Finance
In South Carolina, which federal act requires lenders to give borrowers the right to cancel certain refinance transactions within 3 business days?
ARESPA
BECOA
CTruth in Lending Act (TILA) - Right of Rescission✓ Correct
DFair Credit Reporting Act
Explanation
TILA gives borrowers the right of rescission — a 3-business-day right to cancel — for refinances of their primary residence. This does NOT apply to purchase money mortgages, only to refinances.
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