How is a business day defined according to TILA?

Under the Truth in Lending Act (TILA), a business day is specifically defined as every day except for Sunday and legal holidays. This definition is crucial because it dictates the timing for certain disclosures and actions related to credit transactions.

By excluding Sundays and legal holidays, TILA ensures that consumers are not expected to engage in financial activities on days when businesses are typically closed, thus protecting their ability to fully review and understand important information regarding their loans and credit agreements. This definition creates a standardized understanding that benefits both consumers and lenders in terms of compliance and operations.