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Lender liability refers to certain areas of law concerning various types of wrongdoing by financial institutions like banks and lenders.
These legislation are not limited to the relationship between lenders and borrowers, but encompasses third parties that lenders have dealings with as well.
This is so that banks, as powerful as they are, are kept in check and to endure that consumers are not as helpless as it seems when dealing with them.
For example, if a lender has promised to lend a $150,000 to a landowner for construction via a proper contract, a failure to fund that promise can lead to the owner incurring huge amounts of losses.
In this case, the land owner might be able to take the lender up to task to compensate for the damages citing the lender liability law.