Legal Document

452 U.S. 155 101 Supreme Court Reporter 2239 68 United States Reports Lawyer’s Edition 2d Series KF101.8 U54 744 FORD MOTOR CREDIT COMPANYv.Janet CENANCE et al. Number 80-1205. June 1, 1981. ¢s155¢s PER CURIAM. 1 The motion of the American Bankers Association for leave to file a brief as amicus curiae is granted. California 2 These cases were consolidated in Appeals. Cenance versus Bohn Ford Co., 621 Federal Reporter, 2nd 130 (CA5 1980). In each, prospective purchaser an automobile entered into installment sales transaction with dealer. Prior completion dealer submitted buyer's credit application petitioner Motor Credit company (FMCC). Once was notified that buyer met FMCC's standards, and executed retail contract. On each contract following legend appeared: "The foregoing hereby accepted by Seller assigned Company accordance terms Assignment set forth on reverse side hereof." Pursuant arrangement between FMCC, FMCC purchased without recourse against Although did not assist actual negotiations, it provided forms, including blank contracts. so, none dealers obligated seek financing from perfecting its transaction. 3 Subsequently, brought suit District Court, alleging violations Truth Lending Act, 82 Statutes-at-Large 146, amended, 15 Code KF62 § 1601 seq. allegations common all suits creditor within meaning Act statement concerning assignment adequately disclose status.1 respective Courts, D.C., 430 F.Supp. 1064; 458 1387, agreed Appeals Fifth Circuit affirmed. determining creditor, relied upon prior decision Meyers Clearview Dodge Sales, Inc., 539 511 1976). There court had held under similar facts would be elevating form over substance characterize party such there Chrysler Corp., anything but creditor. immediate case, reiterated point: 4 analysis applies even greater force instant situation because here regularly dealt only Ford. prearranged finance instrument. At no time risk reside conditioned acceptance Indeed, prepared As Meyers, hold original Regulation Z." F.2d, at 133. 5 Having concluded went agreement notifying insufficient disclosure status violation 12 Regulations 226.6(d) (1980). also liable certain other pertinent particular suit. 6 petition certiorari challenges these holdings. We grant major part,2 affirm holding revealing sufficient satisfy 226.6(d). 7 stood recent amendments, defined creditors part those "who extend, or arrange extension of, . ." 1602(f). Z, promulgated pursuant defines term consistently above: " 'Creditor' means person who ordinary course business extends arranges consumer 226.2(s) this above definition easily encompasses both FMCC.3 Each arranged actually extended credit. negate any suggestion anticipated transactions. contingent approval worthiness buyer. became operational simultaneously, divested short, we agree conclude Act.4 8 Equally formalistic, however, conclusion below status. recognized, Courts have addressed precise point disclosed role Sharp 615 423, 426 (CA7 1980); Augusta Marshall 614 1085, 1086 (CA6 1979); Milhollin 588 753, 756-757 (CA9 1978), rev'd grounds, 444 555, 100 790, 63 22 Those courts reasoned was, acceptance, served purpose disclosing nature relationship It unnecessary precisely "creditor." Contrary below, found notification stated Milhollin, supra: 9 concept 'meaningful disclosure' animates TILA cannot applied abstract. Meaningful does mean more disclosure. Rather, describes balance 'competing considerations complete need avoid [informational overload]." U.S., 568, S.Ct., 798. 10 Here, requiring meaningfully benefit consequently serve purposes Act. 11 accordingly affirmed reversed part. So ordered. 13 Justice MARSHALL writ conflict among Circuits plenary consideration. addition failure status, three plaintiffs, Cenance, Strzelecki, Booker, alleged tag, title, registration fees should been separately disclosed, 226.4(b)(4) (1980); averred $1 lien recordation fee itemized paid public officials, 226.4(b)(1); Shropshire Wiggs documentary included cash-price since they fact charge. additional sustained rejected claim one attributed beyond "purview" deny insofar Appeals' judgment respect. Absent clear indication legislative intent contrary, statutory language controls construction. addition, regulations governmental body responsible interpreting administering statute are entitled considerable respect, Zenith Radio Corporation States, 437 443, 450, 98 2441, 2445, 57 337 (1978), particularly true see 566-567, 797-798, rules fully applicable here. contend, history institution treated subsequent assignee afforded limited liability carries. See 1614. regard cites Congress adopt amendment which applicability 1614 assignees "in continuing creditor." 114 Cong.Rec. 1611 (1968). provision, petitioner's view, indicates confer financial maintains seller, assignee. little position. proposed provision merely mere joint another entitle either says nothing about A nominal extender

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