Johnson helps his neighbor Russell by lending him $1,000 to

cover Russell’s daughter’s tuition bill. Russell fails to pay the

money back, and Johnson is forced to sue him to recover the

costs. Russell asserts the TILA as a defense because Johnson

never gave him a TILA disclosure statement. Who prevails?

a. Johnson, because the TILA doesn’t apply to this transaction.

b. Johnson, because Russell had adequate time to cancel the

loan.

c. Russell, because no TILA notice was issued.

d. Russell, because Johnson did not give him adequate

opportunity to cancel.

e. Neither party, because TILA is a federal law.