In determining whether or not Saturday is a business day for us, for TRID purposes, what does it mean “to be open for substantially all business functions”?
The TRID rule did not change the definition of business day under Regulation Z. The definition for the term “business day” is found in 12 CFR 1026.2(a)(6). Outside of a few exceptions, a business day means:
a day on which the creditor's offices are open to the public for carrying on substantially all of its business functions
The Commentary to this section provides for a “business function test” and it states:
Activities that indicate that the creditor is open for substantially all of its business functions include the availability of personnel to make loan disbursements, to open new accounts, and to handle credit transaction inquiries. Activities that indicate that the creditor is not open for substantially all of its business functions include a retailer's merely accepting credit cards for purchases or a bank's having its customer-service windows open only for limited purposes such as deposits and withdrawals, bill paying, and related services.
Ultimately each bank will need to determine independently whether or not a particular day is a “business day”. Again, note that TRID does not alter the current definition of “business day”. That being said, if you currently treat Saturday as a business day, you would most likely continue to do so under the TRID rule unless the availability of services has changed. Also, if you haven’t done so, be sure to document in your policies and procedures the days that you consider to be business days for purposes of disclosure delivery.
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