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#826408 - 10/01/07 01:16 PM Columbus Day
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
We are open on Columbus Day, is it alright for us to include that day in our rescission days? Our system will not let us fund a loan on that day, but we weren't sure if we could include it in the three day rescission period.

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Lending Compliance
#826414 - 10/01/07 01:24 PM Re: Columbus Day DCollins
Ski Offline
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Joined: May 2003
Posts: 639
South Louisiana
Columbus Day is a Federal Holiday which DOES NOT count (whether you are open for business or not) for either HOEPA or Right-of-Recission.

Hope this helps.

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#826415 - 10/01/07 01:25 PM Re: Columbus Day DCollins
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
If by include you mean allow it to count as a rescission day, no you cannot. It is a designated holiday, therefore it is not a business day for the purpose of rescission. See 226.2(a)(6).
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The opinions expressed are mine and they are not to be taken as legal advice.

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#826691 - 10/01/07 05:56 PM Re: Columbus Day Dan Persfull
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
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On the Net
This free tool may help you out on these questions.

http://www.bankersonline.com/tools/compliance/rescissioncal.html
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AndyZ CRCM
My opinions are not necessarily my employers.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#827322 - 10/02/07 04:42 PM Re: Columbus Day Andy_Z
ksm Offline
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ksm
Joined: May 2003
Posts: 302
Midwest
Why can we not fund on Columbus Day if rescission expired on Friday and we are open for business?

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#827333 - 10/02/07 04:50 PM Re: Columbus Day ksm
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
No one said you couldn't.

The question was not about funding, it was asking if Columbus day could be included as a rescission day and it cannot be by regulation.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#827871 - 10/03/07 01:22 PM Re: Columbus Day ksm
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
Our system will not fund on a holiday.

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