Is is ok to have this on a commercial application? Or, if the gross annual revenue is below $1 mil - is the bank REQUIRED to send the AAN within 30 days?
Last edited by Many Hats; 09/13/12 06:21 PM.
"If your gross revenues was $1,000,000 or less in your previous fiscal year (excluding trade credit, a factoring agreement, or similar types of business credit), in this
Commercial Loan Application, and if your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To
obtain the statement, please contact: Bank, ATTN: Loan Operations P.O. Box ###### within 60 days from the date you are notified of our decision. We will send you a written statement of reasons for the denial within 30 days of receiving your request for the statement. The notice that follows describes additional protections extended to you.