Finance
In Michigan, the 'three-day right of rescission' under TILA does NOT apply to:
AA home equity loan on a primary residence
BA purchase money mortgage for a buyer's new home✓ Correct
CA HELOC on a primary residence
DA refinance of a primary residence
Explanation
The TILA right of rescission applies to refinances and home equity loans/HELOCs on a primary residence. It does NOT apply to purchase money mortgages—a buyer financing their home purchase has no 3-day right to cancel the loan.
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