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FIRREA Business Loan Exemption

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FIRREA allows an exemption from a state licensed or state certified appraisal for business loans of $1M or less that are not dependent upon the sale of, or rental income generated from the collateral real estate as the primary source of repayment. A "business loan" is defined as an extension of credit to "any" corporation or other business entity. Would this exemption be applicable to a non-profit corporation (e.g., an incorporated church)?

In my opinion, a non-profit corporation fits under the broader umbrella of "any" corporation.

First published on 5/08/06

First published on 05/08/2006

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