Overview:

The goal for this latest revision to Regulation Z is to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving (non home-secured) credit plans.

The new rules impact credit card and personal lines of credit NOT secured by the applicant’s residence. As stated below, you said we do have unsecured lines of credit. That product type would then follow the new rules.

Application and solicitation disclosures;

Account-opening disclosures (formerly the initial disclosure);

Periodic statement disclosures; and Change in terms notice.

Due Date January 1, 2010

Question: We offer unsecured lines of credit. Wold these loans fall under the new ruling?

We have a credit card as an access device on our HELOCs. Will these new credit card rules also apply to the HELOC credit card? Also even though the rules provide that it covers other revolving (non home secured) credit plans, will any of the variable rate changes affect HELOCs or just the personal revolving line of credit, etc.?