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#2226765 - 12/04/19 10:07 PM Release info to Guarantor
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
We have a guarantor that is requesting the info below on a commercial loan. I understand a guarantors right to know. The loan has been on the books for 4+ years now. I'm okay with the first few but the last one makes me leery. What do you think?

Loan balance
Monthly payment (or the am schedule)
Does lessee pay you directly?
What is the monthly rent?
What is the status of the lease—To what date does the lease run and are there escalators?
Have you had the property appraised or know of the value of the property presently?
If the property is sold, is there a prepayment penalty on this loan?
Is my former wife, Mrs Notanymore, signed/liable on this loan also?
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Just working here until I get my letter from Hogwarts.

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Lending Compliance
#2226791 - 12/05/19 01:52 PM Re: Release info to Guarantor HRH Okie Banker
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,858
Bloomington, IN
Sec. Sec. 216.15 Other exceptions to notice and opt out requirements.

(a) Exceptions to opt out requirements. The requirements for initial notice to consumers in � 216.4(a)(2), the opt out in �� 216.7 and 216.10, and service providers and joint marketing in � 216.13 do not apply when you disclose nonpublic personal information:

(2) (iv) To persons holding a legal or beneficial interest relating to the consumer.
Other exceptions to notice and opt out requirements.

(a) Exceptions to opt out requirements. The requirements for initial notice to consumers in � 216.4(a)(2), the opt out in �� 216.7 and 216.10, and service providers and joint marketing in � 216.13 do not apply when you disclose nonpublic personal information:

(2) (iv) To persons holding a legal or beneficial interest relating to the consumer.


However, this appears to be a business purpose loan which is not a covered transaction. My advice is to speak with the bank's council before releasing the information as the last question implies this may be a legal matter between the inquirer and their former spouse.
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The opinions expressed are mine and they are not to be taken as legal advice.

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