Bona fide loan means a loan to an owner or owner-builder by a lender in which the owner or owner-builder has no financial or beneficial interest greater than 5% of the voting shares or other ownership interest.
Bona fide loan means a loan which has been contracted in good faith without fraud or deceit and genuinely endorsed in writing for repayment.
Examples of Bona fide loan in a sentence
Bona fide loan discount points" means loan discount points knowingly paid by the borrower and funded through any source for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate or time-price differential applicable to the loan, provided the amount of the interest rate reduction purchased by the discount points is reasonably consistent with established industry norms and practices for secondary mortgage market transactions.
More Definitions of Bona fide loan
Bona fide loan means a borrower receives money (from relatives, friends or others) which creates a loan if there is an understanding between the parties that the money borrowed is to be repaid and it is recognized as an enforceable contract under Colorado law. The transaction which creates a loan can be in the form of a written or verbal agreement if enforceable under Colorado law. Absent a negotiable instrument, a bona fide loan must still be convertible to cash in order to be considered a resource. The obligation to repay cannot be contingent on future income that might be received by the borrower. The written or verbal agreement must be in effect at the time of the transaction and there must be a reasonable plan for repayment.
Bona fide loan means a loan to an owner or owner-builder by a lender in which 1453 the owner or owner-builder has no financial or beneficial interest greater than 5% of the voting 1454 shares or other ownership interest. 1455 (5) "Claimant" means a person entitled to claim a preconstruction or construction lien. 1456 (6) "Compensation" means the payment of money for a service rendered or an expense 1457 incurred, whether based on: 1458 (a) time and expense, lump sum, stipulated sum, percentage of cost, cost plus fixed or 1459 percentage fee, or commission; or 1460 (b) a combination of the bases listed in Subsection (6)(a). 1461 (7) "Construction lender" means a person who makes a construction loan. 1462 (8) "Construction lien" means a lien under this chapter for construction work. 1463 (9) "Construction loan" does not include a consumer loan secured by the equity in the 1464 consumer's home. 1465 (10) "Construction project" means an improvement that is constructed pursuant to an 1466 original contract. 1467 (11) "Construction work": 1468 (a) means labor, service, material, or equipment provided for the purpose and during 1469 the process of constructing, altering, or repairing an improvement; and 1470 (b) includes scheduling, estimating, staking, supervising, managing, materials testing, 1471 inspection, observation, and quality control or assurance involved in constructing, altering, or 1472 repairing an improvement. 1473 (12) "Contestable notice" means a notice of preconstruction service under Section 1474 38-1a-401, a preliminary notice under Section 38-1a-501, or a notice of completion under 1475 Section 38-1a-506. 1476 (13) "Contesting person" means an owner, original contractor, subcontractor, or other 1477 interested person. 1478 (14) "Designated agent" means the third party the division contracts with as provided 1479 in Section 38-1a-202 to create and maintain the registry. 1480 (15) "Division" means the Division of Occupational and Professional Licensing created 1481 in Section 58-1-103. 1482 (16) "Entry number" means the reference number that:
Bona fide loan means a borrower receives money (from relatives, friends or others) which creates a loan if there is an understanding between the parties that the money borrowed is to be repaid and it is recognized as an enforceable contract under State law. The transaction which creates a loan can be in the form of a written or oral agreement if enforceable under State law. Absent a negotiable instrument, a bona fide loan must still be convertible to cash in order to be considered a resource.