9th Circuit Says Loan Obtained By Trustee Subject To Disclosure Requirements

Mealey's (April 20, 2020, 2:11 PM EDT) -- PASADENA, Calif. — In addressing a matter of first impression, a Ninth Circuit U.S. Court of Appeals panel on April 14 vacated dismissal of a Truth in Lending Act (TILA) lawsuit, finding that a loan obtained by a trustee to finance repairs for a residence for a trust beneficiary is a consumer credit transaction that is subject to the statute’s disclosure requirements (Maxine Gilliam v. Joel Levine, No. 18-56373, 9th Cir., 2020 U.S. App. LEXIS 11706)....