Finance
In New Mexico, the Truth in Lending Act (TILA) right of rescission allows a borrower to cancel which type of loan within three business days?
AA purchase money mortgage on a primary residence
BA refinance or home equity loan on a primary residence (non-purchase)✓ Correct
CA commercial property loan
DA construction loan
Explanation
TILA gives borrowers a 3-business-day right to rescind (cancel) non-purchase refinances and home equity loans on their primary residence. This right does not apply to initial purchase money mortgages.
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