Three Texas lenders, accused of soliciting homeowners for high-interest loans they cannot afford cannot be sued under the U.S. Truth in Lending Act, a federal appeals court has ruled.
The decision on Friday by the 5th U.S. Circuit Court of Appeals ends four class actions filed in 2014 and 2015 alleging that so-called property tax lenders violated federal law by failing to assure that its customers were qualified for loans with interest rates sometimes topping 13 percent.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1SVjNfb