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Business Purpose or Consumer Purpose? Home Improvement Loan

Question: 
If a borrower requests a home improvement loan for the purpose of adding office space to his home, to allow him space for legal and security work, would this be a business purpose loan, or would it be considered a consumer purpose loan?
Answer: 

This is answered in Regulation Z. See Section 1026.3(a), comment 3(a)-3.ii.

First published on 06/24/2018

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