New Jersey Appellate Division Holds That Four-Year Statute of Limitations Applies to Actions to Collect Debts from Retail Store Credit Cards

The New Jersey Appellate Division recently held that the six-year breach of contract statute of limitations does not apply to actions to collect debts arising from the use of a retail store’s credit card when the use of the card is restricted to that store and, instead, the Uniform Commercial Code’s four-year sale of goods statute of limitations applies.

New York Federal Court Dismisses RESPA Claim Because Alleged Fees Were Not Split

The United States District Court for the Southern District of New York recently dismissed a complaint filed against a lender alleging that the lender violated the Real Estate Settlement Procedures Act (“RESPA”) by splitting a fee, holding that RESPA only proscribes the splitting of fees “between two or more persons” but does not provide a remedy for unearned fees that are not split.

Seventh Circuit Finds Insured Owners Suffered No Loss Under Title Insurance Policy After Insurer Settled With Lender

The United States Court of Appeals for the Seventh Circuit recently affirmed a district court’s grant of summary judgment to a title insurer denying the insured owners’ claim for coverage under a title insurance policy, finding that the insureds suffered no loss because the insurer reached a settlement with the lender and the insureds no longer owed any money on their loan.