Answer:
They are all holidays and extend the rescission period for a business day on which they fall. But the stated holidays with specific dates are now counted only on those dates.
Example: Christmas, 1225, falls on a Saturday. It is one of the four specific dates,
- Christmas Day - Dec. 25th
- News Years Day - Jan. 1st
- Independence Day - Jul. 4th
- Veteran’s Day - Nov. 11th
If we observe the holiday on Monday, it doesn't matter, Saturday was the holiday and that is the day that is skipped so rescission could occur on Monday.
The first instance you will see this is July 4, 2004, a Sunday. In this case, Sunday is skipped anyway. You may observe the holiday on Monday the 5th, but the consumer can still rescind on the 5th.
To quote from http://www.federalreserve.gov/boarddocs/press/boardacts/2002/20020403/attachment.pdf:for these four holidays,only the date specified in the statute is considered a legal holiday for purposes of rescission. Thus,if the date specified in the statute falls on a weekend,the Friday before the specified date or the Monday following it are considered business days even if government offices are closed in observance of the holiday.
First published on BankersOnline.com 3/10/03
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