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A borrower validly exercises the right of rescission on a home equity refinance within the three-day window. What is the effect on the security interest?
a.The security interest becomes void and the lender must return fees within 20 days
b.The borrower still owes all fees immediately
c.The lender may keep the loan proceeds
d.The rescission has no legal effect
Giải thích
When a consumer rescinds, the security interest becomes void and the consumer is not liable for any amount, including finance charges. Within 20 calendar days after receiving the rescission notice, the creditor must return any money or property and take action to reflect that the security interest is terminated. The consumer then tenders the loan proceeds.
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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