Truth in Lending: 8.7 TILA Damages and Rescission Are Available for HELOC Violations
Statutory damages, actual damages, and attorney fees are available for violations of TILA’s disclosure requirements, to the extent the disclosures are mandated by 15 U.S.C. § 1637a.510 To the extent the disclosures are mandated under the general open-end credit rules under 15 U.S.C. § 1637, the analysis is more complicated. Actual damages and attorney fees are still available, but the availability of statutory damages depends on which provision of section 1637 requires the disclosure at issue.