Sentence examples for rescission to from inspiring English sources
For example, borrowers will sometimes apply with several lenders simultaneously and use the right of rescission to coerce them into offering better terms.
"If the change results in significantly higher maintenance for units that are already in contract to be sold, the attorney general may require the sponsor to offer any prospective purchaser who has signed a contract to purchase a 'right of rescission' to back out of the contract," he said.
One employee, the day before the guidance was axed, wrote that no one at the Education Department's Office for Civil Rights had been consulted about the potential rescission to his knowledge.
He repeatedly asked for budget rescissions to cancel spending already enacted into law, and he offered budgets to reduce spending that were routinely declared "dead on arrival" by Congressional leaders.
One way to avoid a rescission is to ask lenders for a copy of the so-called HUD-1 settlement statement, which by law lenders must make available 24 hours before closing.
Companies that allow rescissions have to return the money paid to buy the shares and lose tax benefits they would otherwise get.
Now that the bill has passed, repealing it (which I presume is what Republicans campaigning in the fall will call for) will mean, literally, voting for allowing insurance companies to deny coverage to people with pre-existing conditions, voting to permit rescissions, and voting to make it much harder for people who lose their jobs to stay insured.
But if we're willing to subsidize purchases for those who can't afford to buy insurance, and the insurance industry is willing to end rescission and stop refusing to cover people who are already sick, then this is a good deal both for society and the shareholders of publicly traded health companies.
The rescission law, according to the legislation, "shall not apply to a covered individual who has performed an act or practice that constitutes fraud or makes an intentional misrepresentation of material fact as prohibited by the terms of the plan or coverage".
First, some background: The Truth in Lending Act from 1968 gives borrowers the "right of rescission," the ability to undo a home refinancing or home equity loan within three years of the closing if the lender did not make proper disclosures — generally of the loan amount, interest rate and repayment terms.
Instead, the omnibus provides a total increase of only $117 million (after a $33 million rescission is applied to selected programs).
