Answer:
226.23(f) has the rescission exception for closed end transactions. This time requirement is not one of them. So yes, unless another exception applies, make the disclosure.
First published on BankersOnline.com 3/4/02
Home Improvement Loan: Does right of rescission apply?
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Question:
I have an application for a loan to remodel the home the applicants live in. Will they need to be given a Right of Rescission? I was told any time the primary residence is taken it is yes. But I was also told if it was less than a year - then no. - This loan is for 9 months.
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