The Truth in Lending Act provides that a borrower "shall have the right to rescind the transaction until midnight of the third business day following...the delivery of the information and rescission forms required under this section ... by notifying the creditor ... of his intention to do so." 15 U.S.C 1635(a). The Act further creates a "[t]ime limit for [the] exercise of [this] right," providing that the borrower's "right of rescission shall expire three years after the date of consummation of the transaction" even if the "disclosures required ...have not been delivered Id. 1635(f).

1. Does a borrower exercise his absolute right to rescind a transaction in satisfaction of the requirements of Section 1635 by "notifying the creditor" in writing within three days for no reason, or in writing within the extended three years for TILA violations from the consummation of the transaction, as the Third, Fourth, Fifth, Eleventh Federal Circuits and the U.S. Supreme Court have held?

2. Does the timely notice effectuate the absolute right to rescind and toll the right to file suit if necessary?

3. Can a court ignore and nullify or find ineffective the borrowers absolute three day right to cancel, or the borrowers extended three year right to cancel for actions taken ie... forced funding of the transaction by the lender or payments made by the borrower?

4. Does the creditor's security interest become void when a consumer rescinds a transaction leaving the consumer not liable for any amount, including any finance charge?

5. Is the creditor required to take action within 20 days of receipt of the notice to rescind?

6. Does the court have an obligation to determine whether the transaction qualifies to rescind and whether the right to cancel notice was timely?

7. Does the right to cancel notice transfer to an assignment of the transaction?

Does a borrower have an absolute right to rescind a transaction under the Truth in Lending Act?