Saturday and Sunday fall within a borrower's 3-day rescission period. How does this affect the rescission deadline?
Correct Answer
A) The deadline is extended to exclude weekends
Under TILA Section 125, the rescission period consists of 3 business days. Saturdays, Sundays, and federal holidays are not considered business days and extend the rescission period accordingly.
Why This Is the Correct Answer
Under TILA Section 125, the rescission period consists of 3 business days. Saturdays, Sundays, and federal holidays are not considered business days and extend the rescission period accordingly.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
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For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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