On a HELOC, we have co-borrowers but only one is on title and is the grantor of the collateral (and thus entitled to rescission). If the Grantor signs loan documents today, does his 3-day rescission period begin today? Or, if the co-borrower doesn't sign until 2 days later, does it begin on the date that the co-borrower finally signs? Consummation (see below) would be once all borrower's have signed, right? So, rescission would begin once the co-borrower has signed?

Calculating when the rescission period expires. The rescission period runs until midnight of the third business day following the latest of: (i) consummation of the transaction; (ii) the delivery of the (correct) right of rescission notices; or (iii) delivery of all (correct) material disclosures. Section 1026.23(a)(3)(i). If the transaction is consummated on Monday, March 13, and the consumer receives her TIL disclosures and rescission notices on or before March 13, then the date that the rescission period expires is midnight on Thursday, March 16. The creditor must insert March 16 as the expiration date in the rescission notice.

Rescission rights begin when all the material disclosures have been provided to the consumer that has the right to rescind.

What you will have to determine is under your state law did the consumer with the right to rescind consummate the transaction the day they signed the documents or was the deal not consummated until all borrowers signed the documents.

Thank you! Based on state law, we went with the latter - deal not consummated until all borrowers signed.