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Count rescission days using business days

The right to rescind lasts for three days. Is that calendar days or business days?

The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures, whichever occurs last. For purposes of the right of the right of rescission, Regulation Z uses the definition of "specific" business day contained in §1026.2(a)(6), which 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.
Learn more about Jack Holzknecht and Robin Cooper’s webinar What You Need to Know About the Right of Rescission

First published on 03/15/2020

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