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Reminder For Signing Agents: July 4 Holiday Affects Rescission Period


When on assignment this week, Notary signing agents must remember that the Independence Day holiday on Saturday, July 4, will affect how you calculate a borrower’s rescission period on the Notice of Right to Cancel form.

For most loans NSAs handle, a borrower is given three business days to cancel beginning with the next business day after the loan papers are signed. Every day except Sunday and certain federal holidays, including July 4, is a business day. However, since July 4 falls on a Saturday this year, it is not counted.

Signing agents also must remember to count Friday, July 3, and Monday, July 6, as business days — even though government offices and some businesses will be closed in observance of Independence Day.

A 2015 rescission calendar is available online from the NNA to help signing agents accurately calculate rescission period deadlines.

David Thun is an Associate Editor at the National Notary Association.

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