Legal Question in Banking Law in California

I applied and was told I've been approved for the loan to purchase an auto hauler trailer from Rock Sold Funding. The loan agent asked me for proof of my resident address and I sent her a copy of my rent receipt from where I've been living for the past 12 years. Once I provided the information I was denied the loan due to the agent didn't approve of where I lived.

"I cannot use that, since it shows that you live at an RV park and this is a recreational loan."

Is it legal to be denied a loan solely for where a person lives?

Asked on 11/10/16, 7:55 am

1 Answer from Attorneys

Timothy McCormick Haapala, Thompson & Abern, LLP

It does not appear that what you are being denied for is where you live, but rather because where you live leads them to believe that you are applying for a recreational use loan but intend to use the trailer for commercial purposes, which it sounds like would violate the terms of the loan.

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Answered on 11/10/16, 10:03 am

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