Posted by David Krulac on January 06, 2002 at 08:07:46:
different states have different laws and rules. In some states you must be licensed by the state to be a mortgage banker or mortgage broker. Often times these requirements also include posting a bond. Check you state banking department, your state code, or a good attorney knowledgable in this expertise.
David Krulac
Paying Private Investors 12-15% Illegal in CALIF? - Posted by Heidi W
Posted by Heidi W on January 05, 2002 at 19:21:17:
In the past 48 hours I’ve had two different attorneys tell me that my plan to entice OPM by paying 12-15% interest rates on short term loans secured by Mortgage/Trust Deed Notes was illegal.
In violation of USARY Laws.
I’ve found one California company that specializes in Buying Houses in Creative Ways which offers just that rate of interest. They are not asking to set up in a LLP.
It’s the Standard Ron LeGrand approach…“Do you or anyone you know have capital in an IRA or other investment vehichle not earning at least 12%?”
My lawyer says, “Just because the guy ahead of me on the highway is going 90 mph, doesn’t mean it’s legal…”
What do you all think?
Regards,
Heidi
P.S. - yes I’ll post this on Financial/Legal in a bit…