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#161751 - 02/19/04 04:49 PM Reg Z open-end rescission
ahou Offline
Power Poster
ahou
Joined: Aug 2002
Posts: 3,094
If you have an existing open-end line of cr (unsecured) that is converted to a HELOC, would you use rescission model form G-8?

If you have an existing HELOC with a cr limit of 10,000 and you decide to increase the limit to 15,000 - would you use model form G-7?
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Lending Compliance
#161752 - 02/19/04 05:06 PM Re: Reg Z open-end rescission
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
1. Yes.

2. Yes.

And, don't forget the other required HELOC disclosures.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#161753 - 02/19/04 05:52 PM Re: Reg Z open-end rescission
Anonymous
Unregistered

Why wouldn't you make this a new loan? You would need a mortgage, HELOC agreement, etc.

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