Which of the following statements defines the term "business day" in a mortgage rescission under...

Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.

The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.

References:

Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)

CFPB Guidelines on rescission rights