What does the Truth in Lending Act define as a business day for the right of rescission?

The Truth in Lending Act defines a business day for the right of rescission as any day other than Sunday or a legal public holiday. This includes days when the lender or mortgage company is open for business, which typically encompasses Monday through Saturday. However, it specifically excludes legal public holidays, ensuring that consumers are fully aware of their rights and can exercise them within a clear timeframe.

This definition is crucial because it impacts the period during which borrowers can reconsider their loan choice and allows them to back out of certain transactions without penalty, contributing to consumer protection in lending situations. Understanding this definition helps consumers recognize their rights under the Truth in Lending Act and ensures that they are informed when it comes to important decisions related to mortgage loans.