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.

Published
2022/06/09