§ 681.17. Security and endorsement.
84 words·~1 min read·
/us/cfr/t34/s§ 681.17·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A HEAL loan must be made without security.
(b)With one exception, it must also be made without endorsement. If a borrower is a minor and cannot under State law create a legally binding obligation by his or her own signature, a lender may require an endorsement by another person on the borrower's HEAL note. For purposes of this paragraph, an "endorsement" means a signature of anyone other than the borrower who is to assume either primary or secondary liability on the note.