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A borrower is refinancing her primary home. On the third business day of the rescission period, she decides to cancel. Under TILA, what is the effect of a timely rescission?
a.The borrower forfeits her earnest money
b.The lender may still record the mortgage
c.The security interest becomes void and the lender must return any fees paid within 20 days
d.The borrower must pay a 5% penalty
Giải thích
When a borrower timely exercises the TILA right of rescission, the security interest is voided and the lender generally must return any money or property (fees paid) within 20 calendar days and take steps to reflect termination of the security interest. There is no forfeiture of earnest money, continued recording right, or 5% penalty. Rescission unwinds the transaction.
Trích dẫn luật: TILA / Regulation ZLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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