Relief And Damages Overview

Summary

Relief and damages under 15 USC 1640 include actual damages for financial losses, statutory damages capped between $400 and $4,000, and rescission, which cancels the loan and refunds payments. Specific case examples include a consumer receiving $1,000 in actual damages for out-of-pocket costs, statutory damages based on finance charges, and loan rescission resulting in a refund of all payments.

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can you show me an example of relief and damages for rescission * usc *. with average dollar amounts final awarded damages
Hey ****! Here’s some general information about relief and damages under * USC * for rescission:
- Actual damages: Consumers can recover any financial losses directly resulting from the violation.
- Statutory damages: Generally capped at twice the finance charge, but not less than $* and not more than $*,*.
- Rescission: Cancels the loan, refunding all payments made by the consumer.
Would you like specific case examples or any additional details?
yes specific case examples or any additional details
Hey ****! Here are examples of relief and damages under * USC * for rescission:
*. Actual Damages:
- Example: A consumer incurred $*,* in out-of-pocket costs due to a violation. The court awarded them $*,* in actual damages.
*. Statutory Damages:
- Example: If the finance charge was $*, statutory damages could be twice that amount ($*,*), but capped between $* and $*,*.
*. Rescission:
- Example: If a loan worth $*,* was rescinded, the consumer would be refunded all payments made towards the loan.
Do you have a specific case in mind, or need more detailed examples?