20 - MAN'CtlKSTKR HKRAl.D, Thursday, August 2, 19H4 Know how to use the right of rescission F;xhilariited about a new venture in which they had of written notice you send, be sure to have proof it’s on If you consolidate or refinance a loan with the same Lance departure saves been offered a chance to participate, a young couple its way before midnight of the third business day. lender that is already securing your home; Presidents and the press: Legion wins we know decided to raise the funds needed for their During these three business days, the lender should If a state agency is the creditor; participation by taking out a second mortgage against Your not act on your transaction. This means you would not If it’s an advance or open-ended credit line. Mondale lot of trouble Manipulating the media Finals opener their own home as collateral for the loan. That get any money from the loan — and any repair or If you have an open-ended loan that operates like a evening they invited a group of us over to celebrate Money's construction work would not get under way. revolving line of credit, you have the right to cancel p a g e 4 ... opinion, page 6 ... page 16 their pending change of lifestyle — but the more they Within 20 days of receiving your noticeof rescission, when you open the plan and when your credit limit is explained the details to us, the cooler they themselves Worth the creditor must return all the money or property you increased (but only on the amount by which it is became. Sylvia Porter gave over, and also must release the security interest increased). On subsequent advances of open-ended By midnight, they had agreed to cancel out. The in your home. credit lines, you don’t have the right of rescission. next morning, they exercised their legal right of Retain any supplies or money you might have That provision is scheduled to expire in October 1985, rescission, guaranteed to them under the Federal received from the creditor until you are certain your but it appears Congress will act to preserve the status Truth in Lending Act (in-and-out within 24 hours). house is no longer held as collateral and you get back quo. This right of rescission (a cooling-off period any money you’ve already paid out. Meanwhile, be on guard. Use your home as designed to protect you against your own folly) is Only then should you return the creditor’s property. collateral with the utmost of care! It’s almost surely Humid tonight; potentially of great importance to you — but how Saturdays as business days but exclude Sunday and But if it’s not claimed within 20 days, you can keep it. the biggest asset of your entire life. Manchester, Conn. many of you understand it? Could have used it in the legal public holidays. The first day occurs after all muggy Saturday three of the following events take pl’ace: Friday, August 3, 1984 past? Or will be able to use it in the future? Suppose, though, that you have an emergency Money book available by mall Whenever you use your principal residence in • You sign the credit agreement. repair and simply cannot wait three business days — See page 2 Single copy: 25<P securing a loan, you generally have the legal right to • You receive a tnith-in-lending disclosure that before work is started on it. In that case, you can elect "Sylvia Porter’s New Money Book for the 80s,” 1,328 cancel within three business days. Your principal explains the key provisions of the contract. to waive your right of rescission to speed up the pages of down-to-earth advice on personal money residence can be a condominium, a co-op, a mobile • Yoii receive twocopiesof a notice explaining your process for your own good. management, is now available through her column. home — even a house boat. Your reasons for "cooling right to cancel. NO’TE: This important right does not apply to all Send $9.95 plus $1 for mailing and handling to "Sylvia o ff" can cover the widest range. Here’s how your right if you decide to rescind, you must notify the creditor situations in which your home is collateral. Among the Porter’s New Money Book for the 80s,” in care of the of rescission works: in writing; You can use a form provided by the situations are these four; Manchester Herald, 4400 Johnson Drive, Fairway, • Your deadline is midnight of the third business creditor, or you can send a letter or telegram, but a When a loan is obtained to buy a home or for loans Kan. 66205. Make checks payable to Universal Press day after the transaction. For this calculation, include telephone call or visit won't do the job. Whatever form obtained to build one; Syndicate. Jobless at 7.5 percent BUSINESS G R O s s m R n ' s bias case July rat^ ^ 4 RnC^evRns products compRnv ■w ■ By Sarah Possell Region companies Herald Reporter Hartford attorney Richard N. increases Forror cla Smart& wtciiStart & VIIon _ Palm er said Thursday that Paul- have good quarter Henry Blanchard, the Manchester B y Drew Von Bergen teenager who protested being United Press International 3 Unemployment By Steven W. Syre ba.sed in Lexington, Mass., rose stopped at gunpoint by police on Love Lane last April, will not push R a te United Press International about $7 million, and earnings at WASHINGTON - Unemploy­ 11% his complaint any further. Monthly United Technologies Corp.. based ment jumped dramatically to 7.5 Rates Life was good for a broad range in Hartford, jumped 21 percent. Summer—I 1 ProtectsI 111 It I IP^ 1^ ^ — T—1 ' ^ Blanchard, 18, of 26F Channing percent in July, the first increase Drive, lodged the complaint with of New England’s larger compan­ Raytheon, UTC and Avco all do a after I'/i years of post-recession 10% ies in the second quarter of this substantial amount of defense the police about a week after the declines, the Labor Department year and economists say the contract work. April 6 incident. He could not be reported today. balance of 1984 should remain Among the computer and office reached for comment today. The department’s Bureau of 9% strong. automation companies. Prime But Palmer, who said he spoke Labor Statistics said an additional ___ Defense-related manufacturing, Computer reached record earn­ for Blanchard.^aid that Blanchard 413,000 Americans went on the the computer industry and bank­ ings for the quarter, leaping from does not agree with the Police unemployment rolls during July, ing all have been doing well this last year’s depres.sed levels, and Department’s conclusion, re­ erasing the gains of the month 8%‘ I year, and the vast majority of Wang Laboratories Inc. enjoyed a leased last week, which is that before when the seasonally ad­ large companies in tho.se fields 33 percent increase in profits for officer Joseph Amato acted prop­ justed rate fell from 7.5 pivrcent in reported improvements in their the quarter. erly when he stopped the teenager May to 7.1 percent in June. 7% second quarter profits. Computervision, specialists in on a suspicion that he might be There were 8.5 million Ameri­ ■’I thing we’re going to .see some computer aided engineering and carrying a dangerous weapon. cans listed as unemployed during slowing in the second half of the design based in Bedford, Mass., Amato had responded to a 12:30 July. 6% 1962 1983 year." said David Wyss, chief hiked its profits 36 percent and p.m. call from the Cheney Re­ It was the first increase in financial economist at Data Re­ Compugraphic of Wilmington. gional Technical School, in which a unemployment since November sources Inc. of Lexington. Mass. Mas.s., involved in computerized school official reported that a 1982 and the largest one-month JULY UNEMPLOYMENT "Things will look good, just not typesetting, reached record -se^ black male had come into the incfease in two years, since the . jumps .4 percent as glowing ... I don’t see much bad cond quarter earnings school asking questions and hiding rate went Irom 9.5 percent to 9.9 happening for the rest of the year," Several insurance companies something under his jacket, police percent between June and July tors, designed to l<>re.shad(iw eco­ Wyss said. suffered through a mediocre se­ e Reg. 17.95 Gallon records show. In a search of the 1982. area around the school, Amato nomic trends, fell 0 9 percent in Among many business segments cond quarter. One, the Travelers OU0MI% SEU H«TIIERSGIIEEN The bureau said the jobless stopped Blanchard as he was June, faelory orders dropped 1.4 A in New England, glowing is an Corp., reported a 3 percent decline Helps preserve wood and repel water. increase occurred primarily pereeni and con.siruelion spending appropriate term. heading away from Cheney Tech, in operating profits. • SolldReg. 17.95................................ 14.95 among adult women, whose unem­ was down 0.2 pereeni In banking, nearly all of New Brokerages nationwide haven’t going south on Love Lane. ployment rate returned to that Wall Street investors saw the.se England’s larger institutions — fared well this year and the two of Palm er said that, with the which prevailed between Febru­ reports as a sign lliat intlalion will with the conspicuous exception of New England’s largest were no information Amato had through ary and May.