Exam MLO Topic 1 Question 30 Discussion

Actual exam question for NMLS's MLO exam
Question #: 30
Topic #: 1
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?

Suggested Answer: B Vote an answer

Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR ยง1026.2(a)(6)
* CFPB Guidelines on rescission rights

by Eden at Jan 06, 2025, 01:47 PM

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