When rescinding a loan transaction, which days are excluded from the phrase "business days"?

When rescinding a loan transaction, the term "business days" specifically refers to days on which normal business activities occur. In this context, it excludes certain days to ensure that borrowers have the opportunity to access necessary services and assistance.

Sundays are excluded from business days since they are generally non-working days for most financial institutions and businesses. Federal holidays are also excluded because on these days, government offices and many banks are closed, which can limit access to vital loan information and services that borrowers might need during the rescission period.

By excluding both Sundays and federal holidays, the definition of business days provides clarity and ensures that the borrower has a fair chance to make informed decisions regarding the rescission of a loan agreement. This approach is designed to protect consumers by allowing them to utilize all available business resources and consultation options within the rescission period.