Which of the following is true about a line of credit secured by the equity in the debtor's home?
A)there is a three-day rescission period
B)the same levels of disclosure for other types of credit are not required
C)the monthly payments need not be disclosed
D)All of the above are true.

Question

Quizplus · Accepted Answer

A line of credit secured by the equity in the debtor's home is subject to a three-day rescission period under the Truth in Lending Act. Therefore, option A is correct. Option B is incorrect because the same levels of disclosure are required for all types of credit under TILA. Option C is incorrect because the monthly payments must be disclosed under TILA.

Which of the Following Is True About a Line of Credit