[WSBARP] Dodd Frank

[John J. Sullivan]

Nestor:

If father is not in the business of lending (more than three loans per year) I’m no expert, but I’m not aware that Dodd Frank applies in a meaningful way. Do make sure the interest rate meets the minimum standards set by the IRS. 

https://www.washingtonpost.com/news/where-we-live/wp/2016/12/19/parent-mortgage-lenders-are-not-subject-to-dodd-frank-rules/

https://www.biggerpockets.com/forums/49/topics/244577-can-i-loan-money-to-father-in-law-under-dodd-frank-rules

John J. Sullivan


Sent from my iPhone

> On Feb 16, 2021, at 5:06 AM, Nestor Gorfinkel <esq at gorfinkel-law.com> wrote:
> 
> 
> Father wants to lend son Money to buy a house and take back a deed of trust. What does he have to do to comply with Dodd Frank? How do we as attorneys protect ourselves from drafting the note and deed of trust.
>  
> Thanks.
>  
> Nestor Gorfinkel, Attorney at Law
> Licensed in Florida & Washington
> Florida Civil-Law (International) Notary
>  
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