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U.S. Code as of:
01/19/04
Section 5010. Statute of limitations and notice of claim
(a) Actions under this chapter
(1) In general
An action to enforce a claim under this chapter may be brought
in any United States district court, or in any other court of
competent jurisdiction, before the end of the 1-year period
beginning on the date the cause of action accrues.
(2) Accrual
A cause of action accrues as of the date the injured party
first learns, or by which such person reasonably should have
learned, of the facts and circumstances giving rise to the cause
of action.
(b) Discharge of claims
Except as provided in subsection (c), unless a person gives
notice of a claim to the indemnifying or warranting bank within 30
days after the person has reason to know of the claim and the
identity of the indemnifying or warranting bank, the indemnifying
or warranting bank is discharged from liability in an action to
enforce a claim under this chapter to the extent of any loss caused
by the delay in giving notice of the claim.
(c) Notice of claim by consumer
A timely claim by a consumer under section 5006 of this title for
expedited recredit constitutes timely notice of a claim by the
consumer for purposes of subsection (b).
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