September 5, 2009

Truth in Lending Act: Commerical Loan

Filed under: TILA

Hello Paul:

I read on your site: PATILA

Do tila violations apply to non-primary homes ?

Does this mean that TILA applies to commercial mortgages as well?

Kail

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Hello Kail,

The following are exempt per 15 U.S.C. § 1603(1):

“Credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, or to government or governmental agencies or instrumentalities, or to organizations”

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.

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