Truth In Lending Disclosure-Private Lender
Bill Gulley Does anyone know if a private individual who funds mortgages is required to provide a TIL? If so, and they failed to do so, what are the penalties? Thanks.
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Bill Gulley
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
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A private individuak is an individual and if they are in the business of making loans, yes they could be coverd, if not in business, say your sister makes you a loan, no, as there are exemptions under the TIL and you is covered. Not sure today of exemptions, but I believe that's where it falls, I always provided the disclosure. IMO, it would be good to do so aside from family loans. :)