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The American Heritage Dictionary of Business Terms » right of rescission
right of rescission
right of rescission definition - business
right of rescission
The right of a borrower to cancel certain credit contracts without penalty within three business days from the date of a loan application. Any down payment or fees must be returned to the borrower. The right of rescission is part of the Truth in Lending Act.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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