For right of recission purposes, do you count Saturdays as a business day? Can you tell me what reg to look at to find the answer. We count Saturdays for right of recission but we no longer have loan staff available on Saturdays. Tellers are not trained on waht to do if they get notice. My understanding of a business day is that most of your bank departments are working?? Can soemone point me in the right direction?

See Reg Z. Saturdays do count.

Regulation Z covers RoR and yes, according to Reg Z Saturdays do count - whether you are open or not.

can you paste that section where it says saturday is a business day? For soem reason, I don't see it.

Thanks,

226.2(a)(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 Secs. 226.15 and 226.23, and for purposes of Sec. 226.31, 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.

Just found it.
Thanks

Since rescission can be by return mail, someone explained it as when the Post Office is opened - not the bank.

That's a good rule of thumb but does not always hold true. If the 4th of July falls on Sunday and the Post office closes on either Saturday or Monday to observe the holiday, then Saturday or Monday would still be a rescission day as neither one is a Federal Holiday defined in 5 U.S.C. 6103(a).