Olayinka and Amelia Onadeko v. Rainier Credit Company, a Corporation
Opinion
Opinion
Rainier Credit Company appeals from the judgment of the district court awarding Olayinka and Amelia Onadeko $916.78, plus costs and attorney’s fees, for Rainier’s violation of the Truth in Lending Act, 15 U.S.C. § 1601 et seq. The question presented is whether the language “and all other amounts due or to become due hereunder” in Rainier’s description of its security interest violated Regulation Z under the Act, 12 C.F.R. § 226.8 (b)(5).
On October 31, 1978, the Onadekos borrowed money from Rainier, executing a promissory note and security agreement. The document evidencing the transaction provided that the amount financed was $1701.61, the finance charge was $458.39 and the total of payments was $2160.00. It also stated that the total of payments was the sum of the amount financed and the finance charge.
Under the heading “Security Interest,” the document gave Rainier:
The security agreement referred to on the reverse side of the document provided that if Rainier insured the collateral on the Onadekos’ behalf they would reimburse Rainier for the cost of the insurance. The document also required the Onadekos to pay any delinquency charges and collection costs.