How many copies of the Notice of Right to Cancel must a borrower receive?

A borrower must receive two copies of the Notice of Right to Cancel as part of the requirements outlined in Regulation Z, which implements the Truth in Lending Act. This regulation ensures that consumers are adequately informed about their right to cancel certain transactions, particularly in the context of home equity loans or refinancing.

The purpose of providing two copies is to ensure that the borrower has access to this important information and can retain one copy for their records, while also having a second copy to refer to if needed. This emphasis on clarity and the borrower’s rights is a vital aspect of consumer protection laws. The requirement for two copies helps to enhance the borrower's understanding and ability to exercise their rights effectively.

Having only one copy would undermine the borrower’s ability to refer back to the terms of cancellation and might lead to misunderstandings about their rights within the cancellation period. The clear stipulation of two copies supports a fair and transparent borrowing process.