TILA: Right of Rescission: How Many Notices?

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If a borrower is entitled to the right to rescind, they must receive a separate notice that clearly and conspicuously discloses the following information:

  1. The retention or acquisition of a security interest in the consumer's principal dwelling.
  2. The consumer's right to rescind the transaction.
  3. How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor's place of business.
  4. The effects of rescission….
  5. The date the rescission period expires.

However, the rescission rules in Truth in Lending require more than just a single notice to be provided. So exactly how many notices are required?

Jerod explains more in the video.

 

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Published
2022/06/09
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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