Contracts
In South Carolina, a 'right of rescission' on a consumer credit transaction secured by a principal dwelling applies to:
AAll mortgage transactions
BRefinances and home equity loans (not purchase mortgages)✓ Correct
COnly FHA loans
DAll real estate transactions
Explanation
Under TILA, consumers have a 3-business-day right of rescission on refinances, home equity loans, and other transactions using their primary residence as security—but NOT on purchase money mortgages.
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