Three-Day Right of Rescission
The Truth in Lending Act’s right of rescission requirements can get you into hot water if you make mistakes. The rescission requirements can be found in 1026.15 (open-end credit) and 1026.23 (closed-end credit) and are designed to be a “cooling off” period to give a consumer time to think about whether they want to go through with the loan. Counting this three-day period can be tricky and you don’t want to mess it up!
Jerod explains more in the video.
Published
2021/05/20
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!