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Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Rules and Regulations
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the disclosed rescission period expiration date, Saturday, June 19, 2021, is a business day notwithstanding the addition of Juneteenth as a Federal holiday. For example, assume the rescission period began on Wednesday, June 16, 2021. Consistent with the version of the specific business day definition in effect when the rescission period began, the creditor disclosed June 19, 2021, as the rescission period expiration date on the notice of the right to rescind. Because the rescission period began on or before June 17, 2021, Saturday, June 19, 2021, is a business day for purposes of determining the rescission period and the disclosed rescission period expiration date. In this example, the rescission period expired on Saturday, June 19, 2021; the original rescission period expiration date did not change as a result of the addition of Juneteenth as a Federal holiday. The Bureau notes, however, that for purposes of compliance with 1026.23a3i and b1v, a creditor may provide a longer rescission period.
Application to Specific TRID Provisions As noted above, the Bureau is clarifying that the version of the specific business day definition that applies to the provisions discussed in this interpretive rule is the version in effect when the relevant time period begins.
This section discusses how that guidance applies to TRID provisions that reference the specific business day definition.
Delivery of Loan Estimate prior to consummation. Section 1026.19e1iiiB provides that creditors generally must deliver or place in the mail the Loan Estimate to consumers no later than seven business days before consummation of the transaction.13 Consistent with the guidance described above, the Bureau concludes that the seven-business-day waiting period in 1026.19e1iiiB
is determined based on the version of the specific business day definition in effect on the date the creditor delivers the Loan Estimate or places it in the mail. For example, if a creditor delivered or placed the Loan Estimate in the mail on Monday, June 14, 2021, the creditor complied with 1026.19e1iiiB if consummation occurred on or after Tuesday, June 22, 2021, because the Loan Estimate was delivered or mailed seven business days including June 19, 2021 before consummation. The Bureau notes, 13 The seven-business-day waiting period begins when the creditor delivers the Loan Estimate or places it in the mail, not when the consumer receives or is considered to have received the Loan Estimate. Comment 19e1iii2.

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however, that it would also be compliant for creditors to have considered June 19, 2021, a Federal holiday for purposes of 1026.19e1iiiB because creditors may provide the Loan Estimate earlier than seven business days before consummation.
Mailbox rules. Section 1026.19e1iv, e4ii, and f1iii provide that if the Loan Estimate or Closing Disclosure, as applicable, is not provided to the consumer in person, the consumer is considered to have received the Loan Estimate or Closing Disclosure three business days after it is delivered or placed in the mail when determining compliance with the disclosure timing requirements in those sections.14 These are referred to herein as mailbox rules. The Bureau concludes that, for purposes of 1026.19e1iv, e4ii, and f1iii, the three-business-day period is determined based on the version of the specific business day definition in effect on the date the creditor delivers the disclosures or places them in the mail.15 For example, if a creditor did not provide the Loan Estimate or Closing Disclosure to the consumer in person but delivered or placed it in the mail on Thursday, June 17, 2021, the consumer is considered to have received the Loan Estimate or Closing Disclosure on Monday, June 21, 2021. It would also be compliant for creditors to have considered June 19, 2021, a Federal holiday for purposes of the mailbox rules in 1026.19e1iv, e4ii, and f1iii.
Receipt of revised Loan Estimate and Closing Disclosure prior to consummation. Section 1026.19e4ii provides, in part, that the consumer must receive any revised Loan Estimate no later than four business days prior to consummation.16 Section 14 In such circumstances, the creditor may, alternatively, rely on evidence that the consumer received the disclosures earlier. Comments 19e1iv1 and 2 provide that if the Loan Estimate is not provided to the consumer in person such as by mail or email, the creditor may, alternatively, rely on evidence that the consumer received the Loan Estimate earlier than three business days after it is delivered or placed in the mail. See also comments 19e4ii1 and 19f1iii 1 and 2.
15 Relatedly, 1026.19e2iA provides that neither a creditor nor any other person may impose a fee on a consumer in connection with the consumers application for a mortgage transaction before the consumer has, among other things, received the Loan Estimate. While 1026.19e2iA does not refer to business days when referencing the consumer receiving the Loan Estimate, 1026.2a6 lists the specific business day definition as applying to 1026.19e2iA.
The same interpretation that applies to the mailbox rules for purposes of determining the receipt of disclosures also applies to 1026.19e2iA.
16 This provision also prohibits a creditor from delivering a revised Loan Estimate on or after the
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1026.19f1iiA provides that the creditor must ensure that the consumer receives the Closing Disclosure no later than three business days before consummation. Unlike 1026.19e1iiiB, the 1026.19e4ii and f1iiA timing requirements begin when the disclosures are received by the consumer and not when they are delivered or placed in the mail.
However, as noted above, 1026.19e4ii and f1iii provide that if the revised Loan Estimate or Closing Disclosure is not provided to the consumer in person, the consumer is considered to have received the revised Loan Estimate or Closing Disclosure three business days after it is delivered or placed in the mail.
Thus, the Bureau concludes that the fourand three-business-day timing requirements in 1026.19e4ii and f1iiA, respectively, are determined based on the version of the specific business day definition in effect on the date the creditor either provides the required disclosures to the consumer in person or, if not provided in person, the date the creditor delivers or places the required disclosures in the mail. For example, if a creditor provided the Closing Disclosure to the consumer in person on Thursday, June 17, 2021, the creditor complied with 1026.19f1iiA if consummation occurred on or after Monday, June 21, 2021, because the Closing Disclosure was delivered in person no later than three business days including June 19, 2021 before consummation. The Bureau notes, however, that it would also be compliant for creditors to have considered June 19, 2021, a Federal holiday for purposes of 1026.19e4ii and f1iiA
because creditors may provide the revised Loan Estimate or Closing Disclosure earlier than required.
III. Regulatory Matters This is an interpretive rule issued under the Bureaus authority to interpret Regulation Z, including under section 1022b1 of the Dodd-Frank Act, which authorizes guidance as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of Federal consumer financial laws.17
By operation of section 130f of the Truth in Lending Act TILA, no provision of TILA sections 130, 108b, 108c, 108e, or 112 imposing any liability applies to any act done or date on which the creditor provides the Closing Disclosure. 12 CFR 1026.19e4ii.
17 12 U.S.C. 5512b1.

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