In plaintiffs' action under the Truth in Lending Act against defendant for refusing to refund a $500 deposit plaintiffs' demanded after they attempted to exercise their right to rescind prior to closing on a loan to refinance their house, summary judgment for defendant is affirmed as a consumer cannot exercise the right to rescind created by 15 U.S.C. section 1635(a) until after consummation of a consumer credit transaction.
Argued: October 29, 2009
Decided: February 5, 2010
Opinion by Circuit Judge Niemeyer
For Appellant: J. Brady Jr.
For Appellee: Michael R. Ward, Morris & Morris