Right of Rescission

Is Saturday included when calculating the three business days for the Right of Rescission on a Home Equity loan? Does it depend upon whether a bank is open on Saturday?

Rescission usually includes Saturday because it doesn't matter that you are opened or closed, the consumer can mail you the notice.

I don't know that it was designed this way, I assume so. But I have always counted the days when the US Mail was running. That means Sundays and Federal holidays are out. All others are in.

You might check your state's laws for any quirky requirement pertaining to Saturdays, state holidays, etc.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

Unless it also happens to be one of the ten listed federal holidays, Saturday is counted as a business day for the purposes of counting the rescission period. It makes no difference whether the bank is open.

The basis for the rule is the rescission days can be counted on any day the postal service is open to accept a piece of mail that could be a customer's notice of intent to rescind.

Looks like Andy was a little quicker on the draw than I. Glad to see we agree!

[This message has been edited by John Burnett (edited 03-29-2001).]

[This message has been edited by John Burnett (edited 04-04-2001).]

I call this the post office rule. Since the responsibility to act is in the hands of the customer, what matters is whether the post office is open; not whether the bank is open. This rationale, however, disregards the fact that some post offices are also open on Sunday....

And now the postal service is talking about doing away with Saturday mail service in order to cut expenses. Won't that make life interesting??!!

Either I'll have to change my rationale for counting rescission or the Fed will have to change the Reg. Clearly, the postal service should not be allowed to give up Saturday service!

The Postal Service is discussing curtailing Saturday deliveries, not lobby hours or pickups. And the rescission rule of thumb deals with when a letter can be "posted," not when it gets delivered.

So, Lucy, your "post office" rule is still valid, even if you don't get your junk mail delivered on Saturdays someday in the future.