Opinion ID: 711689
Heading Depth: 3
Heading Rank: 1

Heading: Application of the Truth-in-Lending Act

Text: 11 The Averys argue that the Truth-in-Lending Act, 15 U.S.C. Sec. 1601, et seq. (1982) (TILA), applies to their loan 3 and that Mission Viejo Bank violated TILA by not giving the Averys the required Notice of Right to Cancel. 15 U.S.C. Sec. 1635(a) (1982). A lender's violation of TILA allows the borrower to rescind a consumer loan secured by the borrower's primary dwelling. Id. The district court made a factual finding that the Averys were provided with two copies of a Notice of Right to Cancel the loan on or about September 6, 1990, which was the date of the execution of the note and deed of trust. These findings are not clearly erroneous. 12 Nonetheless, the district court declined to decide whether TILA applied to the Averys' loan because even if TILA applied, the Averys effectively waived their right to rescind the loan transaction. Based on the same reasoning employed by the district court, we also find it unnecessary to decide this issue.