AFSA and a coalition of trade associations (the “Trades”) filed an amicus brief supporting TD Auto Finance in Pulliam v. TD Auto Finance, a case concerning the Federal Trade Commission (FTC) Holder Rule. Under this rule, every consumer credit contract must contain a two-sentence clause. The first sentence subjects any “holder” or seller of the contract to all claims and defenses that the “debtor” may have against the seller under the contract. The second sentence limits the debtor’s “recovery” to the amount the debtor paid under the contract.
At issue is whether “recovery” includes attorney fee awards, as well as damages, in the Holder Rule’s second sentence. In the amicus brief, the Trades argue that the Holder Rule’s second sentence limits all monetary recovery from the holder, including attorney fees as well as damages, that the debtor asserts against the seller for misconduct, citing the plain meaning of the statute and the broadness of the word “recovery”. As such, the Trades urge the Court to apply the plain language of the entire Holder Rule in its decision, including the word “recovery”, which encompasses all monetary sums awarded by a judgment, both damages and any attorney fee award.
WATCH | Throw the Baby Out with the Bath Water?
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At some point in your product evolution, you’ll reach a point where you’ll ask yourself, “Is it time to start over?” It’s inevitable. Or it should be. But, what if you’ve recently gotten in bed with your once-top competitor and are supporting… Read the rest
Senators Lead Efforts Opposing Postal Banking
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Registration is open for AFSA’s 2022 Vehicle Finance Conference & Expo from March 8th – 10th at the Bellagio Las Vegas.
Need more motivation than meeting up in Vegas? We are pleased to announce that Jon Taffer, star of “Bar… Read the rest
Remembering America’s Finest
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