Under TILA, how many copies of the Notice of Right to Rescind must a borrower receive?

Under the Truth in Lending Act (TILA), a borrower must receive two copies of the Notice of Right to Rescind. This requirement is put in place to ensure that borrowers are fully aware of their rights regarding rescinding a loan transaction, specifically in relation to home equity loans and refinances. Providing two copies allows the borrower to retain one for their records while also having a backup in case it is lost or misplaced.

This dual-copy requirement is crucial because it empowers borrowers by reinforcing their understanding of the three-day rescission period, during which they can reconsider their decision without penalty. By delivering two copies, the law aims to protect consumers and enhance transparency in lending practices, ultimately fostering informed decision-making when it comes to significant financial obligations like mortgages.