TILA Prohibition On Mandatory Arbitration Provisions In Mortgage Agreements Takes Effect June 1, 2013
The Consumer Financial Protection Bureau has enacted a new rule that will prohibit the inclusion of mandatory arbitration provisions and waivers of federal statutory causes of action in consumer mortgage and home equity loan agreements.
The new prohibitions, which go into effect June 1, 2013, implement changes included in Section 1414 of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010 and amend provisions of the Truth in Lending Act.
The new rule provides:
(h) Prohibition on mandatory arbitration clauses and waivers of certain consumer rights.
(1) Arbitration. A contract or other agreement for a consumer credit transaction secured by a dwelling (including a home equity line of credit secured by the consumer's principal dwelling) may not include terms that require arbitration or any other non-judicial procedure to resolve any controversy or settle any claims arising out of the transaction. This prohibition does not limit a consumer and creditor or any assignee from agreeing, after a dispute or claim under the transaction arises, to settle or use arbitration or other non-judicial procedure to resolve that dispute or claim.
(2) No waivers of Federal statutory causes of action. A contract or other agreement relating to a...
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