Skip to main content
Find a Lawyer

District of Columbia Code Division V. Local Business Affairs § 26-1153.05. Assignee liability.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Any person who purchases or is otherwise assigned a covered loan shall be subject to all claims and defenses with respect to the covered loan that the borrower could assert against the originator of the covered loan, unless the purchaser or assignee demonstrates, by a preponderance of the evidence, that a reasonable person exercising ordinary due diligence could not determine that the loan was a covered loan for the purposes of this chapter, based on:

(1) The documentation required by § 26-1151.02 or subchapter II of this chapter;

(2) The itemization of the amount financed; and

(3) Other disclosure of disbursements.

(b) Nothing in subsection (a) of this section shall affect the rights of a borrower under any other provision of this chapter.

(c) Notwithstanding any other provision of law, the relief provided under this section shall not exceed:

(1) With respect to actions based upon a violation of this chapter, the amount of actual damages; and

(2) With respect to all other causes of action, the sum of:

(A) The amount of all remaining indebtedness; and

(B) The total amount paid by the consumer in connection with the transaction, reduced by the amount of any damages awarded under paragraph (1) of this subsection.

(d) Any person who sells or otherwise assigns a covered loan shall include a prominent notice, in the form as provided by the Mayor pursuant to rules of the potential liability under this section.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 26-1153.05. Assignee liability. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-26-1153-05/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard