Three-Day Right of Rescission

The Truth in Lending Act’s right of rescission requirements can get you into hot water if you make mistakes.  The rescission requirements can be found in 1026.15 (open-end credit) and 1026.23 (closed-end credit) and are designed to be a “cooling off” period to give a consumer time to think about whether they want to go through with the loan.  Counting this three-day period can be tricky and you don’t want to mess it up!

Jerod explains more in the video.


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