Federal Mortgage LawsQuestion 87 of 400
On a rescindable refinance, how many copies of the notice of the right to rescind must generally be given to each consumer who has the right to rescind?
a.One copy
b.Two copies
c.Four copies
d.No copies are required
Explanation
Reg Z generally requires that each consumer entitled to rescind receive two copies of the notice of the right to rescind, so that one can be kept and one used to exercise the right if desired. All consumers with an ownership interest in the principal dwelling have the right to rescind, and any one of them exercising it cancels the transaction for all.
Law Reference: Truth in Lending Act (Right of Rescission, Reg Z 1026.23)Practice all 400 questions free — no signup required.
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