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HOW BORROWERS CAN RESCIND CERTAIN LOAN TRANSACTIONS POTENTIALLY TO BE REVIEWED BY U.S. SUPREME COURT

The United States Supreme Court is entertaining two different petitions filed by home borrowers seeking to exercise their rights under the federal Truth-in-Lending Act. This law gives a borrower the right, under 15 U.S.C. § 1635(a), to "rescind the transaction until midnight of the third business day following . . . the delivery of the formation and rescission forms required under this section . . . by notifying the creditor . . . of his intention to do so." The Act further creates, per 15 U.S.C. § 1635(f). a "[t]ime limit for [the] exercise of [this] exercise of [this] right," providing that the borrower's "right of rescission shall expire three years after the date of consummation of the transaction" even if the "disclosures required . . . have not been delivered." The Truth-in-Lending Act gives borrowers an opportunity to review certain mandated disclosures from lenders so as to allow them the right to rescind a loan transaction within the given time period. 

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