Reg Z
I purchased a rehab property in MS after Katrina. I received loan papers that had a higher interest rate and much higher fees the quoted, but to close on time I signed them. This was a rehab loan from a bank. I received no Reg Z. Is the bank required to provide a Reg Z on an investment property loan?
Asked on 9/14/08, 6:42 pm
2 Answers from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: Reg Z
The truth-in-lending laws apply to consumer loans, not business loans. If you buy assets for speculation rather than as your personal residence, the laws probably don't apply to the borrowing involved, even if the asset is a house. Further, banks are exempt from California usury laws (I cannot speak for Mississippi).
Answered on 9/15/08, 11:39 am
David Gibbs
The Gibbs Law Firm, APC
Re: Reg Z
You need to contact an attorney in MS, as that is going to be the applicable law.
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Answered on 9/15/08, 1:02 pm
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