Opinion ID: 370296
Heading Depth: 2
Heading Rank: 3

Heading: Penalty Awards

Text: 36 Under the version of 15 U.S.C. § 1640(a) in effect when this suit was brought, 17 a creditor in a consumer credit transaction who fails to disclose to any person any information required to be disclosed is liable to that person for an amount ranging from $100 to $1000 based on twice the finance charge and reasonable attorneys' fees. Community contends that the district court erroneously held that each plaintiff was entitled to the minimum $100 award, since some plaintiffs were co-obligors on the same loan. Community argues that the proper measure of recovery is $100 per credit transaction, regardless of how many plaintiffs were involved in a particular loan. 37 This court recently held that a husband and wife who signed a promissory note and who were jointly and severally liable under state law were entitled to two statutory penalties. Davis v. United Companies Mortgage & Inv., Inc., 551 F.2d 971 (5 Cir. 1977). Because plaintiffs such as the Touchstones were jointly and severally liable as principals under the terms of the note itself, the district court properly made an award to each.