Did This Requirment to Purchase this Vendor's "Single Interest" Insurance Constitute a Truth-in-Lending (TILA) Violation?
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Randolph, an Alabama resident, bought a mobile home that was financed by Green Tree Financial. The finance agreement contained a standard arbitration clause, requiring the consumer to arbitrate any and all disputes arising out of the arrangement. Nonetheless, Randolph brought a class action against Green Tree in federal court for requiring her and other consumer/debtors to obtain "vendor's single interest" insurance (which protects a vendor or lien holder against the costs of repossession in the event of default) without setting forth this requirement in its Truth in Lending Act disclosure. . . . (to read the remainder of this article, please log in below.)
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