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#1416547 - 07/19/10 03:04 PM Copies of Rescission notice???
JacksTigger Offline
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JacksTigger
Joined: Jan 2010
Posts: 260
lost in compliance land
Help--I'm hung up on some wording in Reg. Z about copies of the rescission notice and can't find an answer. confused

It says that the bank must provide two copies of the notice to each person who has the right to cancel the transaction. I'm reading this to mean that for a loan to husband and wife who are both on the note and deed that we need to provide 4 copies of the rescission notice (2 to him and 2 to her). Is this correct??

Thanks for your help
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#1416583 - 07/19/10 03:28 PM Re: Copies of Rescission notice??? JacksTigger
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Yes, two (2) copies to EACH consumer who has the right to rescind. Don't ask me why.
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#1416587 - 07/19/10 03:30 PM Re: Copies of Rescission notice??? Doug Hendrickson
Skittles Offline
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Skittles
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TN
I think that's so if the consumer rescinds they have one notice to return and one to retain. Remember - it only takes one of them <not both> to rescind the loan.
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#1416598 - 07/19/10 03:34 PM Re: Copies of Rescission notice??? Doug Hendrickson
JacksTigger Offline
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JacksTigger
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Posts: 260
lost in compliance land
I know better than to ask "WHY". We just "DO".

Seems like a lot of paper.
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#1416619 - 07/19/10 03:47 PM Re: Copies of Rescission notice??? JacksTigger
JacksTigger Offline
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JacksTigger
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Posts: 260
lost in compliance land
OK--next Question

We have all borrowers with a right to rescind sign the same acknowledgment that they received two copies of the notice. Should we be having them sign seperate forms?? crazy
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Don't cry because it's over. Smile because it happened ~ Dr. Seuss

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#1416687 - 07/19/10 04:35 PM Re: Copies of Rescission notice??? JacksTigger
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
There is no regulatory requirement for a signed acknowledgement.

Why two forms:

226.23(b)(1) Notice of right to rescind. In a transaction subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind (one copy to each if the notice is delivered in electronic form in accordance with the consumer consent and other applicable provisions of the E-Sign Act).
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#1432140 - 08/20/10 03:42 PM Re: Copies of Rescission notice??? rlcarey
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
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Central City, NE
Keep ONE in your loan file signed by all applicable parties. The disclosure indicates each got 2.
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#1432150 - 08/20/10 03:49 PM Re: Copies of Rescission notice??? David Dickinson
Andy_Z Offline
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Andy_Z
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Note: If you are doing e-docs, only one is necessary to each party as they automatically have a copy if they rescind.
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