Consumer Loan Exception to Business Customer

No. If the loan is for a personal, family or household purpose and the borrower(s) are individuals, and the loan is for $61,000 or less (in calendar year 2022), or for any amount if secured by real estate or by personal property used or expected to be used as the principal dwelling of the borrower or the loan is a private education loan, the loan is subject to Regulation Z and its consumer protection and disclosure requirements.

The bank should have any loan that is a consumer loan handled through its consumer lending department.