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#432840 - 10/03/05 04:48 PM Co-signed loans

Our LaserPro system does not allow for the co-signer's signature on anything but the promissory note. Are they not required to sign the TIL?

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#432841 - 10/03/05 09:40 PM Re: Co-signed loans
Geoz Offline
100 Club
Joined: Apr 2003
Posts: 148
No. Co-signers (as opposed to co-borrowers) are generally not considered consumers for purposes of the TILA although they may be entitled to rescind. Reg. Z Commentary, 226.2(a)(11).

It's my understanding that Colorado law defers to the federal law for coverage under TILA so you shouldn't have any state law issues.

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