Source: https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1026/15/
Timestamp: 2020-06-03 15:42:07
Document Index: 132903869

Matched Legal Cases: ['§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', 'art 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026', '§ 1026']

§ 1026.15 Right of rescission. | Consumer Financial Protection Bureau
Subpart A - General § 1026.1–§ 1026.4 Mostrar Ocultar
Subpart B - Open-End Credit § 1026.5–§ 1026.16 Mostrar Ocultar
Subpart C - Closed-End Credit § 1026.17–§ 1026.24 Mostrar Ocultar
Subpart D - Miscellaneous § 1026.25–§ 1026.30 Mostrar Ocultar
Subpart E - Special Rules for Certain Home Mortgage Transactions § 1026.31–§ 1026.45 Mostrar Ocultar
Subpart F - Special Rules for Private Education Loans § 1026.46–§ 1026.48 Mostrar Ocultar
Subpart G - Special Rules Applicable to Credit Card Accounts and Open-End Credit Offered to College Students § 1026.51–§ 1026.61 Mostrar Ocultar
Supplement I to Part 1026 - Official Interpretations Mostrar Ocultar
(a) Consumer's right to rescind.
Official interpretation of 15(a) Consumer's Right To Rescind Mostrar Ocultar
See interpretation of 15(a) Consumer's Right To Rescind in Supplement I
(i) Except as provided in paragraph (a)(1)(ii) of this section, in a credit plan in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind: each credit extension made under the plan; the plan when the plan is opened; a security interest when added or increased to secure an existing plan; and the increase when a credit limit on the plan is increased.
(2) To exercise the right to rescind, the consumer shall notify the creditor of the rescission by mail, telegram, or other means of written communication. Notice is considered given when mailed, or when filed for telegraphic transmission, or, if sent by other means, when delivered to the creditor's designated place of business.
Official interpretation of Paragraph 15(a)(2) Mostrar Ocultar
See interpretation of Paragraph 15(a)(2) in Supplement I
(3) The consumer may exercise the right to rescind until midnight of the third business day following the occurrence described in paragraph (a)(1) of this section that gave rise to the right of rescission, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures, whichever occurs last. If the required notice and material disclosures are not delivered, the right to rescind shall expire 3 years after the occurrence giving rise to the right of rescission, or upon transfer of all of the consumer's interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with section 125(f) of the Act. The term material disclosures means the information that must be provided to satisfy the requirements in § 1026.6 with regard to the method of determining the finance charge and the balance upon which a finance charge will be imposed, the annual percentage rate, the amount or method of determining the amount of any membership or participation fee that may be imposed as part of the plan, and the payment information described in § 1026.40(d)(5)(i) and (ii) that is required under § 1026.6(e)(2).
Official interpretation of Paragraph 15(a)(3) Mostrar Ocultar
See interpretation of Paragraph 15(a)(3) in Supplement I
Official interpretation of Paragraph 15(a)(4) Mostrar Ocultar
See interpretation of Paragraph 15(a)(4) in Supplement I
Official interpretation of 15(b) Notice of Right To Rescind Mostrar Ocultar
See interpretation of 15(b) Notice of Right To Rescind in Supplement I
(2) The consumer's right to rescind, as described in paragraph (a)(1) of this section.
(c) Delay of creditor's performance. Unless a consumer waives the right to rescind under paragraph (e) of this section, no money shall be disbursed other than in escrow, no services shall be performed, and no materials delivered until after the rescission period has expired and the creditor is reasonably satisfied that the consumer has not rescinded. A creditor does not violate this section if a third party with no knowledge of the event activating the rescission right does not delay in providing materials or services, as long as the debt incurred for those materials or services is not secured by the property subject to rescission.
Official interpretation of 15(c) Delay of Creditor's Performance Mostrar Ocultar
See interpretation of 15(c) Delay of Creditor's Performance in Supplement I
Official interpretation of 15(d) Effects of Rescission Mostrar Ocultar
See interpretation of 15(d) Effects of Rescission in Supplement I
Official interpretation of Paragraph 15(d)(1) Mostrar Ocultar
See interpretation of Paragraph 15(d)(1) in Supplement I
Official interpretation of Paragraph 15(d)(2) Mostrar Ocultar
See interpretation of Paragraph 15(d)(2) in Supplement I
Official interpretation of Paragraph 15(d)(3) Mostrar Ocultar
See interpretation of Paragraph 15(d)(3) in Supplement I
Official interpretation of Paragraph 15(d)(4) Mostrar Ocultar
See interpretation of Paragraph 15(d)(4) in Supplement I
Official interpretation of 15(e) Consumer's Waiver of Right To Rescind Mostrar Ocultar
See interpretation of 15(e) Consumer's Waiver of Right To Rescind in Supplement I
Official interpretation of 15(f) Exempt Transactions Mostrar Ocultar
See interpretation of 15(f) Exempt Transactions in Supplement I
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