Truth in Lending Act

A federal law that allows a consumer to cancel a home-improvement loan, second mortgage, or other loan until midnight of the third business day after a contract is signed, if the home was pledged as security (except for a first mortgage or first trust deed).

Related Terms:

  1. Contractual Lien
  2. Mortgage Broker
  3. Prime Lending Rate
  4. Sales Contract
  5. Shared-Appreciation Mortgage

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