The Truth in Lending Act gives consumers the right to cancel transactions that involve liens on their principal dwelling within three days of completion.

Question

Quizplus · Accepted Answer

The Truth in Lending Act (TILA) includes a provision known as the right of rescission, which allows consumers to cancel certain types of credit transactions that involve a lien on their principal dwelling, such as a mortgage, within three business days of the transaction's completion.

The Truth in Lending Act Gives Consumers the Right to Cancel