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#1447993 - 09/24/10 03:36 PM Covered Borrower Identification Statement
Curious Banker Offline
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Joined: May 2004
Posts: 184
Midwest
Is this form to be completed for every consumer loan transaction or, only payday loans, vehicle title loans, and tax refund anticipation loans?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#1448047 - 09/24/10 04:21 PM Re: Covered Borrower Identification Statement Curious Banker
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
we provide to everyone because we are not always sure what type of loan we will be doing. Things can change in the middle so we have decided to provide to every consumer loan borrower.

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#1448223 - 09/24/10 06:39 PM Re: Covered Borrower Identification Statement ahkcompliance
Andy_Z Online
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Andy_Z
Joined: Oct 2000
Posts: 27,458
On the Net
You mean the statement for JWNDAA/Talent?

It does apply to covered loans, i.e. payday loans, vehicle title loans, tax loans and has exclusions as well. So if it isn't a covered loan, it doesn't matter that it is a covered borrower.

As noted, if the product changes you'll have to remember to get it and that may be easy to forget. Depends on your workflow. If an unsecured loan request turns out to be for home improvement and you remember to get GMI, you may do well getting this form selectively as well. Your choice on over-compliance or the risk of error.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#1712453 - 06/20/12 06:19 PM Re: Covered Borrower Identification Statement Andy_Z
OnTheEdge Offline
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Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Could this be applicable to business purpose loans?
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The opinions expressed are mine and do not necessarily reflect those of my employer.

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#1717473 - 07/05/12 09:55 PM Re: Covered Borrower Identification Statement Curious Banker
Andy_Z Online
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Andy_Z
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On the Net
JWANDA is targeted to consumer credit, as in:

With respect to any extension of consumer credit (including any consumer credit originated or extended through the internet) to a covered member or a dependent of a covered member, a creditor shall provide to the member or dependent the following information orally and in writing before the issuance of the credit:
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#2043426 - 10/08/15 07:40 PM Re: Covered Borrower Identification Statement Andy_Z
Ski Offline
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Joined: May 2003
Posts: 639
South Louisiana
We use the Covered Borrower Identification Statement on all consumer loans to make sure we know who might be subject to SCRA along with the Talent Amendment.

And Yes, under the SCRA protections may be extended to a partnership or a business; the test is generally whether the servicemember would be liable for the obligation of the partnership or business in which case SCRA protections generally would apply. (Source: ABA Staff Analysis of Servicemembers Civil Relief Act compliance dated May 2011).

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