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#1855205 - 09/25/13 01:16 PM Closing TIL
dac Offline
100 Club
Joined: Sep 2009
Posts: 234
Do we need to give a closing TIL on a 12 month interest only Demand loan. The proceeds are going to be used to purchase a second property that the borrower will be moving into. The loan will be paid when their house is sold.

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Lending Compliance
#1855251 - 09/25/13 02:28 PM Re: Closing TIL dac
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,954
Bloomington, IN
It's a consumer purpose loan, it would not be exempt from Reg. Z.
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The opinions expressed are mine and they are not to be taken as legal advice.

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