Skip to content

Cancelled Transaction and Right of Rescission

Answered by: 

Question: 
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?
Answer: 

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

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics