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#1629657 - 11/17/11 04:17 PM MDIA Calculator Holidays
Arizona Offline
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Posts: 106
We currently use the BOL MDIA days calculator. If our office is not open the day after (Friday) a holiday (Thanksgiving) would we still count that day as a business day if we are not open? Or should we only consider federal holidays as a closed for business days?

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#1630022 - 11/17/11 10:36 PM Re: MDIA Calculator Holidays Arizona
Arizona Offline
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Bump

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#1630069 - 11/18/11 02:16 AM Re: MDIA Calculator Holidays Arizona
rlcarey Online
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Galveston, TX
226.2(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.
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#1633502 - 11/30/11 03:18 PM Re: MDIA Calculator Holidays Arizona
Kraj Offline
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Posts: 51
Question? Regarding Christmas Day which is on a Sunday in 2011, the US Code referenced in Reg Z is an indicator of when federal employees have leave. To which the code also then indicates that a Sunday federal holiday is then extended to the Monday. Does that mean Monday the 26th is a federal holiday for rescission? Thanks!

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#1633541 - 11/30/11 03:46 PM Re: MDIA Calculator Holidays Kraj
rlcarey Online
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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.)
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#1633559 - 11/30/11 03:56 PM Re: MDIA Calculator Holidays Kraj
Richard Insley Offline
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Richard Insley
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Toano, VA
No. Regulation Z's definition of "business day" (Sec. 226.2(a)(6)) refers to 5 U.S.C. 6103(a). Adjustments to working days for federal employees are covered by 5 U.S.C. 6103(b) which is NOT referenced in the definition.
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#1633578 - 11/30/11 04:12 PM Re: MDIA Calculator Holidays Richard Insley
Bec Offline
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The Great White North
So by what you are saying above, the Monday after Christmas Day can be a day counted for rescission????
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#1633581 - 11/30/11 04:24 PM Re: MDIA Calculator Holidays Bec
rlcarey Online
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Galveston, TX
Yes
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#1633582 - 11/30/11 04:25 PM Re: MDIA Calculator Holidays rlcarey
Bec Offline
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Thank you smile
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#1633606 - 11/30/11 04:38 PM Re: MDIA Calculator Holidays Bec
waldensouth Offline
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FINALLY ABOVE the gnat line
It will also need to be counted for the waiting period after you provide the early TIL disclosure.
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