[19970813]97-430_允许消费者在“冷却”期内解除合同的联邦法规.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web97-430 AUpdated August 13, 1997Federal Statutes Allowing Consumers CoolingOff Periods to Rescind Contracts(name redacted)Legislative AttorneyAmerican Law DivisionSummaryContracts are generally governed by state law. Under state law, a contract takeseffect and is enforceable upon being created - that is, when an offer is accepted. Federallaw, however, has several exceptions to this rule, which allow consumers a cooling offperiod during which they may rescind particular types of contracts, owe nothing, and notbe subject to suit for breach of contract. These provisions are in the Truth in LendingAct, the Credit Repair Organizations Act, the Interstate Land Sales Full Disclosure Act,and a regulation promulgated under the Federal Trade Commission Act.Truth in Lending Act: Second Mortgages Section 125 of the Truth in Lending Act, 15 U.S.C. 1635, provides that, in aconsumer credit transaction in which a security interest is or will be retained or acquiredin any property used as a principal dwelling of the borrower, the borrower shall have theright to rescind the transaction until midni