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#2195561 - 10/16/18 06:14 PM Business Loan requires Qualifying Deposit Acct
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
We are creating a flyer for a commercial equipment loan. One of the requirements to get the terms on the flyer is that the borrower have a "business operating account" with the bank. This is a material requirement, but is it necessary for us to state the requirement in the flyer? Don't want to run into UDAAP issues for not stating it.

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#2195567 - 10/16/18 06:33 PM Re: Business Loan requires Qualifying Deposit Acct Tarhe
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
If you have to ask a question like this, it usually means that it is. It is hard to advertise a product that have specific requirements in order to obtain the product and not tell them what the requirements might be.
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#2195580 - 10/16/18 07:28 PM Re: Business Loan requires Qualifying Deposit Acct rlcarey
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
Thank you!

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