| Volume 122 Number 8 |
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The People’s Lawyer’s Tip of the Day
Many people think their “credit limit” is the maximum amount the credit company will allow them to charge. In fact, in most cases the company will allow you to exceed this limit, and then charge you a hefty fee. You must self-police your credit limit and not exceed it. If you need more credit, contact the card issuer about raising the limit. Click here for more.
Broadband Transparency Label
The Federal Communications Commission (FCC)unveiled a new consumer broadband label that fixed and mobile Internet service providers can provide at the point of sale to increase transparency. The label includes the price, speed, data allowance and other facts that prospective customers can use to make informed decisions about the purchase of broadband services. Similar to a “nutrition facts” label found on many food products, the FCC’s new “broadband facts” label is supposed to increase transparency. Click here for more.
Your Money
Only about 1% of all tax returns get audited each year, and of those that do, many are completely random. There are many items in a tax return that could potentially trigger an audit, but some tax deductions are better than others at attracting the attention of the IRS. However, the fear of an audit should not prevent you from taking advantage of a legitimate tax break. Click here for more.
For the Lawyers
Rescission is not available as a remedy for the failure to disclose the assignment of a residential mortgage under the Truth in Lending Act (“TILA”). In this case, the lender assigned the consumer’s residential mortgage loans to third parties several years after the consumer executed the note and deed of trust. The consumer argues that failure to disclose an assignment of a residential mortgage as required by TILA constitutes a material disclosure allowing for a rescission. The Western District of Tennessee disagreed and granted the lender’s motion to dismiss. The Court held that “an assignment is not one of the material disclosures listed or identified in TILA.” Jones v. Select Portfolio Servicing, Inc. Click here for more.