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LARGE v. CONSECO FINANCE SERVICING CORP.

No. 01-2136.

292 F.3d 49 (2002)

William E. LARGE and Diane A. Large, Plaintiffs, Appellants, v. CONSECO FINANCE SERVICING CORPORATION, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided June 6, 2002.

Attorney(s) appearing for the Case

Daniel A. Edelman, with whom Cathleen M. Combs, Tara L. Goodwin, Edelman, Combs & Latturner, Christopher M. Lefebvre, and Family and Consumer Law Center were on brief, for appellants.

Edward D. Rogers, with whom Richard L. Gemma, MacAdams & Wieck, Alan S. Kaplinsky, and Ballard Spahr Andrews & Ingersoll, LLP, were on brief, for appellee.

Before LYNCH, Circuit Judge, CAMPBELL, Senior Circuit Judge, and LIPEZ, Circuit Judge.

LIPEZ, Circuit Judge.

This case requires us to decide whether a borrower's assertion of the right to rescind a loan transaction subject to the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601 et seq., has the effect of voiding the transaction without resort to the arbitration procedure called for by a provision in the loan agreement between the parties. Concluding that the mere assertion of the right of rescission does not undo the obligation to take...

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