Final answer:
The Federal Truth-in-Lending Law (Regulation Z) provides a 3-day right of rescission for borrowers in specific situations.
Step-by-step explanation:
The Federal Truth-in-Lending Law (Regulation Z) gives the borrower a 3-day right of rescission when the loan is secured by the borrower's primary residence, such as a home mortgage. This means that if you take out a loan to buy a house, you have the right to cancel the loan within three business days of closing, without any penalty or obligation.