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Can a lender require a spouse to sign for a business loan?
03/04/2002
Borrower is a corporation with one shareholder. All business assets are pledged as collateral. Lender wants the spouse to also sign on loan docs, with the concern being that she may gain ownership of at least 1/2 assets should they divorce. Would asking her to sign be a violation of Reg B? If so, does the lender have a bona fide concern regarding assets or does the fact that the borrower is a coporation make this a non-issue? Flip side: What about if the borrower was a partnership or sole proprietorship and the spouse has no role in the affairs or function of the business? (e.g., farmer Bob who takes a loan secured by crops.) Lender wants to add wife to loan as a condition for the same reasons listed above. How should I advise my lender?
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03/01/2002
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03/01/2002
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Lending Disclosures at a Glance
03/01/2002
by Mary Beth Guard, BOL Guru
Which census data for HMDA reports?
03/01/2002
Question: As we prepare our HMDA report for 2001, are we still supposed to be using the 1990 census data? When should we use the information from the 2000 census?