The Supreme Court on Tuesday, Jan. 13 unanimously ruled in favor of homeowners wanting to back out of their mortgages within a three-year period if lenders do not provide mandatory disclosures under the Truth in Lending Act.

In 2007, Larry and Cheryle Jesinoski refinanced their home in Eagan, Minn. for $611,000 with Countrywide Home Loans Inc., which, at the time, was recently acquired by Bank of America. Right at the three-year mark, they sent Countrywide a written notice saying they wanted to rescind the loan.

They also indicated that they had not received copies of two disclosure documents required by federal law.

Bank of America said the couple’s request was invalid and refused to cancel the mortgage, so the Jesinoskis sued a year after the company said it was disputing the claim.

The top court reversed a federal appellate court’s ruling that favored Bank of America in a split decision. NBC reported that the lower courts said the couple failed to file a lawsuit in the three-year period.

“So long as the borrower notifies within three years after the transaction is consummated, his rescission is timely,” Justice Antonin Scalia wrote in a short opinion. “The statute does not also require him to sue within three years.”

Passed in 1968, the Truth in Lending Act gives borrowers three days to change their minds about a mortgage or up to three years if the lenders do not provide all mandatory disclosure documents.

The Jesinoski case will now return to a lower court, where Bank of America will have the opportunity to argue that the couple was provided with the required forms.

(With reports from Bloomberg, NBC News and United Press International)