Contracts
In Michigan, a 'right of rescission' for a buyer applies automatically under which federal law for refinancing a primary residence?
ARESPA
BTILA (Truth in Lending Act)✓ Correct
CECOA
DHMDA
Explanation
TILA (Regulation Z) gives homeowners a 3-business-day right to rescind (cancel) certain refinancing transactions on their primary residence. This right does NOT apply to purchase transactions.
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