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# How is the Right of Rescission date calculated?

The date is calculated as three business days from the Note Date. The calculated date will default to the Notice of Right Of Rescission documents where you are able to change the date if needed. The date will be recalculated and will override any changes made on the document if the Note Date is changed on the Calculations page or if the Organization is changed on the Loan Definition page.

A business day is any calendar day except Sundays and legal public holidays specified in a federal statute, 5 USC 6103(a). Saturday is generally a 'business day' for rescission purposes whether or not the organization is open for business on that day.

The legal public holidays are January 1 (New Year's Day), Martin Luther King, Jr., Washington's Birthday, Memorial Day, July 4 (Independence Day), Labor Day, Columbus Day, November 11 (Veterans Day), Thanksgiving Day, and December 25 (Christmas Day).

If one of the holidays defined as a specific date (e.g., July 4) days falls on a Saturday, then that Saturday is not a business day. If in that same example, Independence Day is observed on Friday (July 2) or Monday (July 6), that observed day is a business day according to Official Comment 2 to section 1026.2(a)(6) of Regulation Z.