Change of Address on a Commercial Loan

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Question:

Are there any compliance issues with regards to a change of address on a commercial loan. i.e authorized signers on change of address form, verbally submit a change with no written signature obtained?

Answer:

Financial institutions ordinarily want a formal written notification for changes of addresses on commercial accounts, coming from a primary contact at the company - someone authorized to transact business with the financial institution. There could be a need for updates to UCC lien filings, etc. The bank needs to know where to find its commercial borrowers.