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#361476 - 05/19/05 07:38 PM equity drawing

is there any prohibition about running a drawing for people who apply for a home equity loan?

there is nothing to purchase, they are entered in a drawing if they apply

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Lending Compliance
#361477 - 05/19/05 07:51 PM Re: equity drawing
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,460
Bloomington, IN
Sounds like a lottery. The only way they can enter is to apply for a loan. Lotteries are not allowed.
The opinions expressed are mine and they are not to be taken as legal advice.

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