20 CRR-NY 641.11NY-CRR
20 CRR-NY 641.11
20 CRR-NY 641.11
641.11 Statutory right of rescission defined.
Tax Law, § 257-a
Section 257-a of the Tax Law defines statutory right of rescission as meaning the right of a borrower (mortgagor) to rescind a consumer credit transaction in which a security interest, including a mortgage, is retained or acquired in any real personal property that is used or is expected to be used as a residence of the mortgagor, as such right is provided in the “Truth in Lending Act” of the Federal Consumer Protection Act at section 125 (Public Law 90-321; 82 Stat. 146 et seq.) and in the regulations issued by the Board of Governors of the Federal Reserve System pursuant to said title of said act.
20 CRR-NY 641.11
Current through September 30, 2022
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