The term "Business Day" as defined by the MDIA excludes which of the following?

The term "Business Day" as defined by the Mortgage Disclosure Improvement Act (MDIA) is designed to clarify the timing for various requirements, particularly in relation to disclosures. According to MDIA, a "Business Day" is specifically identified as any day the creditor is open to the public for conducting substantially all of its business operations. The act explicitly excludes certain days from this definition, notably weekends and legal holidays.

By affirming that both weekends and legal holidays are excluded, the correct option accurately reflects the MDIA’s intent to establish a clear timeline for mortgage disclosures away from days when standard business operations may not occur. This ensures that consumers receive timely and relevant mortgage information without confusion over when a lender is operational. Hence, understanding this context is essential for mortgage professionals to navigate compliance and communicate effectively with clients.