If Mike signs for a loan on April 11 and receives his Reg Z materials on April 12, when does the rescission period end?

To determine the end of the rescission period, it's important to understand the timing involved in the Truth in Lending Act (Regulation Z). Traditionally, when a consumer enters into a loan agreement for certain types of dwelling-secured loans, they are afforded a three-day right to rescind, or cancel, the agreement. This rescission period generally lasts three business days from the date the borrower receives the required disclosure materials.

In this case, Mike signed for his loan on April 11, so that date does not count towards the rescission period. He received his Regulation Z materials the following day, April 12, which marks the start of the rescission period. The three-day period includes the full duration from April 12.

It's essential to note how the days are counted. The three-day rescission period would therefore include April 12, 13, and 14, with the last day of the rescission period ending at midnight on Friday, April 14. It’s also important to recognize that the count does not include weekends or federal holidays when calculating the end of the rescission period.

Therefore, the correct response is that the rescission period ends on Friday, April 14, which allows Mike to consider his options until the