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#1317307 - 01/04/10 09:46 PM Commercial or Consumer?
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
We have a customer that is obtaining an unsecured loan to buy a $300,000 house. Repaymment in 90 days from the sale of livestock. Am I right that no disclosures are required because loan is unsecured and over $45,000 ($25,000 in most states)? TIA.
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Just working here until I get my letter from Hogwarts.

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Lending Compliance
#1317447 - 01/05/10 12:13 AM Re: Commercial or Consumer? HRH Okie Banker
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Correct. Odd exemption, but correct.
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David Dickinson
http://www.bankerscompliance.com

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#1317699 - 01/05/10 04:10 PM Re: Commercial or Consumer? David Dickinson
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Thanks for the confirmation David.
_________________________
Just working here until I get my letter from Hogwarts.

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