Hector Martinez is a loan officer in a non-community property state. He receives a verbal request for a small business working capital loan from Leon Rogers for his technology consulting business. The business is a sole proprietorship. Mr. Rogers gives Hector a written business plan for his business, a financial statement for the business for the past two years, and a personal financial statement that includes information on himself and his wife. Can Hector assume that the application is a joint application from Mr. Rogers and his wife?
- Yes. Because the financial statement is signed by both Mr. and Mrs. Rogers and includes joint information, the application can be considered to be from both spouses.
- Yes. Because the business is a sole proprietorship, the spouse's financial information is important.
- No. The bank cannot assume the application is a joint one simply on the basis of submission of joint financial information.
- No. Because the business is a sole proprietorship, the bank should assume the application is for individual credit.
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