Merry Christmas from everyone here at BairdLaw! This year, December 25, 2022 will fall on a Sunday. Many offices will observe the Christmas holiday on Monday, December 26, 2022. However, 12/26/22 is still a business day for rescission and CD delivery purposes.
There are five federal holidays that fall on a specified calendar day every year: New Years Day (January 1), Juneteenth (June 19), Independence Day (July 4), Veterans Day (November 11), and Christmas Day (December 25).
When one of these five federal holidays falls on a Sunday, the holiday is usually observed on the following Monday. However, the Monday the holiday is observed is still a business day for rescission and CD delivery purposes.
Even though many businesses will be closed on 12/26/22, that Monday is still a business day for rescission purposes and CD delivery purposes.
For example, If a rescindable loan closes on Friday, December 23, 2022, the rescission period expires on midnight of Tuesday, December 27, 2022.
If you have a loan scheduled to close on Tuesday, December 27, 2022, the preliminary closing disclosure must be in the borrower’s hands on the preceding Friday, December 23, 2022.
If your office is closed on Monday, December 26, 2022, you would not count this as a business day for LE delivery purposes. For example, if you have an loan application on Friday, December 23, 2022, the LE and other early disclosures would be due on Thursday, December 29, 2022 (assuming your offices are closed on the Saturday, Sunday and Monday).
Please call our office if you have any questions or concerns regarding the Christmas holiday’s impact to your scheduled closings later this month.
242 W. Sunset, Ste. 201
San Antonio, TX 78209