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C​ommercial ​C​ustomer Receive Reg. Z Statement?

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Can a ​c​ommercial ​c​ustomer receive a Reg. Z statement for a​ commercial ​l​ine of ​c​redit?

Can a Regulation Z statement be used for a commercial line of credit? Yes, but it may not be the best choice. You should ensure that the statement provided to the business customer doesn't include any verbiage (check the back of the form used, too) that could be inappropriate for a commercial borrower. One example is a billing rights or "in case of errors" statement that's often seen on the reverse of consumer statement forms.

First published on 03/12/2017

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