American Express TILA Violations
If you were an AMEX personal credit cardholder in August and/or September of 2019, you may be eligible for a statutory award from $500 to $5,000, plus attorney fees. Contact Main Street Law Firm as soon as possible to find out if you have a claim.
Main Street Law Firm is currently investigating a violation of the Truth in Lending Act (TILA) by American Express (AMEX) that affected thousands of American Express credit cardholders last year. If you were an AMEX personal credit cardholder in August and/or September of 2019, you may be eligible for a statutory award from $500 to $5,000.
What is the Truth in Lending Act?
TILA was established to protect consumers when borrowing money from institutions. Banks and other institutions must adhere to these guidelines to ensure that consumers are given the appropriate disclosures before lending money. This protects consumers from unfair lending practices when borrowing funds from a credit card, mortgage or home equity loan. Primarily, the Act functions to guarantee suitable disclosure of terms and conditions that gives potential borrowers a certain level of transparency and allows them to compare different options between lenders.
Some of the protections TILA provides consumers with include:
- Requiring full disclosure of loan costs and terms
- Creating the right of rescission (allowing creditors to back out from loans in a limited time)
- Providing channels for alternative dispute resolution
- Directing borrowers to put creditors on notice when their mortgage is reassigned
- Placing caps on high-cost mortgages and some types of home equity lines of credit
- Providing better protection for borrowers’ primary residences secured by loans
TILA has become more and more important since it was first enacted in 1968. With the rise of credit cards as a primary means of payment, ensuring lenders are adhering to TILA is of utmost importance.
Were you affected?
While TILA establishes these regulations for lenders, violations can oftentimes go unnoticed by consumers. If you or someone you know had an AMEX personal credit card during August and/or September of 2019, you may be eligible for compensation. Fill out the intake form on this page for a free and no-obligation review of your case. We’ll help you determine if you have a claim, navigate the process, and maximize your potential compensation. If you do not receive a recovery through a lawsuit or settlement, you don’t owe us anything.