Question

The Truth-in-Lending Act gives debtors the right to rescind certain transactions for a period of ______ business days from the date of the transactions or from the date they are given the notice of their right to rescind, whichever is later.

Answer 1

Answer:

three

Explanation:

The Truth-in-Lending Act (TILA) applies to home loans. It requires lenders to disclose all costs related to a home loan, provides rescission rights for some transactions, and impose restrictions on home equity credits. But the TILA cannot set the interest rates or other fees charged by the lender, it only requires the lender to disclose the complete information, e.g. APR, monthly payments and amount financed.