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#12079 - 11/07/01 09:06 PM Gramm-Leach Bliley Insurance Disclosure
Anonymous
Unregistered

If you have a business purpose loan, that is in the name of an individual, and they did purchase credit life; will the insurance disclosure and the application disclosure be required?

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eBanking / Technology
#12080 - 11/09/01 06:57 PM Re: Gramm-Leach Bliley Insurance Disclosure
matthewcompliance Offline
Member
Joined: Jul 2001
Posts: 59
ventura,CA,USA
This is a debatable point, I think it depends upon whether the account is a business account or a personal account.

If it is a business account, ie: Gerald Jones T/A Hot Tamales, it falls outside of GLB.

If it is a personal account then despite the fact that the loan is for business purposes it is regulated under GLB and disclosure is required.

Unless it causes a huge problem I would be tempted to err on the side of caution and disclose anyway.

I hate to be depressing but I fear it is only a matter of time until GLB or its equivilent will come to business accounts in any event.

Matthew Read


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