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There are about fifteen different predatory lending practices that may give rise to a defense. Much would depend on your facts. Just the fact that the loan was made by a check in the mail is not sufficient to qualify as a predatory lending practice.
The federal Truth in Lending Act requires creditors who lend money to consumers to provide written disclosures regarding the finance charges and any related aspect of a credit transaction. The Act specifies a three-day right of rescission for credit agreements that establish a security interest in your primary residence.
In Alabama, the right of rescission relates specifically to home equity loans. The three-day grace period does not apply to loans for building a principal residence, refinancing a loan with the existing creditor without borrowing additional funds or when the creditor for the loan is a state agency.
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