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According to Florida law, how many days does a borrower have to cancel the loan modification agreement?
Two business days
Three business days
Five business days
Seven business days
The correct answer is: Three business days
In Florida, borrowers are afforded the right to cancel a loan modification agreement within three business days. This grace period is designed to protect consumers, ensuring they have adequate time to review the terms and implications of the modification before being legally bound to it. Having this timeframe allows borrowers to ensure they are making a well-informed decision, which is essential in the context of financial agreements that can significantly impact their circumstances. While other options suggest different timeframes, the legal stipulation specifically sets this period at three business days, confirming its crucial role in consumer protection laws in Florida.