Rescission Date Calculator — TILA 3-Business-Day Right to Cancel
Free instant calculator for refinance closings. Enter the consummation date and get the exact rescission deadline plus the earliest funding date — built on Regulation Z § 1026.2(a)(6) business-day rules including Sunday and the 11 federal legal public holidays.
Calculate the Rescission Deadline
Enter the date the borrower signed the closing documents. The calculator counts three business days (excluding Sundays and federal holidays) and returns the rescission expiration date and the next available funding date.
Rescission Schedule
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How the Rescission Period Works Under Regulation Z
The federal Truth in Lending Act (TILA) gives a borrower a three-business-day right to cancel certain closed-end and open-end consumer credit transactions secured by their principal dwelling. The mechanics are governed by Regulation Z § 1026.23 (closed-end credit) and § 1026.15 (open-end credit such as HELOCs), with the business-day definition codified at § 1026.2(a)(6).
Three Business Days
The rescission period is exactly 3 business days. Day 1 starts the day AFTER the latest of (a) consummation, (b) delivery of material disclosures, or (c) delivery of two completed Notices of Right to Cancel.
Sundays Don't Count
For rescission purposes, "business day" means all calendar days EXCEPT Sundays and the listed federal legal public holidays. Saturdays count as business days for rescission, even though they don't count for most other TILA timing rules.
Expires at Midnight
The right to rescind expires at midnight at the end of the third business day. Written notice of rescission must be delivered (or postmarked) by midnight to be effective — phone notice is NOT sufficient.
Funding Follows
Lender funds are not authorized for disbursement until the rescission period has fully expired. Most lenders require written confirmation from the title company that no notice was received before releasing the wire.
Federal Holidays That Affect Rescission Calculations
Eleven federal legal public holidays under 5 U.S.C. § 6103(a) are excluded from the business-day count:
- New Year's Day — January 1
- Birthday of Martin Luther King Jr. — third Monday of January
- Washington's Birthday (Presidents' Day) — third Monday of February
- Memorial Day — last Monday of May
- Juneteenth National Independence Day — June 19
- Independence Day — July 4
- Labor Day — first Monday of September
- Columbus Day — second Monday of October
- Veterans Day — November 11
- Thanksgiving Day — fourth Thursday of November
- Christmas Day — December 25
Sunday observance rule: When a fixed-date federal holiday (New Year's, Juneteenth, Independence Day, Veterans Day, or Christmas) falls on a Sunday, the following Monday is also treated as a federal holiday for rescission purposes because federal offices observe the Monday under 5 U.S.C. § 6103(b).
When the Right of Rescission Applies — And When It Doesn't
Knowing when rescission attaches is just as important as calculating the deadline. A common compliance failure is providing rescission notices on transactions where the right doesn't legally apply (creating regulatory confusion) — or, far worse, failing to provide notice on transactions where it does apply (which triggers the extended three-year rescission window).
✓ Rescission APPLIES
- Refinance loans on the borrower's principal dwelling (with a new lender, or with the same lender if new money is advanced beyond closing costs and unpaid finance charges)
- Home equity loans (closed-end) secured by the principal dwelling
- Home Equity Lines of Credit (HELOCs) — under § 1026.15 rather than § 1026.23, but the three-business-day window applies
- Cash-out refinances on the principal residence
- Reverse mortgages (HECM) secured by the principal dwelling
✗ Rescission DOES NOT Apply
- Purchase-money loans (any first-lien loan used to acquire the property)
- Second homes, vacation homes, and investment properties — rescission attaches only to the borrower's principal dwelling
- Refinances with the same creditor where no new money is advanced beyond closing costs (a "no-new-advance" refinance)
- Commercial, business, or agricultural purpose loans even if secured by the borrower's home
- Loans extended under certain HUD or state housing agency programs
- Construction loans classified as temporary financing under § 1026.3(c)
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Five Costly Rescission Mistakes Title Officers and Notaries See Repeatedly
1. Counting Saturday as a Non-Business Day
For rescission, Saturday DOES count as a business day. Counting it as a "weekend day" overstates the rescission period by one day and delays funding. The opposite mistake — counting Sunday or a federal holiday as a business day — understates the period and exposes the lender to extended rescission liability.
2. Delivering Only One Notice of Right to Cancel to Each Borrower
Regulation Z § 1026.23(b)(1) requires the lender to deliver two copies of the Notice of Right to Cancel to each consumer entitled to rescind. Not two copies total — two copies per borrower. Two borrowers means four notices. This is one of the most common technical defects that triggers the three-year extended rescission window.
3. Funding Before Midnight on the Third Business Day
Lender funds may not be disbursed until the rescission period has fully expired — meaning the moment after midnight at the end of the third business day. Wires released the morning of Day 3 are premature and create a TILA violation even if no notice of rescission is ultimately received.
4. Treating Verbal Notice of Rescission as Sufficient
A borrower's verbal statement that they want to cancel is NOT effective rescission. Under § 1026.23(a)(2), notice must be in writing and either delivered (in person, by mail, telegraph, or other writing) by midnight of the third business day. The date of mailing or filing controls — not the date received by the lender.
5. Forgetting That Refinances With the Same Lender May Still Require Rescission
A refinance with the same creditor only escapes rescission if NO NEW MONEY is advanced beyond closing costs and unpaid finance charges. Cash-out refinances with the same lender, refinances that add a co-borrower, or refinances that consolidate other unsecured debt secured by the home all retain the right to rescind.
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Browse State Guides →Rescission Date Calculator — FAQ
How does the rescission date calculator work?
Enter the consummation date (the date the borrower signed the closing documents). The calculator counts three business days starting the day AFTER signing, excluding Sundays and the 11 federal legal public holidays under 5 U.S.C. § 6103(a). The result is the date the rescission period expires at midnight, plus the next business day on which funds can be disbursed.
Does Saturday count as a business day for rescission?
Yes. For purposes of the right of rescission under Regulation Z § 1026.2(a)(6), "business day" means all calendar days except Sundays and the listed federal legal public holidays. Saturdays count as business days for rescission calculations — even though Saturdays do NOT count as business days for most other TILA disclosure timing rules (like the Loan Estimate three-business-day delivery requirement, which uses the "general" business-day definition).
Which federal holidays affect the rescission calculation?
Eleven holidays are excluded: New Year's Day, Birthday of Martin Luther King Jr., Washington's Birthday (Presidents' Day), Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day. When a fixed-date holiday falls on a Sunday, the following Monday is also treated as a federal holiday for rescission purposes.
When does the right of rescission not apply?
Rescission applies only to closed-end consumer credit transactions and open-end credit plans secured by the borrower's principal dwelling. It does NOT apply to purchase-money loans, loans on second homes or investment properties, refinances with the same creditor where no new advance is made beyond closing costs and unpaid finance charges, commercial-purpose loans, or certain HUD and state housing agency program loans.
When can funds be disbursed after a refinance closing?
Funds may be disbursed on the business day AFTER the rescission period expires. If the third business day of the rescission period ends at midnight on a Tuesday, funding can occur on Wednesday (assuming Wednesday is also a business day). Lenders typically require the title company to confirm in writing that no notice of rescission was received before authorizing wire release.
What happens if the Notice of Right to Cancel was delivered incorrectly?
Under TILA § 125 and Regulation Z § 1026.23(a)(3), if the lender fails to provide each borrower with two completed copies of the Notice of Right to Cancel and all material disclosures, the rescission period is extended for up to three years from consummation. This is the "extended rescission period" and is one of the most consequential compliance failures in residential refinance lending — it allows the borrower to unwind the loan years later.
Can a borrower rescind after the 3-day period ends?
Generally no — once the three-business-day rescission window closes at midnight on the third business day, the borrower loses the unilateral right to cancel. However, the extended three-year rescission right may apply if material disclosure or notice defects exist. Borrowers who want to cancel within the three-business-day window must deliver written notice by midnight of the third business day; phone notice is NOT sufficient.
Do all borrowers need to sign the rescission notice to cancel?
No. Under Regulation Z, ANY borrower with the right to rescind can cancel the entire transaction by delivering written notice within the rescission period. One borrower's notice unwinds the loan for all parties — co-borrowers cannot separately consent to keep the loan in force once one borrower properly rescinds.
How is rescission different from a TRID waiting period?
The TRID three-business-day waiting period between Closing Disclosure delivery and consummation uses the "general" business-day definition (excluding Saturdays). The rescission three-business-day period uses the "precise" business-day definition (Saturdays included, only Sundays and federal holidays excluded). The two timelines run sequentially: TRID waiting period precedes consummation; rescission period begins the day after consummation.
Can I use this calculator for HELOC rescission?
Yes. The same three-business-day rescission period applies to open-end home equity lines of credit under Regulation Z § 1026.15. The business-day definition at § 1026.2(a)(6) is identical for both § 1026.15 (open-end) and § 1026.23 (closed-end) transactions, so the calculator output is valid for HELOC closings on a principal dwelling.
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📞 (321) 283-6452 Contact UsDisclaimer: This calculator is provided as a free educational tool for general informational purposes only. It is not legal advice, and Noble Notary & Legal Document Preparers is not a law firm. The calculator implements the standard Regulation Z § 1026.2(a)(6) business-day rules for purposes of TILA rescission under § 1026.23 and § 1026.15, but specific transactions may involve facts that affect the actual rescission deadline (including but not limited to defects in disclosure delivery, fact-specific consummation timing, state law variations, or extended rescission rights). Title companies, lenders, and notary signing agents should rely on their own compliance counsel and quality-control procedures before authorizing fund disbursement. Noble Notary & Legal Document Preparers makes no warranty as to the accuracy of any specific calculation and disclaims liability for any reliance placed on the calculator output.