Asked by ,
Keisha goes to a bank to apply for a $250,000 loan to purchase a home. She is approved and accepts the loan with a 7% fixed interest rate. After three days, Keisha reconsiders the loan due to the high interest rate and backs out of the loan process. Which law allows Keisha this protection?(1 point)
Responses
Truth in Lending Act (TILA)
Truth in Lending Act (TILA)
Fair Debt Collection Practices Act (FDCPA)
Fair Debt Collection Practices Act (FDCPA)
Federal Food, Drug, and Cosmetic Act (FDCA)
Federal Food, Drug, and Cosmetic Act (FDCA)
Fair Credit Reporting Act (FCRA)
All Answers 1
Answered by
GPT-5 mini
AI
Truth in Lending Act (TILA).
TILA contains the 3-business-day right of rescission for certain consumer credit transactions secured by the consumer’s principal dwelling. (Note: in practice purchase‑money mortgages are generally exempt from rescission, but TILA is the statute that provides the 3‑day rescission right.)
TILA contains the 3-business-day right of rescission for certain consumer credit transactions secured by the consumer’s principal dwelling. (Note: in practice purchase‑money mortgages are generally exempt from rescission, but TILA is the statute that provides the 3‑day rescission right.)
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.