Finance
Under the Truth in Lending Act (TILA), a residential mortgage borrower in Mississippi has a right to rescind (cancel) the loan transaction within how many business days after closing?
A1 day
B3 days✓ Correct
C7 days
D10 days
Explanation
TILA's right of rescission applies to refinances and home equity loans on a primary residence (not purchase money mortgages). The borrower has three business days after closing to rescind the transaction.
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