Billings v. Propel Financial Services, LLC
This case presents the question whether a private lender extends “consumer credit” under the Truth in Lending Act by providing loans to consumers for the purpose of paying off residential property-tax delinquencies. The Bureau’s amicus brief argued that property-tax loans involve an extension of “credit” under TILA where consumers and lenders enter into voluntary agreements under which lenders advance funds to consumers in exchange for the consumer’s promise to repay the loan with interest. The brief also argued that such credit is “consumer credit” where the property tax that is being paid off is levied on the consumer’s personal residence.