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Under what circumstances can the Right of Rescission be waived when refinancing?

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Question: 
Under what circumstances can the Right of Rescission be waived when refinancing?
Answer: 

Sections 226.15 (openend) and 226.23 (closedend) explain that waivers must be limited to cases where you and the consumer have determined that "the extension of credit is needed to meet a bona fide personal financial emergency." Since true emergencies are extremely rare, waivers should be, too.

First published on BankersOnline.com 12/2/2002

First published on 12/02/2002

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