Lenders
Lenders v. Smith (In re Smith)
Opinion
Lead Opinion
Debtor Geraldine Smith cross-appeals a decision by the Bankruptcy Appellate Panel (“BAP”) denying her claim for actual damages as a result of Gold Country Lenders’s violation of the Truth in Lending Act (“TILA”), 15 U.S.C. § 1601 .
We have jurisdiction pursuant to 28 U.S.C. § 158 (d), and review the decision of the BAP de novo. Cool Fuel, Inc. v. Bd. of Equalization (In re Cool Fuel, Inc.), 210 F.3d 999, 1001 (9th Cir.2000). For the reasons assigned, we affirm.
In June 1994, Smith borrowed $28,000 through Gold Country and executed a $28,000 note and deed of trust on a California property. That same day Smith also executed a cross-collateral installment note to Gold Country for $43,000 at 12% interest and a cross-collateral deed of trust recorded against real property Smith owned in Oregon as additional security.
The bankruptcy court found that Gold Country violated 15 U.S.C. § 1638 (a)(3) & (4), when, acting as a creditor, it failed to conspicuously disclose and define the “finance charge” and “annual percentage rate” (designated as such) in any of the documents executed in the June 1994 *1157 transaction. The court found that these ■violations subjected Gold Country…