A A Mortgage Corp.
is located in downtown Manchester, MO,
one block
west of
Woods Mill Rd.14346 Manchester Rd
in West County.
|
 |
|
|
|
Return to the Rules and Disclosures
Main Page
In a credit transaction in which a security interest is or will be retained or acquired in a
consumer's principal dwelling, each consumer whose ownership is or will be subject to the
security interest has the right to rescind the transaction. Lenders are required to deliver two
copies of the notice of the right to rescind and one copy of the disclosure statement to each
consumer entitled to rescind. The notice must be on a separate document that identifies the
rescission period on the transaction and must clearly and conspicuously disclose the retention
or acquisition of a security interest in the consumer's principal dwelling; the consumer's right
to rescind the transaction; and how the consumer may exercise the right to rescind with a form
for that purpose, designating the address of the lender's place of business.
In order to exercise the right to rescind, the consumer must notify the creditor of the
rescission by mail, telegram or other means of communication. Notice is considered given when
mailed, filed for telegraphic transmission or sent by other means, when delivered to the
lender's designated place of business. The consumer may exercise the right to rescind until
midnight of the third business day following consummation of the transaction; delivery of the
notice of right to rescind; or delivery of all material disclosures, whichever occurs last. When
more than one consumer in a transaction has the right to rescind, the exercise of the right by
one consumer shall be effective for all consumers.
When a consumer rescinds a transaction, the security interest giving rise to the right of
rescission becomes void and the consumer will no longer be liable for any amount, including any
finance charge. Within 20 calendar days after receipt of a notice of rescission, the lender is
required to return any money or property that was given to anyone in connection with the
transaction and must take any action necessary to reflect the termination of the security
interest. If the lender has delivered any money or property, the consumer may retain possession
until the lender has complied with the above.
The consumer may modify or waive the right to rescind if the consumer determines that the
extension of credit is needed to meet a bona fide personal financial emergency. To modify or
waive the right, the consumer must give the lender a dated written statement that describes the
emergency, specifically modifies or waives the right to rescind and bears the signature of all
of the consumers entitled to rescind. Printed forms for this purpose are prohibited. |
|
|
|
|
 |
