SCOTUS Issues a TILA Recission Decision

Under the Truth in Lending Act, borrowers may unconditionally rescind a loan with three days following the [later of] the consummation of the transaction or the delivery of TILA disclosures.  A borrower may further rescind for up to three years if the lender fails to satisfy the disclosure requirements of TILA.
At question in the case of Jesinoski v. Countrywide Home Loans, Inc. was whether recission was valid only by the filing of a lawsuit, or if written notice would suffice.  The U.S. Supreme Court held that only written notice was required.