The Truth-in-Lending Act provides consumers a right of __________ whenever their home is used as collateral for credit except for original construction or acquisition.

Question

Quizplus · Accepted Answer

The right provided by the Truth-in-Lending Act is the right of rescission, which allows consumers to cancel certain types of home equity loans or refinancing agreements within three business days of signing the contract. The other options (redemption, new mortgage, and refinance) do not accurately reflect the right provided by the Act.

The Truth-In-Lending Act Provides Consumers a Right of __________ Whenever