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#999607 - 07/18/08 09:09 PM Reg Z- Real Property
liventhedream Offline
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Joined: Mar 2006
Posts: 180
If a loan is to pay off a consumer's credit card for over $25,000 secured by a lot would it require regulation Z disclosures?

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Lending Compliance
#999612 - 07/18/08 09:16 PM Re: Reg Z- Real Property liventhedream
Rocky P Offline
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Joined: Jun 2003
Posts: 7,441
Florida
IMHO, it is not exempt.

OSC 226.3 This regulation does not apply to the following:
(a) Business, commercial, agricultural, or organizational credit.

(b) Credit over $25,000 not secured by real property or a dwelling.
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#999626 - 07/18/08 09:30 PM Re: Reg Z- Real Property Rocky P
liventhedream Offline
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Joined: Mar 2006
Posts: 180
Would this loan be exempt if the property was commerical?

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#999708 - 07/18/08 10:49 PM Re: Reg Z- Real Property liventhedream
Mrs. Rizzo Offline
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Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
I find this matrix EXTREMELY helpful
http://www.bankerscompliance.com/assets/files/documentation/RE_Matrix_6.2.pdf

If the loan was to a business then it would exempt.
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Take responsibility for your life.

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#999757 - 07/19/08 01:18 AM Re: Reg Z- Real Property liventhedream
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,956
Bloomington, IN
Originally Posted By: sfx
Would this loan be exempt if the property was commerical?


If made to a natural person and for a consumer purpose, no it would not be exempt. Reg. Z is purpose driven, not collateral driven.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1000215 - 07/21/08 02:18 PM Re: Reg Z- Real Property Dan Persfull
liventhedream Offline
100 Club
Joined: Mar 2006
Posts: 180
Thank you

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