Rescission & Multiple Consumers

For the right of rescission to apply to a consumer:

1. The consumer must have an ownership interest in the dwelling being used as collateral.

AND

2. The dwelling being used as collateral, must be the consumer’s principal dwelling.

If both conditions are met, rescission applies. If multiple consumers are entitled to the right to rescind, each one has the ability to rescind independently from the other. This means that you must ensure that each consumer gets two copies of the rescission notice and that no consumer exercises their right before advancing funds on the fourth business day.

Kevin explains more in the video.

Published
2025/04/17