Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 32.00 - Disclosure Of Consumer Credit Costs And Terms
OPEN END CREDIT
Section 32.15 - Right of Rescission
Current through Register 1531, September 27, 2024
(1) Consumer's Right to Rescind. Compliance with 12 CFR 1026.15(a) constitutes compliance with 209 CMR 32.15(1); provided, however, if the required notice and material disclosures are not delivered, the right to rescind shall expire four years after the occurrence giving rise to the right of rescission, or upon transfer of all of the consumer's interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with M.G.L. c. 140D, § 10(f).
(2) Notice of Right to Rescind. Compliance with 12 CFR 1026.15(b) constitutes compliance with 209 CMR 32.15(2).
(3) Delay of Creditor's Performance. Compliance with 12 CFR 1026.15(c) constitutes compliance with 209 CMR 32.15(3).
(4) Effects of Rescission. Compliance with 12 CFR 1026.15(d) constitutes compliance with 209 CMR 32.15(4).
(5) Consumer's Waiver of Right to Rescind. Compliance with 12 CFR 1026.15(e) constitutes compliance with 209 CMR 32.15(5).
(6) Exempt Transactions. Transactions exempt pursuant to 12 CFR 1026.15(f) are exempt under 209 CMR 32.15(6).
