Considering closed-ended credit loans for which Reg Z (Truth in Lending) applies, is there a standard way to determine the payment date when it would normally fall on a non-business day?
For example, consider payments due monthly starting on 8 Apr 2010 (Thu). Ostensibly, the next payment would be due on May 8 (Sat). Assuming business days are Mon-Fri, should the payment be due on the last business day before (Fri, May 7) or on the first business day after (Mon, May 10)?
Is that left up to the business to decide? Or is there a standard (by custom, regulation or whatever) that dictates the answer?
I have not (yet) found anything specific in Reg Z. But I'm not sure that is the only place to look.
The only relevant statement that I find (so far) in Reg Z is Sec 226.17(c)(3)(ii), which pays lip-service to the situation, stipulating: "The creditor may disregard the effects of the following in making calculations and disclosures[: ...t]hat dates of scheduled payments and advances may be changed because the scheduled date is not a business day".