F
FITZ1
Guest
Help!
I was just given this assignment and can't find the answer.
Background: California construction firm bid on Fed Government contracts. Performance bonds were required, so company obtained loans to pay for bonds from Tennessee and Georgia lenders who were private financing companies and trust companies. Dispute exists between lender and borrower over amount owed on loans.
Question: What federal / state regulatory agencies oversee these types of transactions? What licenses or certifications are required for the lenders / loan brokers? What usury laws apply to the loans?
Thank you so much. Cali, TN and Ga state department of financial institutions agencies have indicated that private commercial transactions like these are unregulated and unlicensed. There must be something?
I was just given this assignment and can't find the answer.
Background: California construction firm bid on Fed Government contracts. Performance bonds were required, so company obtained loans to pay for bonds from Tennessee and Georgia lenders who were private financing companies and trust companies. Dispute exists between lender and borrower over amount owed on loans.
Question: What federal / state regulatory agencies oversee these types of transactions? What licenses or certifications are required for the lenders / loan brokers? What usury laws apply to the loans?
Thank you so much. Cali, TN and Ga state department of financial institutions agencies have indicated that private commercial transactions like these are unregulated and unlicensed. There must be something?