Please note that many rescission calendars that are available for download and other sources may be in error. December 24th and December 31st are not considered holidays. The following excerpt is from the Compliance Headquarters ( http://www.complianceheadquarters.com/Res__Real_Estate/RRE_Q_A_Archive/tila_right_of_rescission_2002.html ):
Question: How did the latest Reg Z Commentary change the right of rescission rules?
Answer: The newly announced revisions to the Reg Z Commentary did not change any right of rescission rules, but simply clarified one technical aspect of the right of rescission rules.
As you know, when the right of rescission applies, consumers have the right to cancel the transaction until midnight of the third business day following consummation or the delivery of certain disclosures, whichever occurs last. A "business day" includes every calendar day except Sundays and federal holidays listed by federal statute. The statute identifies four of these holidays by date [New Year's Day (January 1), Independence Day (July 4), Veterans Day (November 11) and Christmas Day (December 25).] When one of these four date-specific federal holidays fell on a weekend and the federal government and other institutions were closed in observance of the holiday on either the preceding Friday or the following Monday, many were confused about whether the Friday or Monday was a "business day" for right of rescission purposes. The new Commentary clarifies that the Friday or Monday before a date-specific federal holiday is a business day (and counts against the time a consumer has the right to rescind) even if government and other offices are closed in observance of the holiday. |
