Williams v. Wells Fargo Home Mortgage, Inc.
- Citation:
- No. 10-1493
- Tag(s):
-
- Ruling:
- In this non-precedential opinion, the Third Circuit concluded that the Truth In Lending Act (TILA) prohibits any claim to rescind a loan transaction brought more than three years from the date of consummation or sale of property. Applying Supreme Court precedent, the Third Court dispositively stated that the TILA provision at issue is a statute of repose, not of limitation, meaning that the "right" to rescind expires after the three-year period has run. As such, equitable tolling could not resurrect a consumer's right to recind a credit transaction.
- Procedural context:
- The Third Circuit affirmed the district court's decision granting summary judgment to the lender.
- Facts:
- Williams, an individual, was barred from bringing an action under the TILA, because three-years had elapsed since she consummated the loan transaction.
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