Citations
- 751 F. Supp. 1241
Full opinion text
MEMORANDUM OPINION
JOHNSTONE, Chief Judge.
This motion is before the court on Defendant’s Motion for Summary Judgment and Plaintiffs’ Motion for Partial Summary Judgment. The case arises under the Federal Truth-in-Lending Act (TILA), 15 USC 1601 et seq., Regulation Z, 12 C.F.R. § 226.1 et seq., and Indiana’s Uniform Consumer Credit Code (Indiana Code), 24-4.5-3-301(2). Jurisdiction is proper under 15 U.S.C. 1640(e).
I. FACTS
- In response to a newspaper advertisement that offered loan assistance to consumers with poor credit, Plaintiff Edward Hemauer contacted Diversified Mortgage, Incorporated (DMI) in New Albany, Indiana and requested a loan for $10,-000.00. He completed a loan application, was told that an “investor” would arrange a loan, and was instructed to call Defendant ITT Financial Services. He then completed a loan application at ITT and listed his house as security for the loan.
On December 10, 1987, Edward and Deborah Hemauer executed two documents. Both documents were entitled “Disclosure Statement, Note, and Security Agreement.” One was dated December 10, 1987, and the other was dated December 11, 1987. The Notes contained the following information:
12/10/87 12/11/87
(#2) (#1)
AMOUNT FINANCED $1,021.93 8,693.42
FINANCE CHARGE 641.93 16,510.93
TOTAL PAYMENTS 1,863.86 25,204.35
ANNUAL PERCENTAGE RATE 34.60% 18%
INTEREST obscured 16,506.58
PRINCIPLE AMOUNT obscured 8,693.42
12/10/87 (#2) 12/11/87 (# 1)
ITEMIZATION OF THE AMOUNT FINANCED
Amount given to you directly 6,140.49 GO