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#781494 - 07/24/07 03:42 PM Reg Z-TIL required on Residence within Motel?
TexasBankerGirl Offline
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TexasBankerGirl
Joined: Oct 2006
Posts: 85
Texas
We have a unique situation. A customer is building a laundry-mat at their motel, which is also their residence (they live inside the motel office quarters). I know Reg Z-TIL is consumer purpose driven, and the purpose of this particular loan is to build the addition for the laundry-mat business. But if they are putting up the motel (their residence) for collateral for the improvements/addition to the motel would Reg Z/TIL apply?

Thanks.

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Lending Compliance
#781505 - 07/24/07 03:47 PM Re: Reg Z-TIL required on Residence within Motel? TexasBankerGirl
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,964
Bloomington, IN
Reg. Z does not apply to business purpose credit, regardless what the collateral may be.
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The opinions expressed are mine and they are not to be taken as legal advice.

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