Consumer complaint received 2021-12-10 00:00:00
Product: Debt collection — Mortgage debt
Issue: Attempts to collect debt not owed — Debt was paid
Company: INTERCONTINENTAL CAPITAL GROUP
State: NY

Complaint narrative:
on XX/XX/XXXX, both consumers entered into a private consumer credit transaction with INTERCONTINENTAL CAPITAL GROUP. The consumer did not enter a residential mortgage transaction with INTERCONTINENTAL CAPITAL GROUP because INTERCONTINENTAL CAPITAL GROUP did not lend any money to consumers to get said dwelling both consumers funded any alleged " loan " with their open-end credit. Per American Jurisprudence 2d 358 inasmuch as it is a general rule that a bank does not have the power to loan its credit to another by becoming guarantor or surety for the performance of the other 's obligation in a transaction in which the bank has no direct interest or from which it does not derive benefit banks etc are nothing but service agents, administrators, swap companies and etc banks can not claim to be creditors. INTERCONTINENTAL CAPITAL GROUP needs to provide material disclosures and GAAP to prove they lent consumers any credit in fact. I rescind my consumer application due to an unconscionable transaction, per 12 CFR Part 1026 ( Regulation Z ) 15 ( a ) ( 2 ). Now INTERCONTINENTAL CAPITAL GROUP is in FTC and SEC Fraud. Pursuant to 12 CFR 1026.15 Right of rescission. ( a ) In a credit plan in which a security interest is or will be retained or acquired in a consumer 's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind there was a security interest stated in the contract, therefore, this transaction is rescindable... I am the depositor and true creditor for this account, therefore you never risked any of your assets at any time AND you failed to provide many disclosures. Pursuant to 15 USC 1605 ( a ) the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. Cash should not be included in a finance charge it should be all credit INTERCONTINENTAL CAPITAL GROUP has taken over {$120000.00} in federal reserve notes as a downpayment and many other fees. Adding on INTERCONTINENTAL CAPITAL GROUP has not included insurance under 15 USC 1605b ( 1 ) which should have been included in the finance charge which makes them criminally liable under 15 USC 1611 for taking downpayment many other fees and not including my insurance in the finance charge. INTERCONTINENTAL CAPITAL GROUP has to return twice the finance charge. Pursuant to 7 CFR 1436.10 ( c ) the down payment may not include any trade-in, discount, rebate, credit, deferred payment, postdated check, or promissory note to the supplier or contractor INTERCONTINENTAL CAPITAL GROUP has received promissory notes. Pursuant to 12 U.S.C 83 No national bank shall make any loan or discount on the security of the shares of its own capital stock which proves the alleged loan was paid for when I provided signature and social which makes any commercial paper security I also provided a promissory which paid for transaction 15 USC 1692h INTERCONTINENTAL CAPITAL GROUP has received payments on this alleged debt and affiant has the right to direct INTERCONTINENTAL CAPITAL GROUP to return all payments. It has been settled beyond controversy that a national bank, under federal law being limited in its powers and capacity, can not lend its credit by guaranteeing the debts of another. All such contracts entered into by its officers are XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX, XXXX SC XXXX, XXXX XXXX XXXX ( XXXX ). It is not within those statutory powers for a national bank, even though solvent, to lend its credit to another in any of the various ways in which that might be done. XXXX XXXX XXXX XXXX  XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. In the federal courts, it is well established that a national bank has no power to lend its credit to another by becoming surety, indorser, or guarantor for him. XXXX XXXX XXXX XXXXk XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX A national bank has no power to lend its credit to any person or corporation. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation