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U.S. Bank Post-Repossession Notice & Car Loan Deficiency Debt Class Action Lawsuit

U.S. Bank Car Lender Loan Post-Repossession Notice Class Action Lawsuit Revived By Ninth Crcuit Court Of Appeals.

The Ninth Circuit Court of Appeals has reportedly revived a class action lawsuit filed against U.S. Bank N.A. (“U.S. Bank” or “Defendant”) in the United States District Court for the Southern District of California (styled Jose Aguayo v. U.S. Bank., Civil Class Action Case No. 3:08-cv-02139 W-BLM) alleging, among other things, that U.S. Bank violated a section of California’s Rees-Levering Act that requires a car loan lender to provide certain post-repossession notices to a defaulting borrower prior to selling the repossessed car and that U.S. Bank allgedly forfeited its right after such cars were sold to collect any deficiency debt under California law by failing to comply with the Rees-Levering Act’s post-repossession notice requirements, according to the Aguayo v. U.S. Bank class action lawsuit appeal decision, No.09-56679.

The district court intially dismissed the U.S. Bank Post-Repossession Notice & Car Loan Deficiency class action lawsuit, finding that the Rees-Levering Act repossession notice requirements were expressly preempted by the National Bank Act (“NBA”) and Office of the Comptroller of the Currency (“OCC”) regulations.

The 9th Circuit in the U.S. Bank Car Lender Post-Repossession Notice Class Action Lawsuit reportedly held that the Rees-Levering Act sections at issue were directed toward debt collection and were therefore not preempted by the National Bank Act (“NBA”), reversing the district court.

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