Finance
A North Dakota borrower receives a 'Notice of Right to Cancel' (right of rescission). This right applies to:
AAll mortgage transactions
BRefinancing and home equity loans secured by the borrower's primary residence (not purchase money mortgages)✓ Correct
COnly commercial loans
DOnly FHA loans
Explanation
The Truth in Lending Act (TILA) provides a 3-business-day right of rescission for refinancing and home equity loans secured by the borrower's primary residence. This right does NOT apply to purchase money mortgages (loans to buy the home).
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