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We can support the legal needs of lending institutions

On Behalf of | Apr 22, 2024 | Business Law

Banks and other lending institutions, and even private individuals who loan money as part of their investment strategy, will likely have ongoing legal needs.

Like other businesses operating in and around Indianapolis, financial institutions must follow all sorts of federal, state and local laws and regulations which apply to most industries and organizations.

A good example is that local banks will have to follow federal and Indiana employment laws, as well as any local ordinances.

Likewise, financial businesses as well as individuals will need to execute different types of contracts, organize their operations appropriately and otherwise make sure they are protected as they go about their daily operations.

Some of the legal needs of financial institutions are unique

Moreover, the legal needs of the financial industry are also unique in many respects.

  • Any loan is a specialized contract which will usually require other documents to give it full effect. An example of these other documents includes appropriate disclosures and, if called for, a properly prepared and recorded mortgage, lien or security interest.
  • Like real estate sales, loans usually will go through a formal closing process to make sure all documents have been signed and funds have been properly exchanged.
  • Commercial loans require additional special handling. Unlike consumer loans and mortgages, the terms of a commercial loan are often negotiable.
  • For any type of loan that is in distress, it often makes sense for the financial institution to re-negotiate or try to work out a resolution.
  • When a loan agreement sours for whatever reason, the financial institution may need to foreclose or take other collection or enforcement action in court. As an aside, foreclosing on real estate will require some knowledge of real estate law.
  • There are many additional regulations with which financial institutions must comply. Many of these regulations are designed to protect the public, so authorities will take their enforcement seriously.

Indiana financial institutions of all sizes need to make sure they understand their legal options and alternatives when they are facing problems that are unique to their industry.

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