Finance
A Colorado borrower who takes out a home equity line of credit (HELOC) secured by their primary residence has how long to rescind the transaction under federal Regulation Z?
AA. 24 hours
BB. 3 business days✓ Correct
CC. 5 business days
DD. 10 business days
Explanation
Under the federal Truth in Lending Act (Regulation Z), a borrower has a 3-business-day right of rescission for most non-purchase loans secured by their primary residence, including HELOCs. This right does not apply to purchase-money mortgages.
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