The Three-Day Rule

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Question:

I have an initial TIL question. If we receive an application on a Thursday, what day would be the end of our three days? Our bank is open six days but our loan processing/servicing area only works Monday-Friday.

Answer:

You would need the disclosure in the mail on or before Tuesday, assuming no holidays. The 3 day rule to provide the disclosure is the "business" day rule where the 7, 3, 6 day waiting period is the "precise" rule. See the Commentary to 226.19(a).

First published on BankersOnline.com 5/2/11