Fact Pattern 15-2
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people, including Benny, who could not easily obtain credit under other loan programs.

-Refer to Fact Pattern 15-2.Under federal law, if 24-Hour Credit fails to provide certain material disclosures with respect to the loan, Benny's right to rescind the loan

Question

Fact Pattern 15-2 
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people, including Benny, who could not easily obtain credit under other loan programs.

-Refer to Fact Pattern 15-2.Under federal law, if 24-Hour Credit fails to provide certain material disclosures with respect to the loan, Benny's right to rescind the loan

Quizplus · Accepted Answer

Under federal law, if certain material disclosures are not provided by the lender, the borrower's right to rescind the loan is extended for up to three years. This means that Benny would have the right to rescind the loan for up to three years if 24-Hour Credit failed to provide the required disclosures.