Legal Question in Credit and Debt Law in California
commercial lending
The truth in lending act only applies to consumers, what recourse does a business have when deceived into unrealistic loan terms?
Asked on 11/20/07, 12:56 pm
1 Answer from Attorneys
Jonas Grant
Law Office of Jonas M. Grant, A.P.C.
Re: commercial lending
You said it - an action for deceit, fraud, intentional misrepresentation, or the like. Otherwise, generally, in a business setting, it is presumed the parties can take care of themselves and the additional protections afforded consumer - who are often presumed to be on unequal bargaining footing and less sophisticated - are not applicable. If the loan terms were unrealitic, why did both parties sign?
Answered on 11/24/07, 9:07 pm