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?
02/11/2002
I am unsure what type of service providers we need a confidentiality agreement with. Some examples are: appraisers, realtors, surveyors, Insurance underwriters, Inspection companies, title companies, janitroial services, attorneys used for legal purposes for the financial insitution, attorneys used for title searches and other legal work involving a loan, Insurance companies use to obtain insurance coverage for the bank.
02/11/2002
I'm a new compliance officer and I need to know what regulations require employee training. I'm in the process of putting together a compliance training calendar for my bank.
02/11/2002
If I have a matured line of credit secured by a UCC filing on inventory and accounts receivable and my customer files bankruptcy, assuming my collateral is now under the jurisdiction of the court, is my collateral protected? If not, is there anything I can do to protect it?
02/11/2002
When making a loan to a sole proprietorship can you list the 'DBA' under the individuals name and SSN?
01/07/2002
We all understand the positive impact to our bottom line if more of our customers conduct transactions over the Internet. What must we do to make the Internet more secure and make consumers more comfortable conducting financial transactions and services on the Internet?
08/27/2001
08/06/2001
What compliance regulations apply to a loan to purchase a primary residence secured by vacant land titled in a business name?
07/01/2001
There are many types of training that financial institutions are required to do. Some training is mandated by regulations, some by marketing, and some by good, old common sense.
06/04/2001
I have attended various Revised Article 9 Seminars. I also have read Revised Article 9 extensively. Here is myquestion, Section 9-616(c) states how the secured party must present the accounting to the debtor or consumer obligor. This provision states that the secured party's debt is credited first, then add the fees incurred during the process to the amount to calculate the surplus or deficiency. "9-616(c) seems to directly contradict 9-608(a)(1) which states that fees are paid first, then the collecting secured party and finally subordinate secured party (ies) and lienholder(s)." I understand that practically speaking the figures will come out the same. However, I still am confused. Is this in fact a contradiction or am I reading it incorrectly? What do you suggest? Thank you for your help.