From: Charles Cox [mailto:email@example.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 Wayne Cox
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