Finance
Texas law requires a 3-day right of rescission for certain home equity transactions. This right allows the homeowner to cancel the loan within 3 business days of:
ASubmitting the loan application
BSigning the loan documents at closing✓ Correct
CReceiving the appraisal report
DThe lender approving the loan
Explanation
Under both TILA and Texas constitutional protections, homeowners have a 3-business-day right of rescission after signing the home equity loan documents. The loan funds cannot be disbursed until after this period expires without rescission.
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