What is the Rescission Calendar?
When referring to loan documents, the rescission calendar is the time that the borrower has to cancel the loan; the rescission calendar period is also known as the Notice of Right to Cancel.
What is the truth in lending act?
The Truth in Lending Act (TILA) is a federal law passed in 1968 to ensure that consumers are treated fairly by businesses in the lending marketplace and are informed about the true cost of credit.
What is the Notice of Right to Cancel Form?
The form the borrowers sign in front of the Notary when signing the loan package that gives them the right to cancel that loan. See the form below.
How do you calculate the rescission date?
Beginning with the next business day following the signing date, count 3 business days not including Sundays of the 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
Christmas Day — December 25
What dates should be written in the Right to Cancel form? Date of the transaction, last date the borrower can cancel, signature and date. See the form below.
