Finance
Under NJ's Truth-in-Lending Act (state TILA) and federal TILA, a borrower's 'right of rescission' allows them to cancel a non-purchase mortgage on their principal residence within:
A24 hours
BThree business days after consummation, delivery of the right of rescission notice, or delivery of required disclosures—whichever is last✓ Correct
C7 business days
D30 calendar days
Explanation
TILA provides a three-business-day right of rescission for non-purchase money mortgages (refinances, home equity loans) on a primary residence. The clock starts from the last of: consummation, receipt of rescission notice, or receipt of required disclosures.
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