FTC Holder Rule/Notice: The Content

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David A. Szwak
Posts: 1974
Joined: Thu Jul 13, 2006 11:19 pm

FTC Holder Rule/Notice: The Content

Post by David A. Szwak »

The Notice

Every consumer credit contract must contain the statutorily required notice, per 16 C.F.R. 433.2: “NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER [emphasis added.].â€
David Szwak
Chairman, Consumer Protection Section, Louisiana State Bar Association
Bodenheimer, Jones & Szwak
509 Market Street, 7th Floor
Mid South Tower
Shreveport, Louisiana 71101
318-221-6444
Fax 318-221-6555
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