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Waiving the Right of Rescission

Question: 
Can customers waive the right of rescission if they need money immediately? Can institution accept the waiver?
Answer: 

Answer by Dan Persfull:Under the proper circumstances, yes. Read 226.15 and .23 and their Commentaries for a discussion on waivers. It must be a bona fide personal financial emergency. Needing money right away to purchase a hot stock tip is not a bona fide personal financial emergency, but replacing a furnace in sub-zero degree weather is.

Answer: 

Answer by Richard Insley:Aside from Katrina type emergencies that affect a large percentage of your borrowers, legitimate ROR waivers are extremely rare.

First published on BankersOnline.com 12/04/06

First published on 12/04/2006

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