Michigan Laws > Chapter 285 > Act 91 of 1915 – Market Conditions
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Terms Used In Michigan Laws > Chapter 285 > Act 91 of 1915 - Market Conditions
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC