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Which of the following transactions carries a TILA right of rescission?
a.A loan to purchase a new primary home
b.A loan secured by an investment rental property
c.A loan to purchase a vacation second home
d.A refinance that increases the loan on the borrower's primary residence
Giải thích
The TILA right of rescission applies to consumer credit transactions in which a security interest is taken in the consumer's principal dwelling, but it does NOT apply to residential mortgage transactions used to acquire or construct that dwelling (purchase-money loans). A refinance of the primary residence is subject to rescission; purchase loans and loans on non-principal dwellings are not.
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.
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- 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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