When does the three-day rescission time clock begin to tick?
The three-day right of rescission period begins once the material disclosures and notice have been given, and lasts three full business days. Business days are defined by Reg Z to include all calendar days except Sundays and federal holidays. Saturday IS considered a business day for rescission purposes, regardless of whether your offices are open. In order to properly complete the Notice of Right to Rescind form, you need to know how to calculate the rescission period. Consider the following example. Assume a closing is set for Thursday, November 15th, 2001, and that all material disclosures and notices are provided to the parties at that time. The rescission period would run: Friday, November 16, 2001; Saturday, November. 17, 2001, and Monday, November 19, 2001. Sunday is not counted since it is not considered a business day. The rescission period would end at midnight on November 19, 2001. When may a borrower waive the right of rescission? Reg Z allows borrowers to waive their resci
