Rescission Calendar

What Is a Rescission Period?
If a loan includes a rescission option, the borrower is given three (3) business days to cancel, beginning with the next business day following either the signing date, the date the borrower receives the Truth in Lending Disclosure, or the date the borrower receives the Notice of Right to Cancel — whichever occurs last. This is called a rescission period.

Calculating the Rescission Date
For purposes of rescission date calculation, business days include any day of the week, except Sunday and the following 10 federal legal holidays: New Year’s Day — January 1, Martin Luther King Jr.’s Birthday — third Monday of January, Presidents Day – third Monday of February, Memorial Day — last Monday of May, Independence Day — July 4, Labor Day — first Monday of September, Columbus Day — second Monday of October, Veterans Day — November 11, Thanksgiving Day — fourth Thursday of November, and Christmas Day — December 25.

Note that four of the above-listed holidays are date-specific, falling on the same date each year, regardless of when the holiday is observed nationally. Thus, when one of these dates falls on a weekend, the day the holiday is actually observed (e.g. the preceding Friday or following Monday) is not considered a business day in the rescission calendar.

Rescinding a Loan Transaction
To rescind a loan transaction, the borrower must provide written notice by midnight of the third business day. The notification to cancel need not to be received by the lender or even postmarked by the deadline; it only must be mailed by the deadline. For example, if the rescission period ends at midnight on Saturday and a rescission notice is mailed on Saturday evening at 10:00 p.m., the loan is considered cancelled even though the notice will not be postmarked until Monday.

The textual information on this page is courtesy of the National Notary Association and can be found at:
https://www.nationalnotary.org/file%20library/nna/knowledge%20center/signing%20agent%20resources/signing%20agent%20tools/rescission-calendar-2016.pdf