Under which law can a borrower sue for triple damages?

The ability for a borrower to sue for triple damages is established under the Real Estate Settlement Procedures Act (RESPA). RESPA is designed to protect consumers by ensuring that they receive relevant information about the costs associated with mortgage settlement, thereby increasing transparency in the home buying process.

When violations of RESPA occur, such as failure to provide adequate disclosures or engaging in illegal referral fees, the law allows affected borrowers to seek legal remedies, which can include triple damages. This provision serves as a deterrent against abuses in the real estate settlement process and aims to encourage compliance with federal regulations.

Other laws listed have different implications. The Truth in Lending Act primarily deals with ensuring borrowers are informed about the terms of their loans, while the Fair Housing Act addresses discrimination in housing. The Equal Credit Opportunity Act focuses on prohibiting discrimination in lending practices. While these laws offer various protections to consumers, they do not contain provisions for treble damages in the same manner as RESPA.