Is a Trust a Person?

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Question:

Would a trust be considered a legal entity or natural person when it comes to Truth in Lending, RESPA, and HMDA disclosures?

Answer:

Here's the quick answer: No, a Trust is not a person. Now for the explanation:

HMDA: You would only collect government monitoring info (GMI) for "natural persons". A Trust is not a person, it is a legal entity. Therefore, you would not collect GMI for a Trust.

RESPA: RESPA leans on Reg Z for a business person test (see Section 3500.5(b)(2).

TIL: Reg Z is very specific about coverage and exemptions in Section 226.3(a). It states:
This regulation does not apply to the following:
1. Business, commercial, agricultural, or organizational credit.
(a) An extension of credit primarily for a business, commercial or agricultural purpose.
(b) An extension of credit to other than a natural person, including credit to government agencies or instrumentalities.

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