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#1000198 - 07/21/08 02:10 PM open -end loan secured by stock - TIL?
bcastle Offline
100 Club
Joined: Nov 2003
Posts: 181
Springfield, Illinois (Souther...
We have a consumer loan open-end line of credit for one year secured by stock. Should this loan require a TIL? Any help would be appreciated. thank you.
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bcastle CRCM

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Lending Compliance
#1000245 - 07/21/08 02:37 PM Re: open -end loan secured by stock - TIL? bcastle
Ray_ Offline
Platinum Poster
Joined: Aug 2006
Posts: 879
Dallas, TX
Unless the line is over $25,000, you must comply with Reg Z.

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#1000248 - 07/21/08 02:37 PM Re: open -end loan secured by stock - TIL? bcastle
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
If it's credit limit is $25,000 or less it is subject to Reg. Z disclosures.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1000255 - 07/21/08 02:41 PM Re: open -end loan secured by stock - TIL? Dan Persfull
bcastle Offline
100 Club
Joined: Nov 2003
Posts: 181
Springfield, Illinois (Souther...
The credit line is $350,000 (more than $25,000) ~ so Reg. Z would not apply. thanks for your help.
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bcastle CRCM

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#1000264 - 07/21/08 02:45 PM Re: open -end loan secured by stock - TIL? bcastle
Ray_ Offline
Platinum Poster
Joined: Aug 2006
Posts: 879
Dallas, TX
Don't forget the Reg. U Statement of Purpose.

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