McDonald

Chapter 13 bankruptcy trustee Kathleen McDonald appeals the bankruptcy appel late panel’s denial of her request for actual damages, statutory damages, attorneys’ fees, and costs under the Truth in Lending Act, 15 U.S.C. § 1601 et seq., and for attorneys’ fees and costs under Nevada law. This appeal raises an issue of first impression for this circuit: whether statutory damages are available for violations of 15 U.S.C. §§ 1632 (a) and 1638(b)(1). We hold that they are not. We also reject the Trustee’s claim for actual damages and for attorneys’ fees and costs.

BACKGROUND

On June 27, 2002, Bobby Ferrel, Jr. obtained a “pay-day loan” from Checks-N-Advance, Inc. An unsigned promissory note from Checks-N-Advance specified that Ferrel received $300 as a pay-day advance. Ferrel was obligated to repay the $300 and a $45 financing fee by July 4, 2002. The stated annual percentage rate of interest was 782.143%. The “finance charge,” “annual percentage rate,” “amount financed,” and “total of payments” appeared in the same font and size on the promissory note. McDonald claims that Ferrel did not receive disclosures required by the Truth in Lending Act before consummating the…