Section 1071: Business Owner Status

One of the biggest hurdles related to Section 1071 is collecting the Business Ownership Status. First, your lenders need to understand that this applies to all applicable small businesses, from mom-and-pop sole proprietors to entities. You must have procedures to ensure you request the information, but the applicant is under no obligation to provide it. If the application is taken over the phone, there are disclaimers that must be read to the applicant prior to requesting the information.

Jerod explains more in the video.


1071 Resources!

Published
2024/05/22

 

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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Section 1071: Business Owner Status
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