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