RIGHT OF RESCISSION – QUICK REFERENCE FOR SIGNING AGENTS
As a courtesy to the notary community, the United States Notary Association provides this Rescission Calendar free of charge—you may download it at any time from our website, print copies for your own use, and share it with fellow notaries who may find it helpful in their work.
WHAT IS THE RESCISSION PERIOD?
Certain loan transactions allow the borrower three (3) business days to cancel the loan.
The rescission period begins on the next business day after the last of the following occurs:
- The loan documents are signed
- The borrower receives the Truth in Lending Disclosure
- The borrower receives the Notice of Right to Cancel
IMPORTANT:
If a holiday falls on a weekend, lenders may also exclude the observed holiday. Always confirm with the title company or lender if unsure.
IMPORTANT REMINDERS FOR SIGNING AGENTS
- Do not interpret loan terms or provide legal advice
- Do not change rescission dates printed on documents
- If a borrower has questions, refer them to the lender or title company
HOW TO COUNT BUSINESS DAYS
For rescission purposes, business days include every day except:
- Sundays
- Federal Holidays, including:
New Year’s Day • Martin Luther King Jr. Day • Presidents Day • Memorial Day • Juneteenth • Independence Day Labor Day • Columbus Day • Veterans Day • Thanksgiving Day • Christmas Day
HOW A BORROWER CANCELS
To cancel a loan transaction:
- The borrower must provide written notice
- The notice must be sent by midnight of the third business day
- The notice does not have to be received by the lender by that deadline—only mailed or delivered before midnight
EXAMPLE:
If the rescission period ends Saturday at midnight and the borrower mails the notice Saturday evening, the cancellation is valid.