As previously reported, the bill signed into law by President Biden on June 17, 2021 to create the Juneteenth National Independence Day actually results in an important change under the Truth in Lending Act (TILA) and Regulation Z. There is a specific definition of “business day” under Regulation Z for certain purposes, including the waiting periods that apply to the TRID rule disclosures and right of rescission, the date that private education loan disclosures mailed to the consumer are deemed to be received, and the date that the right to cancel a private education loan expires. … Continue Reading
juneteenth
Juneteenth bill creates Truth in Lending Act issue
The bill signed into law by President Biden on June 17, 2021 to create the Juneteenth National Independence Day results in an important change under the Truth in Lending Act (TILA) and Regulation Z.
Under TILA and Regulation Z, there are two definitions of “business day.” One definition is “a day on which the creditor’s offices are open to the public for carrying on substantially all of its business functions.” … Continue Reading