Finance
Regulation Z (Truth in Lending Act) gives a consumer a 3-day right of rescission when:
APurchasing a primary residence with a new first mortgage
BRefinancing a home loan with a new lender using their home as collateral✓ Correct
CObtaining a USDA rural development loan
DPurchasing an investment property
Explanation
Regulation Z gives borrowers a 3-day right to rescind (cancel) certain loans that use their primary residence as collateral, such as refinances and home equity loans. It does not apply to purchase money first mortgages.
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