Organise the file for advice to a guarantor
Key facts
- Human involvement
- RedLawyer-led
- How AI is used
- List the guarantee's limit, the debt secured, and whether the file shows the guarantor is the borrower's spouse or another person whose signature was required. Do not write the advice.
- What the lawyer must review
- You write the advice. Regulation B, 12 C.F.R. § 1002.7(d), says a creditor shall not require the signature of an applicant's spouse or other person, other than a joint applicant, if the applicant qualifies under the creditor's own standards. A joint financial statement is not an application for joint credit. The creditor may require another signature where state law makes that instrument necessary to reach jointly owned property, community property, or property offered as security. The applicant's spouse may be an additional party, but the creditor shall not require that the spouse be the additional party. This is not a statutory certificate of independent advice. Opinion 512: do not put the guarantee into a public tool, and do not give the guarantor generated text.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Supporting preparation only. Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. The tool writes nothing into the document. Substantive advice, judgement and any restricted content remain with the responsible human. |
| Lawyer | Perform the substantive analysis and decisions. Independently check any permitted supporting work and approve the exact output for its intended use. |
Checklist
- Trace every relied-on figure to its source, confirm dates and assumptions, and independently recalculate totals or derived amounts.
- Confirm the appropriate instructions, permissions and cultural context with the relevant people before using information or communicating the result.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.