Under the Truth in Lending Act (TILA), what is the minimum right of rescission period for a home equity loan secured by the borrower's principal dwelling?
Correct Answer
B) 3 business days
Under TILA Section 125, borrowers have the right to rescind certain credit transactions secured by their principal dwelling within 3 business days of consummation, receipt of required disclosures, or receipt of the notice of right to rescind, whichever occurs last.
Why This Is the Correct Answer
Under TILA Section 125, borrowers have the right to rescind certain credit transactions secured by their principal dwelling within 3 business days of consummation, receipt of required disclosures, or receipt of the notice of right to rescind, whichever occurs last.
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