Posted by Claire Wills on 11/9/12 10:36pm
Msg #442860
Rescission Calendar
Did anyone notice today the notary rotary rescission calender said to mark 11/9- 11/13, but my title co. said it's 11/9- 11/14. I googled the info, and many other sites had the same rescission period.
|
Reply by CJ on 11/9/12 11:22pm
Msg #442863
Because of the holiday, we are counting 5 days today (ending on the 14th). But, if one was pre-printed with the 13th, I would turn in one the way they liked it, and one with it changed to the 14th, just in case. Then they can take their pick in case it as an oversight.
|
Reply by MikeC/TX on 11/10/12 5:25pm
Msg #442964
Why would you do that?
"Because of the holiday, we are counting 5 days today (ending on the 14th). But, if one was pre-printed with the 13th, I would turn in one the way they liked it, and one with it changed to the 14th, just in case. Then they can take their pick in case it as an oversight."
The holiday is 11/11, which also happens to be a Sunday, so it doesn't count either way. Monday is a business day - not a holiday - as far as rescission is concerned. As has been discussed ad nauseum here, the lender has the right to extend the rescission period at their discretion - they just can't make it shorter. It's up to the lender to decide whether or not to count Monday when calculating the RTC, and it is not the job of the notary to second guess them.
By doing what you suggest - helpfully adding another RTC with a later date "in case it's an oversight" - you could be giving the borrower an extra day they are not entitled to, and potentially committing UPL. It's not up to the lender to "take their pick" - it's up to the borrower. Don't do it; it's not your call to make.
For those of you who are STILL having a problem grokking this, I would refer you to the text of Section 226.2 of Reg Z, which you can find at:
http://tinyurl.com/atusyqh
Scroll down to Section 226.2(a)(6)2 which lays out the "more precise rule" of what a business day is:
"Four Federal legal holidays are identified in 5 U.S.C. 6103(a) by a specific date: New Year's Day, January 1; Independence Day, July 4; Veterans Day, November 11; and Christmas Day, December 25. When one of these holidays (July 4, for example) falls on a Saturday, Federal offices and other entities might observe the holiday on the preceding Friday (July 3). In cases where the more precise rule applies, the observed holiday (in the example, July 3) is a business day."
The same clearly applies for when the actual holiday falls on a Sunday but is observed on the following Monday - the "observed" holiday is a business day.
|
Great info.