On June 17, 2021, President Biden signed a bill that creates the Juneteenth National Independence Day. The bill amends 5 U.S.C. 6103(a) to add “Juneteenth National Independence Day, June 19” as a specified legal public holiday. 

This action impacts the definition of “business day,” as defined in Section 1026.2 of Regulation Z. Under TILA and Regulation Z, there are two definitions of “business day.” 

  • The general rule definition is “a day on which the creditor’s offices are open to the public for carrying on substantially all of its business functions.” 
  • The specific rule definition is “all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a), such as:
    • New Year’s Day,
    • The Birthday of Martin Luther King, Jr.,
    • Washington’s Birthday,
    • Memorial Day,
    • Independence Day,
    • Labor Day,
    • Columbus Day,
    • Veterans Day,
    • Thanksgiving Day, and
    • Christmas Day.”

As a result of the Juneteenth bill, the specific definition of “business day” is amended to include Juneteenth National Independence Day, June 19. Saturday June 19, 2021is not a business day for various purposes, including the waiting periods that apply to the TRID rule disclosures and right of rescission, the date that private education loan disclosures mailed to the consumer are deemed to be received, and the date that the right to cancel a private education loan expires.