arrow Finance Co., 630 F.2d 641, 646 (8th Cir.1980). None of the four remaining loans was consummated within the one-year period preceding institution of this action and, with regard to these loans, the action is clearly time-barred.