Finance
The 'three-day right of rescission' under TILA allows a borrower to cancel which type of loan within three business days of signing?
AAll mortgage loans
BRefinance loans on their primary residence (not purchase money mortgages)✓ Correct
CFHA loans only
DAny loan over $250,000
Explanation
TILA's right of rescission allows borrowers to cancel a refinance loan secured by their primary residence within 3 business days of closing. It does NOT apply to purchase money mortgages (loans used to buy the home). This right protects homeowners from predatory refinancing.
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