Regulation Z apply?

Posted By: Dodge

Regulation Z apply? - 05/07/21 09:16 PM

Customer has applied for loan to build his primary residence. However, the loan will be in his name but also his business name. Does that exempt the transaction from Regulation Z since one of the borrowers is not a natural person?
Posted By: rlcarey

Re: Regulation Z apply? - 05/08/21 01:47 PM

Not sure why a bank would allow someone to structure a loan like this, but I would not exempt the loan and I would disclose to the consumer. I hope the customer's legal counsel and accountant is on board.