Except as otherwise specifically provided in this subchapter, any civil action for a violation of this subchapter or proceeding under sectionof this title which may be brought against a creditor may be maintained against any assignee of such creditor only if the violation for which such action or proceeding is brought is apparent on the face of the disclosure statement, except where the assignment was involuntary. For the purpose of this section, a violation apparent on the face of the disclosure statement includes, but is not limited to (1) a disclosure which can be determined to be incomplete or inaccurate from the face of the disclosure statement or other documents assigned, or (2) a disclosure which does not use the terms required to be used by this subchapter.
Except as provided in sectionof this title, in any action or proceeding by or against any subsequent assignee of the original creditor without knowledge to the contrary by the assignee when he acquires the obligation, written acknowledgement of receipt by a person to whom a statement is required to be given pursuant to this subchapter shall be conclusive proof of the delivery thereof and, except as provided in subsection (a), of compliance with this part. This section does not affect the rights of the obligor in any action against the original creditor.
Any consumer who has the right to rescind a transaction under sectionof this title may rescind the transaction as against any assignee of the obligation.
Any person who purchases or is otherwise assigned a mortgage referred to in section 1602(aa) 1 of this title shall be subject to all claims and defenses with respect to that mortgage that the consumer could assert against the creditor of the mortgage, unless the purchaser or assignee demonstrates, by a preponderance of the evidence, that a reasonable person exercising ordinary due diligence, could not determine, based on the documentation required by this subchapter, the itemization of the amount financed, and other disclosure of disbursements that the mortgage was a mortgage referred to in section 1602(aa) 1 of this title. The preceding sentence does not affect rights of a consumer under subsection (a), (b), or (c) of this section or any other provision of this subchapter.
Notwithstanding any other provision of law, relief provided as a result of any action made permissible by paragraph (1) may not exceed-
The amount of damages that may be awarded under paragraph (2)(B) shall be reduced by the amount of any damages awarded under paragraph (2)(A).
Any person who sells or otherwise assigns a mortgage referred to in section 1602(aa) 1 of this title shall include a prominent notice of the potential liability under this subsection as determined by the Bureau.
Except as otherwise specifically provided in this subchapter, any civil action against a creditor for a violation of this subchapter, and any proceeding under sectionof 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-
For the purpose of this section, a violation is apparent on the face of the disclosure statement if-
A servicer of a consumer obligation arising from a consumer credit transaction shall not be treated as an assignee of such obligation for purposes of this section unless the servicer is or was the owner of the obligation.
A servicer of a consumer obligation arising from a consumer credit transaction shall not be treated as the owner of the obligation for purposes of this section on the basis of an assignment of the obligation from the creditor or another assignee to the servicer solely for the administrative convenience of the servicer in servicing the obligation. Upon written request by the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address, and telephone number of the owner of the obligation or the master servicer of the obligation.
For purposes of this subsection, the term "servicer" has the same meaning as in sectionof title 12.
This subsection shall apply to all consumer credit transactions in existence or consummated on or after September 30, 1995.
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-
As used in this subsection, the term "mortgage loan" means any consumer credit transaction that is secured by the principal dwelling of a consumer.
1 See References in Text note below.
15 U.S.C. § 1641
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.
REFERENCES IN TEXTSectionof this title, referred to in subsec. (d)(1), (4), was redesignated section of this title by Pub. L. 111-203, title X, §1100A(1)(A), July 21, 2010, 124 Stat. 2107.
AMENDMENTS 2010-Subsec. (d)(4). Pub. L. 111-203 substituted "Bureau" for "Board". 2009-Subsec. (g). Pub. L. 111-22 added subsec. (g).1995-Subsec. (e). Pub. L. 104-29, §7(a), added subsec. (e).Subsec. (f). Pub. L. 104-29, §7(b), added subsec. (f).1994-Subsec. (d). Pub. L. 103-325 added subsec. (d).1980-Pub. L. 96-221 added subsecs. (a) and (c), designated existing provisions as subsec. (b), substituted "excepted as provided in subsection (a)" for "unless the violation is apparent on the face of the statement", and struck out exception for actions under sectionof this title.
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111-203 effective on the designated transfer date, see section 1100H of Pub. L. 111-203, set out as a note under sectionof Title 5, Government Organization and Employees.
EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96-221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Pub. L. 96-221, set out as a note under sectionof this title.