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Business Loan Disclosures
Answer by Jim Bedsole, BOL Guru
Guru Bios
Question: What is the minimum amount of disclosures that have to be given to business loan customers?
Answer: Depending on the loan, you may have to give a flood hazard notice. Also, depending on the loan, you may have to collect HMDA monitoring data and report the loan on the HMDA LAR. Reg B applies, so you may have adverse action disclosures. Again, depending on the collateral, you may be required to provide the Reg B appraisal rights disclosure. If the loan is secured by margin stock (as defined in Reg U), there is a Reg U form that must be completed, with additional requirements if the purpose of the loan is to purchase or carry margin stock. There may also be additional state law issues applicable to your loan.
First published on BankersOnline.com 4/14/08
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