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Cancelled Transaction and Right of Rescission

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We have a customer who is refinancing his primary residence to purchase a vacant house and lot. Since we had a right of rescission with this loan the customer cancelled the transaction. Can we charge the customer for his fees incurred with the loan request?

No. Refer to section 1026.23(d). The consumer "shall not be liable for any amount, including finance charges." You need to make it like it never happened.

First published on 10/18/2015

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