
Quoting
jk
no. that is not a loan. That is a purchase with scheduled payments. A loan is when a person borrows money. There is no money borrowed with a land contract.
Yes, but based on the following, wouldn't TILA regulations apply? Since the statute for 38-35-126 is seven years as stated in the last line of section 3, would the buyer be able to enforce TIL regulations?
Section 5-5-203 Consumer's right to rescind certain transactions.
In the case of a consumer credit transaction with respect to which a security interest is
retained or acquired in any property that is used as the principal dwelling of the person to
whom credit is extended, the consumer shall have the same right to rescind the
transaction as provided in the federal "Truth in Lending Act" and regulations thereunder.
In order to comply with this code, a creditor shall comply with those provisions on the
right of rescission of certain transactions.