A loan closes on March 2nd. If the disclosures were given on March 1st, when does the right of rescission period end at midnight?

The right of rescission period is a consumer protection provision under the Truth in Lending Act, allowing borrowers to cancel certain types of loans within a specified time frame. For loans secured by a borrower's principal dwelling, the right of rescission lasts for three business days, starting from the time the disclosures are received.

In this scenario, the loan closes on March 2nd, and the disclosures were provided on March 1st. The right of rescission begins on the date the disclosures are provided, which is March 1st. To calculate the end of the rescission period, you count three business days:

1. March 1st is the first day (the day disclosures are given).

2. March 2nd is the second day (the day of closing).

3. March 3rd is the third day, but it is a Saturday and does not count as a business day.

4. March 4th is a Sunday and also does not count.

5. March 5th is the actual end of the three-business-day period and is therefore considered the last day that the right of rescission is in effect.

Since the right of rescission ends at midnight after business hours conclude on the third business day, the correct