Posted by JanetK_CA on 12/20/11 3:18pm
Msg #407124

Holiday Rescission Dates

Just a reminder to be careful about rescission dates over the holidays. According to my list of Federal Holidays, the only days that will be different from normal are Monday, December 26th, when Christmas will be observed and Monday, January 2nd when New Year's Day will be observed. So Christmas Eve and New Year's Eve do count as business days for rescission date calculations.

If anyone has any different information, please document. Thanks.

Reply by HisHughness on 12/20/11 4:06pm
Msg #407134

Where is PAW when we need him?

My recollection from the last time this came up is that if a holiday falls on a Sunday, the following Monday is still counted toward the rescission period. Of course, you need to keep in mind that the recollection is being processed by a mind that is 74 years old and that has long suffered from underuse.

Reply by Linda_H/FL on 12/20/11 5:07pm
Msg #407141

According to a rescission calendar I found on the

Lawyers' Title Website, Monday is not being counted.

And once again on this - not my call - TC or lender fills in dates and that's that - the only time I question the dates is if it's less than 3 days - then I call to make sure that's intended...

JMO

Reply by Stoli on 12/20/11 4:12pm
Msg #407135

Notary Rotary Rescission Calendar is under Signing Central

The Notary Rotary 2011 Loan Rescission Calendar gives you a single page of all rescission dates for 2011, and they don't count Monday as a holiday.

Reply by CopperheadVA on 12/20/11 6:04pm
Msg #407148

Wells Fargo/Prosperity Mtg has a rescission calendar in their packages, and they are considering 12/26/2011 and 1/2/2012 as holidays. For example on their calendar, signed on 12/23 the RTC expires on 12/28 and funds on 12/29.

If dates are not already filled in on RTC, I would definitely get it in writing exactly what rescission date the lender wants written in there.

Reply by Susan Fischer on 12/20/11 10:06pm
Msg #407161

So agree, Copper. It's Lenders' call. n/m

Reply by HisHughness on 12/20/11 10:20pm
Msg #407163

Re: So agree, Copper. It's Lenders' call.

Only partially true. A lender, as part of its policies, can offer any period it wishes beyond the three-day period in which a rescission would be honored. A lender cannot arbitrarily contract the three-day period, however.

Reply by Susan Fischer on 12/20/11 11:42pm
Msg #407167

Should have qualified with 'It's the lenders' call within

the law vis-a-vis the product/type of loan.

Reply by Joan Bergstrom on 12/20/11 11:06pm
Msg #407165

Dec 24 last day to cancel Dec 28
Dec 25 last day to cancel Dec 28

Dec 31 last day to cancel is Jan 4
Jan 1 last day to cancel is Jan 4

There is a free rescission calendar on the homepage where I teach notary classes.

Reply by Linda_H/FL on 12/21/11 5:13am
Msg #407171

You're counting Monday? n/m

Reply by MikeC/TX on 12/20/11 11:24pm
Msg #407166

Christmas Day and New Year's Day are 2 of the 4 legal holidays that fall on specific dates; you don't automatically get an extra rescission day if they happen to fall on a Sunday. The "observed" dates only apply to Federal employees (see Title 5 § 6103 of the US Code), so 12/26 and 1/2 will be considered business days. Any rescission calendar that says otherwise is wrong.

The rescission period for a loan signed on 12/22 this year ends on 12/26, but that can be extended to 12/27 (or later) at the lender's discretion. It's not the notary's decision to make.

Reply by ReneeK_MI on 12/21/11 5:22am
Msg #407172

Mike is correct

"Legal public holidays" are perhaps being confused with "Federal holidays", and they're two separate animals. Still, as others have pointed out - as long as the rescission period is not less than 3 days, there's no issue & is at the Lender's discretion.

From the TILA/Definitions section:

(6) Business day means a day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. However, for purposes of rescission under §§ 226.15 and 226.23, and for purposes of §§ 226.19(a)(1)(ii), 226.19(a)(2), 226.31, and 226.46(d)(4), the term means all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a), such as New Year's Day, the Birthday of Martin Luther King, Jr., Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.

Reply by JanetK_CA on 12/22/11 2:18am
Msg #407327

Thanks, Renee!!

I was hoping someone would cite the source. And you were right... I was confusing Federal Holidays with "legal public holidays". I never realized they were different. I had something knocking around in the back of my head that was raising some uncertainty, so I appreciate your response. So far, any lender-provided rescission calendars that I've seen have excluded Monday, so I'll be defaulting to that, as several suggested. But it's good to know the *correct* way to calculate it, just in case.

I'm seeing this as a potential issue for some who sign tomorrow (Thursday), since they will have Friday, Christmas Eve and the day after Christmas when most businesses will be closed as their three rescission days... I hope we all find people who are sure they don't want to cancel - or lenders who extend the rescission period to include Monday! (And I guess the same will apply to New Years weekend.)

Reply by Linda_H/FL on 12/21/11 5:44am
Msg #407175

I would suggest that everyone check on each

individual signing they may have over the next two upcoming holidays...from the checking I've done, counting the Monday is variable; e.g. Lawyers' Title rescission calendar does not count the Monday, Chicago Title's does.

I'd say the most prudent thing to do is confirm on each signing whether the company is counting the Monday or not.

Good Luck and happy holidays!!

Reply by C. Rivera Chicago Notary Services on 12/21/11 1:29pm
Msg #407238

its a federal holiday for sum fed gov't employees. See below

<<*** December 25, 2011 (the legal public holiday for Christmas Day), falls on a Sunday. For most Federal employees, Monday, December 26, will be treated as a holiday for pay and leave purposes. (See section 3(a) of Executive order 11582, February 11, 1971.)>>

http://www.opm.gov/operating_status_schedules/fedhol/2011.asp

Reply by C. Rivera Chicago Notary Services on 12/21/11 1:33pm
Msg #407239

if we're all confused...click on link below and read, LOL...

apparently so are bankers....

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=1641569