Which law relates to both the definition of a business day and the right to rescind?

The correct choice connects to both the definition of a business day and the right to rescind. The Truth-In-Lending Act (TILA) is pivotal in consumer protection in lending practices. One of its key components is the provision that allows borrowers the right to rescind certain types of loans, such as refinances or home equity loans, within a specific timeframe, typically three business days after closing.

Additionally, TILA provides a clear definition of what constitutes a business day, which is important for ensuring that consumers understand their rights and the timeline for rescission. This definition governs when the rescission period starts and ends, enabling borrowers to acknowledge their options fully and make informed decisions.

The other laws listed focus on distinct protections and regulations in the realm of credit and mortgage practices. The Equal Credit Opportunity Act, for instance, specifically addresses discrimination in credit; the Real Estate Settlement Procedures Act focuses on the transparency and disclosure of settlement costs; and the Home Ownership and Equity Protection Act safeguards consumers from certain predatory lending practices. While all of these laws are key to mortgage practices, none encompass both the definitions relevant to business days and the right to rescind as directly as TILA does.