truth in lending 5

If an advertisement states a rate of finance charge for a residential mortgage loan, it must state the rate as

an annual percentage rate.

The Truth in Lending Act allows a consumer to waive the right to rescind the loan transaction if the funds are needed

to meet a personal financial emergency.

TILA provides that the APR advertised for a mortgage loan can deviate from the actual rate being offered to customers by

0%.

When a consumer exercises his right to rescind a loan under TILA, all loan fees must be refunded within

20 days.

The Truth in Lending Act requires disclosure of which of the following rates in response to an oral inquiry about the cost of credit?

Annual percentage rate

Which of the following is true of rescission rights granted by TILA?

Each consumer with an interest in the property must be given two copies of the notice of right to rescind.

Which of the following is true about the right of rescission granted under the Truth in Lending Act?

It applies only to a loan secured by the borrower's principal residence.

TILA provides for a rescission period of how many business days for subordinate loans secured by a principal dwelling?

Three

The notice of the TILA right to rescind includes disclosure of all of the following EXCEPT

the date the rescission period begins.

TILA requires that an ad offering an adjustable rate mortgage loan must disclose

the fact that the APR is subject to change.