Truth in Lending: 11.7.10.3.1 TILA’s liability provisions apply to assignees that fail to provide transfer of ownership notices
TILA requires assignees to provide mortgagors with written notice when ownership of the mortgage loan is transferred.1028 The question discussed in this subsection is whether assignees are subject to liability under TILA if they fail to provide this notice. The issue comes up because section 1640(a) imposes liability upon “creditor[s],” and the general definition of “creditor” at section 1602(g) includes only the original creditor.1029