Fact Pattern 16-1 (Questions 16-17 apply)
Northeast Bank makes mortgage loans to consumers, including Mai, to buy homes.
-Refer to Fact Pattern 16-1. For Mai's loan, Northeast provides all required disclosures. Mai has a right to rescind the mortgage

Question

Quizplus · Accepted Answer

According to the Truth in Lending Act, consumers have the right to rescind certain mortgage transactions within three business days from the date of transaction or until all required disclosures have been delivered to the consumer, whichever occurs later. Therefore, Mai has the right to rescind her mortgage within three business days.

Fact Pattern 16-1 (Questions 16-17 Apply)