U.S Code last checked for updates: Nov 23, 2024
All TitlesTitle 15Chapter 41Subchapter IPart B
§ 1641.
Liability of assignees
(a)
Prerequisites
(b)
Proof of compliance with statutory provisions
(c)
Right of rescission by consumer unaffected
(d)
Rights upon assignment of certain mortgages
(1)
In general
(2)
Limitation on damages
Notwithstanding any other provision of law, relief provided as a result of any action made permissible by paragraph (1) may not exceed—
(A)
with respect to actions based upon a violation of this subchapter, the amount specified in section 1640 of this title; and
(B)
with respect to all other causes of action, the sum of—
(i)
the amount of all remaining indebtedness; and
(ii)
the total amount paid by the consumer in connection with the transaction.
(3)
Offset
(4)
Notice
(e)
Liability of assignee for consumer credit transactions secured by real property
(1)
In general
Except as otherwise specifically provided in this subchapter, any civil action against a creditor for a violation of this subchapter, and any proceeding under section 1607 of this title against a creditor, with respect to a consumer credit transaction secured by real property may be maintained against any assignee of such creditor only if—
(A)
the violation for which such action or proceeding is brought is apparent on the face of the disclosure statement provided in connection with such transaction pursuant to this subchapter; and
(B)
the assignment to the assignee was voluntary.
(2)
Violation apparent on the face of the disclosure described
For the purpose of this section, a violation is apparent on the face of the disclosure statement if—
(A)
the disclosure can be determined to be incomplete or inaccurate by a comparison among the disclosure statement, any itemization of the amount financed, the note, or any other disclosure of disbursement; or
(B)
the disclosure statement does not use the terms or format required to be used by this subchapter.
(f)
Treatment of servicer
(1)
In general
(2)
Servicer not treated as owner on basis of assignment for administrative convenience
(3)
“Servicer” defined
(4)
Applicability
(g)
Notice of new creditor
(1)
In general
In addition to other disclosures required by this subchapter, not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including—
(A)
the identity, address, telephone number of the new creditor;
(B)
the date of transfer;
(C)
how to reach an agent or party having authority to act on behalf of the new creditor;
(D)
the location of the place where transfer of ownership of the debt is recorded; and
(E)
any other relevant information regarding the new creditor.
(2)
Definition
(Pub. L. 90–321, title I, § 131, May 29, 1968, 82 Stat. 157; Pub. L. 96–221, title VI, § 616(a), Mar. 31, 1980, 94 Stat. 182; Pub. L. 103–325, title I, § 153(c), Sept. 23, 1994, 108 Stat. 2195; Pub. L. 104–29, § 7, Sept. 30, 1995, 109 Stat. 274; Pub. L. 111–22, div. A, title IV, § 404(a), May 20, 2009, 123 Stat. 1658; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)
cite as: 15 USC 1641
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