Study notes. AI-assisted reference for NMLS SAFE exam prep — verify against primary sources (CFR, statute, CFPB) before relying on it. Not legal advice.
Business Day
definitiontiming-rulereg-z
The definition of "Business Day" within Truth in Lending Act (TILA) and Regulation Z is critical for calculating various timing windows and disclosure requirements, but it is defined differently depending on the specific context.
There are generally two definitions of "Business Day" under Regulation Z:
- General Definition: Any day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. This definition applies to most disclosures, including the provision of the loan-estimate.
- Rescission-Specific Definition: All calendar days except Sundays and federal public holidays. This more expansive definition applies specifically to the calculation of the notice-of-right-to-rescind period and the Complete Loan Application Definition.
Understanding which definition applies to a given situation is essential for compliance with timing rules such as the Three Business Day Rule (Revised Estimates) for revised Loan Estimates and the waiting period before loan consummation.
Study the full exam sections
This page is reference detail. The five SAFE exam study guides put it in context.