{
  "node_id": "us-15-usc-1635-tila-right-of-rescission-principal-dwelling",
  "title": "US Truth in Lending Act - 15 USC 1635 Right of Rescission as to Certain Transactions",
  "domain": "Banking & Global Finance",
  "version": "1.0.0",
  "last_updated": "2026-06-05",
  "bluf": "15 USC 1635 titled 'Right of rescission as to certain transactions' is the Truth in Lending Act (TILA) provision granting consumers the right to rescind certain consumer credit transactions secured by an interest in their principal dwelling (other than residential mortgage transactions). Subsection (a) provides that the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required under TILA, whichever is later, by notifying the creditor in accordance with regulations of the Bureau. The creditor must clearly and conspicuously disclose, in accordance with regulations of the Bureau, the rights of the obligor under this section, and provide appropriate forms for the obligor to exercise the right of rescission. Subsection (b) provides that within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. Subsection (e) provides that this section does not apply to a residential mortgage transaction, a transaction which constitutes a refinancing or consolidation (with no new advances) of the principal balance then due and any accrued and unpaid finance charges of an existing extension of credit by the same creditor secured by an interest in the same property, a transaction in which an agency of the Federal Government, a State, or a political subdivision thereof is the obligor, or advances under a preexisting open end credit plan. Subsection (f) provides that the obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs first, where the creditor failed to deliver the required disclosures.",
  "paywall": {
    "status": "LOCKED",
    "unlock_cost_usd": "0.01",
    "skyfire_id": "41779894-ece2-4163-9761-b3b1b76e19b0"
  },
  "crosswalks": {
    "_available_keys": [
      "industry_mapping",
      "related_frameworks"
    ],
    "_note": "Full crosswalk values included in vault response"
  },
  "dependencies": [
    "us-truth-in-lending-act"
  ],
  "primary_citations_count": 10
}