FinancingEASY
How long does a borrower have to exercise the right of rescission under TILA?
Correct Answer
B) 3 business days
Under TILA, borrowers have 3 business days after closing to rescind certain mortgage transactions. The rescission period starts from the latest of: loan consummation, delivery of rescission notice, or delivery of required disclosures.
Answer Options
A
24 hoursB
3 business daysC
7 calendar daysD
10 business daysVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
truth-in-lending-disclosuresfederal-consumer-protection-laws
Key Terms:
right of rescissionTILAthree business daysRegulation Zloan rescission period
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