Credit Life on Commercial Note

Answered by:

Question:

Is there a reg that specifically states that one must have the Credit Life box to state whether you do or do not want Credit Life on a commercial note?

Answer:

Answer by David Dickinson:No.

Answer:

Answer by Richard Insley:I agree with David, so long as "commercial note" always equates to a business purpose loan. I've seen a lot of consumer transactions done on non-consumer documents in attempts to get around Reg. Z.

First published on BankersOnline.com 12/07/09