Posted by Anthony Demangone
Next Monday, I bet that many of you will be seated near a barbecue grill, chatting with friends about how you survived July 1 and all the new regulatory requirements that went into effect. That's because most American businesses observe July 4th on a Monday when the legal holiday falls on a Sunday.
But what about the Regulation Z's "right of rescission?" The definition of "business day" for the purposes of the "right of rescission" indicates that Sundays and certain holidays, including July 4th, do not count. Is July 5th a business day for the purposes of the right of rescission? Yep. Here's what the Staff Commentary to Regulation Z says:
“…Four federal legal holidays are identified in 5 U.S.C. 6103(a) by a specific date: New Year's Day, January 1; Independence Day, July 4; Veterans Day, November 11; and Christmas Day, December 25. When one of these holidays (July 4, for example) falls on a Saturday, federal offices and other entities might observe the holiday on the preceding Friday (July 3). The observed holiday (in the example, July 3) is a business day for purposes of rescission …” (Emphasis added.) § .2(a)(6) of the Official Staff Interpretations of Regulation Z.
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