Right of rescission.

CFR · 2024-01-01 · US · Title 12

(a) (ii) As provided in section 125(e) of the Act, the consumer does not have the right to rescind each credit extension made under the plan if such extension is made in accordance with a previously established credit limit for the plan. (2) To exercise the right to rescind, the consumer shall notify the creditor of the rescission by mail, telegram, or other means of written communication. Notice is considered given when mailed, or when filed for telegraphic (3) The consumer may exercise the right to rescind until midnight of the third business day following the occurrence described in paragraph (a)(1) of this section that gave rise to the right of rescission, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures, (4) When more than one consumer has the right to rescind, the exercise of the right by one consumer shall be effective as to all consumers. (b) (1) The retention or acquisition of a security interest in the consumer's principal dwelling. (2) The consumer's right to rescind, as described in paragraph (a)(1) of this section. (3) How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor's place of business. (4) The effects of rescission, as described in paragraph (d) of this section. (5) The date the rescission period expires. (c) (d) (2) Within 20 calendar days after receipt of a notice of rescission, the creditor shall return any money or property that has been given

official document · source cfr-2024 · id 12:§ 226.15