Finance
A Tennessee borrower who is refinancing their primary residence has a federally mandated right of rescission period of:
A24 hours
B3 business days✓ Correct
C7 calendar days
D10 business days
Explanation
Under TILA (Regulation Z), a borrower refinancing their primary residence with a new mortgage from a different lender has 3 business days to rescind (cancel) the transaction after signing the loan documents. This right does not apply to purchase transactions.
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