Legal Question in Real Estate Law in California

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).

Read more
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.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

Read more
Answered on 9/15/08, 1:02 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California