Due to increased demand, we have expanded the enumerations for our field “Broker Is Doing Business As” (Field 50908). Previously, the business types supported were:
- Limited Liability Company
We have expanded these enumerations to also include the following business types:
- Corporation Sole
- Government Entity
- Joint Venture
- Limited Partnership
- Non-Profit Corporation
While not all of these types will be needed by all clients, the expansion allows great precision and flexibility in certain disclosures. Consequently, we are modifying several disclosures to better support these new options.
Illinois Law, under under 38 Ill. Admin. Code 1050.1020, requires the licensee to disclose “whether the licensee does business as an individual, partnership, association, corporation or any other organization form.” Since “any other organizational form” is so broad, our IL Loan Brokerage Disclosure Statement (Cx1908) is being modified to allow for any of the enumerations in Field 50908.
LA Rev Stat § 9:3572.11(B)(1) requires that the Loan Brokerage Agreement and Disclosure Statement (Cx3318) must contain information regarding whether the loan broker is doing business as an individual, partnership, limited liability company, or corporation. Since these are the only business types contemplated in the statute, these type will be the only enumerations allowed for Cx3318. However, although not strictly required by LA Rev Stat § 6:1098, our LA Mortgage Loan Origination Agreement (Cx4828) also includes the business type the broker is doing business as. Since there is no requirement, the document has been modified to allow for all enumerations in Field 50908.
NE Rev Stat § 45-191.01(2)(b) requires a “statement as to whether the loan broker does business as an individual, a partnership, a corporation, or another organizational form…” Since “another organizational form” is not restrictive, we are modifying our NE Loan Broker Disclosure Statement (Cx3444) to allow for any of the enumerations used for Field 50908.
These changes will be in effect on 2/19/2019. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.