Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12y
SAFE Act included land zoned residential or where a residence could be built.
The ad is under RESPA however consumer financing of any asset offered by a seller is another issue, state laws vary, usually they are based on price, interest, term, you'll see that with auto dealers in the fine print, RE isn't exempt fro consumer finance but is supplemented with additional compliance requirements, such as RESPA. Why I asked.
If you're getting a lot of comments on the matter, why not just add more info, if nothing more than for the sake of appearance as being customarily done? :)
I also suggest you not get your advice from gurus concerning financial regulations, even if they have a law degree, he missed the intent stated in the SAFE Act that was clearly stated, that any method or system devised to circumvent the intent of the act was included, having the principal seller behind the door of multiple entities or trusts is clearly a ploy to circumvent the law.
He also down plays the impact as you're dealing with unsophisticated borrowers who lack the ability to obtain an attorney for a civil suit, guess he missed the whistleblower page where anyone can report violations to the CFPB and they will look into it, you don't need to get an attorney. Check out the administrative actions as well. :)