Supreme Court of the United States
Koons Buick Pontiac Gmc, Inc. v. Nigh
November 30, 2004543 U.S. 50
Summary
The Supreme Court held that the 1995 amendment to the Truth in Lending Act (TILA) did not remove the $1,000 statutory damages cap on loans secured by personal property. The Court reasoned that the amendment increased damages only for closed-end loans secured by real property, leaving the original limits intact for other consumer credit transactions. Justice Scalia dissented, arguing the text structure indicated the cap applied only to consumer leases. Justices Stevens, Kennedy, and Thomas concurred or concurred in judgment, emphasizing statutory history and common sense.