Posted by John Merchant on April 15, 2007 at 13:16:46:
The law in your state might or might not prevent your carrying on a pvt lending operation.
Generally, a business or commercial loan is not a licensed field as the legisltures generally figure that anybody doing or getting business or commercial loans doesn’t need state protection.
So likely it’s not illegal for you to engage in private bus/commercial lending.
But consumer and residential lending is likely licenseable activity in all states so probably you can’t do that without a license for same.
You say you “work for” a lender, so they might have a say in whether they want you doing other lending outside that company.