Test your Truth In Lending (TILA) knowledge! (Novice level)

Context: Imagine you are Bob. Bob just bought a new vehicle from the good ol’ dealer, he financed it, then the
dealer sold the financing documents to a financing company (a third party). 3 years down the line, Bob somehow
got his vehicle repossessed by the financing company, oh and the financing company are now suing Bob for the
amount left that is owed.

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1. In consideration that possession is 9/10th of the law, and the fact that the financing company is a third party, do you even have any recourse? *

• Yes.
• No.

2. If you said ‘Yes’ to the above, or you are even wondering what the solution may be in said circumstance, what do you think the likely solution is in accordance with the Truth in Lending only? *

• Motion to Dismiss.
• Setoff as a form of counterclaim.
• Federal Trade Commission complaint

3. What is Truth in Lending Act? *

• The legislature that allows any alleged creditors to tell you what they want in order for them to place a liability on you and make commissions while doing so.
• The legislature that allows you to hold alleged creditors liable for dishonest practices in the process of doing anything relating to debit and credit and a collateral related to the debit and credit.
• The legislature that provides recourse if the alleged creditor has been dishonest about the worth of any given property.
• The legislature that provides that creditors are liable to their debtor even if the creditor is right.

4. Does Truth in Lending encourage the selling and buying of debts? *

• Yes.
• No.

5. Is the third party responsible for the fraud created by the originator of the debt? *

• Yes.
• No.

6. Is the originator of the debt responsible for the acts of the third party? *

• Yes.
• No.

7. Was the every day man and woman originally the ones able to enforce the Truth in Lending Act? *

• Yes.
• No.

8. If your answer above happens to be ‘No’, which of the below would you say were once charged with the duty to enforce Truth in Lending Act? *

• Federal Trade Commission.
• State Attorney General.
• Federal Attorney General.
• Federal Communications Commission.
• Consumer Financial protection Bureau.

9. If your answer to number 7 was ‘No’, for what reason could Truth in Lending Act not have initially applied to the every day man and woman. *

• Federal Statutes are strictly applicable to Federal entities unless it stipulates private right of action.
• Federal Statutes are strictly applicable to Federal contractors unless it stipulates private right of action.
• Federal Statutes are strictly applicable to certain departments of the United States unless it stipulates private right of action.

10. What is the difference between Novation and Assignment? *

• Novation removes you from the contract completely and adds another debtor in your place. Assignment adds another debtor into the contract.
• Novation removes the original creditor completely and another party plays the role of the creditor. Assignment transfer the right of the creditor but the prior creditor may still be liable for prior acts in his earlier capacity as the alleged creditor.
• Novation removes you from the contract completely and adds another debtor in your place. Assignment transfer the right of the creditor but the prior creditor may still be liable for prior acts in his earlier capacity as the alleged creditor.
• Novation removes the original creditor completely and another party plays the role of the creditor. Assignment adds another debtor into the contract.

11. What is a ‘set-off’ according to the Truth in Lending Act? *

• The act of discharging the entire alleged debt.
• The right to split the difference between the statutory fee owed to you if Truth in Lending Act is violated, and the amount alleged to have been owed.
• The right to talk smack according to Truth in Lending Act
• The act of setting aside the claims of the third party and bringing in the original party you signed the contract with.

12. What is the ‘holder rule’ *

• A rule that gets rid of the immunity of third parties from originator
• A rule that gets rid of the immunity of the originator from the third parties.
• A rule that gets rid of the immunity of both the originator and the third parties from one another.
• A rule that gets rid of the immunity of acting judges in a Truth in Lending case.
• A rule that gets rid of the immunity of all parties involved in the Truth in Lending transaction so long as fraud is shown as evidence.

13. Why was the Holder Rule established? *

• To solve the abuse of the fact that the originator cannot be held liable for the act of the debt originator.
• To solve the abuse of the fact that most of those alleged to be debtors are not aware of Truth in Lending Act.
• To solve the abuse of the fact that third parties cannot be held liable for the fraud of a debt originator.
• Case laws gave rise to the rule.

14. What is the limitation placed on you the every day man and woman by the Holder Rule? *

• Your claim against the originator of the debt is limited to the amount you provided the debt originator plus interest.
• Your claim against the third party is limited to the amount you gave the third party minus the amount given to the debt originator.
• Your claim against the originator of the debt is limited to your down payment and/or the amount you provided the debt originator up till the time the debt is sold to a third party.
• Your claim against the originator of the debt is not unlimited unless you fail to provide evidence that substantiate your loss.

15. Which State does the holder rule not apply to? *

• Delaware.
• South Dakota.
• Wisconsin.
• New Jersey.
• New York.
• New Hampshire.

16. Can attorneys fees be paid on an off set claim? *

• Yes.
• No.

17. What is the congressional intent of Truth in Lending Act *

• Liability for dishonest creditors, dealers, and protection for the consumers.
• Safety, informed use of credit, security of rights in contract and the ability to hold creditors liable.
• Meaningful accurate disclosure, economic stabilization, avoidance of uninformed use of credit, and the ability for you to compare the cost of products.
• Informed decisions for the sake of your grandma, you and your offspring that congress cares.

18. When a claim of ‘setoff’ and when a claim of ‘off set’, do they serve the same function? *

• Yes.
• No.

19. Does Truth in Lending apply to commercial/business credit debit matters? *

• Yes.
• No.

20. What is the statute of limitation for Truth in Lending? *

• 3 years.
• 1 year.
• 2 years.
• 4 years.

21. Who did the Truth in Lending Act original apply to? *

• Foreign entities.
• Agricultural loans.
• The every day man and woman.
• Federal entities.
• State entities.

22. Attorneys fee under Truth in Lending Act can be claimed if: *

• You presented a good case and how hard you worked at it.
• The case is won.
• Fraud is proved in the case successfully.

23. Where are most of the frauds in truth in Lending Found? *

• In the closing documents.
• In the Lease/Financing Agreement for the property involved.
• In The Financing Statements filed by the dealer and other third parties.
• In the advertisement from the company.

24. Is a settlement equivalent to winning a case? *

• Yes.
• It depends.
• No.

25. What is an off set classified as within the range of tools that can be used on pen and paper. *

• Exclusive equity.
• Fuck you Writ.
• A petition.
• A Motion.
• A private correspondence to the judge’s chamber.
• Affirmative Defense.

26. Does setoff apply before or after attorneys frees are calculated? *

• Before.
• After.

27. Are attorneys fees limited to just attorneys? *

• Yes
• No.

28. When setoff is asserted, what type of claim does it automatically trigger? *

• A creditor-debtor case because all crimes are commercial.
• A recoupment claim.
• A setoff claim.
• A discharge claim.
• A legal claim.

29. When a counterclaim is won by you, is it the same as winning the original case that gave rise to it? *

• Yes
• No
• It depends on which relief you demand in the setoff case in conjunction with the originating case
• It depends on the jurisdiction and their circuit ruling on how this is determined.
• It depends on whether your evidence was admitted.
• Item C & D
• Item C &E

30. Which entity during 2022 limited and determined via its ‘advisory opinions’ which party satisfies the attorneys fees in an offset claim in a Truth in Lending related cases? *

• State Attorney General.
• Federal Attorney General.
• Federal Communications Commission
• Consumer Financial protection Bureau.
• Federal Trade Commission.

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Watch this Playlist on Truth in Lending Act for more details explanation and revelation of who is sticking it up your arse behind closed doors.
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