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#884 - 03/13/01 05:29 AM Itemization of Amount Financed
CFreasier Offline
Junior Member
Joined: Mar 2001
Posts: 25
Corpus Christi, TX, USA
Is it necessary to obtain an Itemization of Amount Financed form for commercial loans?

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#885 - 03/12/01 08:02 PM Re: Itemization of Amount Financed
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
If the loan passes the tests to qualify as a loan primarily for business purposes in Regulation Z, it's exempt from Regulation Z, and, therefore, from the itemization requirement.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#886 - 03/12/01 09:21 PM Re: Itemization of Amount Financed
Al Miller Offline
Diamond Poster
Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
Just in case someone has confused an itemization of amount financed with disbursement instructions, one should have the borrower authorize in writing any disbursement not to the general checking account.

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Al Miller, CRCM
Fremont Bank (CA)
(510) 790-5825
(510) 505-5211 FAX

Opinions expressed are my own and not necessarily shared by my employer.

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Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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#887 - 03/13/01 02:58 AM Re: Itemization of Amount Financed
A D Virr Offline
Gold Star
Joined: Oct 2000
Posts: 398
Derry, NH
You may want to check on state banking laws. New Hampshire has a statute requiring a disclosure which for all intents and purposes is an itemization of amount financed - although it is not in Reg Z format
_________________________
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

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