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A homeowner refinances the mortgage on her principal dwelling with a new lender. Under TILA, how long is her right to rescind the transaction after receiving the required disclosures and notice of the right to rescind?
a.Until the loan funds
b.Until noon the next day
c.Until midnight of the third business day
d.Until the end of 30 days
Giải thích
For a refinance or other non-purchase-money loan secured by the consumer's principal dwelling, TILA gives a right to rescind until midnight of the third business day following consummation, delivery of the material disclosures, or delivery of the rescission notice, whichever occurs last. Business days for this purpose include Saturdays but not Sundays or federal holidays.
Trích dẫn luật: Truth in Lending Act (Right of Rescission, Reg Z 1026.23)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A title company pays a mortgage broker $200 for each borrower the broker refers, regardless of any services performed. Under RESPA, this arrangement is:
- For an Affiliated Business Arrangement to fall within RESPA's exception to the anti-kickback rule, the person making the referral must generally do all of the following EXCEPT:
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