How many days did TILA’s right of rescission allow for the voiding of certain loans? (1 point) Responses one one two two three three four
Three
The Truth in Lending Act (TILA) provides borrowers with the right of rescission for certain loans. The number of days allowed for the voiding of certain loans under TILA's right of rescission is three days.
To find the answer to how many days the Truth in Lending Act (TILA) allows for the right of rescission, we can refer to the Act itself or other reputable sources.
Here are the steps to follow:
1. Start by searching for information on the Truth in Lending Act (TILA). You can use a search engine like Google or Bing to find reliable sources such as government websites or legal resources.
2. Look for the specific section or provisions of the TILA that deal with the right of rescission. This right typically applies to certain types of loans, such as mortgages or home equity loans.
3. Once you find the relevant section, read the information provided to understand the timeframe for the right of rescission. This will indicate the number of days allowed for borrowers to cancel or void certain loans without penalty.
It's important to note that laws and regulations can change over time, so it's crucial to refer to the most up-to-date and relevant sources.