The Truth in Lending Act (TILA) provides a cancellation right, technically called a "right of revocation," for five (5) business days after the buyer's (debtor's) purchase on credit or after such time as the creditor makes the required disclosure.

Question

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The Truth in Lending Act (TILA) generally provides a right of rescission to consumers, allowing them to cancel certain types of credit transactions within three business days, not five, after the transaction or until the required disclosures are provided, whichever is later.

The Truth in Lending Act (TILA) Provides a Cancellation Right