After receiving a notice of the right to rescind, a borrower on a refinance has how long to exercise the right of rescission under TILA?

Correct answer: 3 business days (midnight of the 3rd day)

Under TILA, the right of rescission expires at midnight of the 3rd business day following: (1) consummation of the transaction, (2) delivery of all material disclosures, or (3) delivery of the rescission notice — whichever occurs LAST. For rescission, "business day" includes Saturdays but not Sundays or federal holidays.