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#2199595 - 11/30/18 09:06 PM Hard Money Lender
fudoshin314 Offline
Junior Member
Joined: Sep 2017
Posts: 38
What are the requirements for a hard money lender? If they open a business account to lend, would they be considered an NBFI? If they lend personally, do they have to be licensed? Anyone bank this type of activity and how do you monitor?

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BSA/AML/CIP/OFAC Forum
#2199644 - 12/03/18 04:03 PM Re: Hard Money Lender fudoshin314
Goodland Offline
Junior Member
Joined: Nov 2015
Posts: 35
Following....

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#2199651 - 12/03/18 04:46 PM Re: Hard Money Lender fudoshin314
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,220
Galveston, TX
NBFI - Yes. Refer to the Exam Manual for risk mitigation and monitoring requirements. Licensing is a State law issue.
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