Submitted March 12, 2013.
Counsel Amended June 19, 2014.
Petition for certiorari filed at, 06/18/2014
Appeal from United States District Court for the District of Minnesota - Minneapolis.
For Bank of America, N.A., Plaintiff - Appellee: Stephen Fjelde Buterin, Steven R. Little, Coleman & Hull, Minneapolis, MN; Donald Charles Macdonald, Charles F. Webber, Michelle Weinberg, Faegre Baker Daniels, Minneapolis, MN.
For Gary R. Peterson, Sally L. Peterson, Defendants - Appellants: John R. Neve, Evan Weiner, Neve & Webb, Pllc, Minneapolis, MN.
Before WOLLMAN, BYE, and COLLOTON, Circuit Judges.
WOLLMAN, Circuit Judge.
Gary and Sally Peterson (collectively, the Petersons) appeal from the district court's order granting Bank of America, N.A.'s (Bank of America's) motion for summary judgment on their counterclaims for rescission and statutory damages under the federal Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq . We affirm in part, vacate the grant of summary judgment with respect to the Petersons' counterclaim for statutory damages, and remand for further proceedings.
On December 13, 2006, the Petersons closed on a home mortgage refinance loan with Bank of America. The principal amount of the loan was $840,000, which was secured by a mortgage on the Petersons' primary residence in Blaine, Minnesota. In connection with the loan, the Petersons executed a Notice of Right to Cancel and a Truth in Lending Disclosure Statement, as required by TILA. Although they admit to executing these documents, the Petersons allege that they never received copies of them, as required by TILA's implementing regulation, Regulation Z. See 12 C.F.R. § § 226.17(a)(1), 226.23(b)(1).
Sally Peterson called Bank of America in January 2007 to request copies of the closing documents. Bank of America sent two letters, dated January 31, 2007, to the Petersons. One letter was sent by Carolyn Thompson and informed the Petersons that the Truth in Lending Disclosure Statement did not accurately reflect the APR and/or the finance charge related to their loan. A check in the amount of $7,860 was enclosed with the letter to correct the error--which the Petersons cashed--but copies of the signed Truth in Lending Disclosure Statement were not. Bank of America's records contain a receipt confirmation indicating that the Petersons had received this letter. The other letter was sent by Miaysha Hutchinson and informed the ...