Monday, January 21st, is a holiday. It's Martin Luther King, Jr's birthday. If you're a notary signing agent, that day has significance in that it affects the rescission date.
There are notary signing agents who claim they don't carry a rescission calendar. Personally I think it's a good idea to carry some form of rescission calendar. Yes, we all know how to calculate the rescission date on our fingers and toes. But we have to be mindful of the dates and special days that affect the rescission date. And if you overlooked the fact that Monday is a holiday -- Martin Luther King, Jr's birthday, then you made a mistake in calculating the right to cancel date.
I had a closing on Friday. The Right to Cancel date was wrong. It was dated 1/22/2008, based on a transaction date of the 17th. But we were signing on the 18th, so I had to change the rescission date.
I don't carry a paper rescisison calendar. Instead, I have one on my PDA. The holiday is shaded blue. I double checked to make sure I changed the rescission date correctly, and had the borrowers initial the changes.
If you are a notary signing agent who is not carrying some form of rescission calendar, I think it's a good idea to do so.
Good luck.
P.S. Quite honestly, I need to look at a calendar each day just to know the day and date.
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For more information on the Right of rescission, see: § 226.15 Right of rescission. (FDIC Law, Regulations, Related Acts)
Rescission calendar courtesy of Notary Rotary.
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