FTC affirms consumers’ rights under holder in due course rule

22 May

From: Charles Cox [mailto:charles@bayliving.com]
Sent: Thursday, May 17, 2012 7:54 AM
To: Charles Cox
Subject: FTC affirms consumers’ rights under holder in due course rule

FTC affirms consumers’ rights under holder in due course rule

· Goodwin Procter LLP

· Crystal N. Kaldjob

The FTC issued an advisory opinion affirming its interpretation of the holder in due course rule. The rule permits consumers who enter into credit contracts with a seller of goods to assert the same legal claims and defenses against a third party who purchases the credit contract as they would have against the original seller. The advisory opinion, issued in response to a request from the National Consumer Law Center and other consumer protection advocacy groups, clarifies that courts should not limit consumers’ ability to seek affirmative relief only to instances where a rescission right under state law exists. The NCLC requested the opinion after a number of courts denied relief absent a state law rescission claim.

Press release from FTC: http://www.ftc.gov/opa/2012/05/holderrule.shtm

Advisory Opinion is attached.

Charles
Charles Wayne Cox
Email: mailto:Charles
Websites: http://www.NHCwest.com; www.BayLiving.com; and www.ForensicLoanAnalyst.com
1969 Camellia Ave.
Medford, OR 97504-5403
(541) 727-2240 direct
(541) 610-1931 eFax

Paralegal; CA Licensed Real Estate Broker; Forensic Loan Analyst. Litigation Support and Expert Witness Services.

120510advisoryopinionholderrule.pdf

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