FinancingFederal_regulationsHARD
The right of rescission under TILA applies to:
Correct Answer
B) Refinances and home equity loans on a primary residence, with 3 business days
The TILA right of rescission provides a 3-business-day cooling-off period for refinances and home equity loans on a primary residence. It does NOT apply to purchase money mortgages.
Answer Options
A
All mortgagesB
Refinances and home equity loans on a primary residence, with 3 business daysC
Purchase mortgages onlyD
Commercial loansWhy This Is the Correct Answer
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Related Topics & Key Terms
Related Topics:
TILAcooling-off
Key Terms:
rescission3 daysrefi onlynot purchase
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