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#631221 - 10/30/06 04:07 PM right of recission-commercial?
tflower Offline
100 Club
tflower
Joined: Nov 2004
Posts: 110
Beautiful California Coast
Looking for opinions from all the smart folks out there-
Commercial loan being rewritten-$120K, with $10K in new $ for leech field. Business is mom & pop store w/ restaurant. Primary Residence is also on property and would benefit from leech field, but is not primary reason for the loan.

ROR or No ROR?

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Lending Compliance
#631222 - 10/30/06 05:23 PM Re: right of recission-commercial?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
Business purpose loans are exempt from Reg. Z, therefore exempt from rescission.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#631223 - 10/30/06 04:24 PM Re: right of recission-commercial?
tflower Offline
100 Club
tflower
Joined: Nov 2004
Posts: 110
Beautiful California Coast
Even if the business owner's pr is there and benefits from it?

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#631224 - 10/30/06 05:41 PM Re: right of recission-commercial?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
See 226.3 and its Commentary.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#631225 - 10/30/06 06:34 PM Re: right of recission-commercial?
tflower Offline
100 Club
tflower
Joined: Nov 2004
Posts: 110
Beautiful California Coast
Thanks DAN

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