Final answer:
The right for homeowners to rescind a consumer loan that places a lien on their residence within three business days is provided by the Truth in Lending Act (TILA).
Step-by-step explanation:
The owner’s right to rescind within three business days when a consumer loan places a lien on his or her residence is provided by the Truth in Lending Act (TILA). This right is part of TILA's provisions, which were designed to ensure that consumers are treated fairly by the lending industry and are informed about the true costs of credit. The Act requires lenders to disclose information about the terms of the loan, including the annual percentage rate (APR), the total costs to be paid by the borrower, and their right to rescind the loan agreement within a specific timeframe if the loan is secured by a lien on their primary residence.