Define predatory lending.
I am reviewing an Adjustable Rate Mortgage initial disclosure and I do not find a statement that the interest rate will be discounted or a statement that the loan contains a demand feature (the Note does contain a demand feature). I am wondering if both of these disclosures are required on every initial ARM disclosure or only loans that have an interest rate discount and a demand feature.
Where would I find the statute stating the legal age to be able in enter into a binding contract (loan)? Also, if you made a loan to a 17 year old and his father as a co-signer, would the fact the son isunderage prevent you from collecting from the father on the loan if it should go into default?
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