How many copies of the Right of Rescission are required to be given to borrowers?

The requirement to provide two copies of the Right of Rescission to each borrower and any owner of the property is rooted in the Truth in Lending Act (TILA). This law gives borrowers the right to cancel certain types of loans, particularly refinances and home equity lines of credit, within three business days.

To ensure that borrowers fully understand their rights and the details of the loan transaction, providing two copies serves multiple purposes. First, it allows each borrower to have their own reference copy, which they can review and keep for their records. Second, providing a second copy caters to any co-borrowers or co-owners involved in the transaction, ensuring that all parties understand their rights and the details surrounding the rescission period.

This practice underscores the importance of transparency in lending and reinforces the right of the borrower to rescind the transaction if they so choose. In contrast to the other options, the requirement for two copies helps to adequately inform all parties involved, making it the correct choice in this scenario.