Who receives a right to rescind notice when there are two borrowers on the loan, both of whom will owner-occupy the property?

The correct answer recognizes that both borrowers share equal rights in relation to the loan and, importantly, the right to rescind notice. When there are two borrowers on a loan, particularly when both are owner-occupants of the property, both are entitled to be fully informed about their rights related to the loan transaction.

Providing each borrower with two copies of the right to rescind and one disclosure ensures that they are both aware of their ability to reconsider the loan decision within the stipulated time frame, typically three business days after closing. This notice serves as a consumer protection mechanism, allowing both individuals to understand their contractual obligations and the options available to them should they have second thoughts about the transaction.

This approach also aligns with federal regulations, which aim to protect consumers by ensuring that all parties involved are equally notified and can exercise their rights efficiently. Thus, it is crucial for both borrowers to receive the right to rescind notice to reinforce their informed consent and shared ownership in the transaction.