AFSA has submitted an amicus brief in Koons Buick Pontiac GMC, Inc. v. Bradley Nigh to urge the U.S. Supreme Court to address an ambiguous area of the Truth In Lending Act (TILA) concerning the amount of damages that may be awarded in non-residential TILA disputes.

The Court will decide whether the $1000 statutory limit originally adopted in 1968 has been rendered inapplicable due to subsequent amendments, so that parties who suffer no actual damages may now recover far in excess of the previous $1000 cap. The American Bankers Association (ABA) and the Consumer Bankers Association (CBA) will join AFSA and our members in the submission. Depending on the outcome of this case, the automobile and credit card lending industry could potentially be dramatically altered.