New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter D - Mortgage Recording Taxes
Part 641 - Definitions
Section 641.11 - Statutory right of rescission defined

Section 257-a of the Tax Law defines statutory right of rescission as meaning the right of a borrower (mortgagor) to rescind a consumer credit transaction in which a security interest, including a mortgage, is retained or acquired in any real personal property that is used or is expected to be used as a residence of the mortgagor, as such right is provided in the "Truth in Lending Act" of the Federal Consumer Protection Act at section 125 ( Public Law 90-321; 82 Stat. 146 et seq.) and in the regulations issued by the Board of Governors of the Federal Reserve System pursuant to said title of said act.