How much are the civil damages for each violation of TILA?
The damages are set by law at twice the finance charge per violation. Based upon one interpretation of the law, some courts have put a $1,000 cap per violation. The issue of the $1,000 cap was heard by the Supreme Court in October of 2004 and will be decided in early 2005. Even with a $1,000 cap per violation, the damages in most cases should be enough to wipe out most credit card balances.
