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#2152351 - 11/05/17 07:56 PM Consumer Loan written as commercial loan
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Unsecured, $250,000 note. The borrower is a business but the purpose is consumer. (paying off business owner's daughter's credit card debt). What are the ramifications? This loan is being included on the RC-C.4 schedule on the call report, which I believe is inaccurate. What else? Its not Know Before you Owe, and over Regulation Z thresholds. I feel like I am missing other things that are bad.
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Lending Compliance
#2152353 - 11/06/17 12:34 PM Re: Consumer Loan written as commercial loan Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,907
Galveston, TX
I can't think of anything if it was the business that borrowed the money.
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#2152415 - 11/06/17 07:31 PM Re: Consumer Loan written as commercial loan rlcarey
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,955
Bloomington, IN
Unsecured, $250,000 note. . . . . . . . (paying off business owner's daughter's credit card debt). shocked

Loans in excess of $54,600, unless secured by a dwelling or real property, is 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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