In determining whether or not Saturday is a business day for us, to determine compliance with disclosure delivery requirements for TRID, what does it mean “to be open for substantially all business functions”?
The TRID rule has not changed 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 exceptions contained under this provision, 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 also provides a “business function test to determine if a day is a business day - 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. (emphasis added)
Ultimately each bank will need to determine independently whether or not a particular day is a “business day and document this in your policies the days the bank considers to be business days for the purpose of delivery disclosure.
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