I have a HELOC that matured towards the end of September. The lender is finally getting around to renewing it (says he's been in negotiations this whole time). I know that ROR applies because the loan has matured and it's considered a new plan.

The lender agrees that rescission applies (even though there is some talk that the funds were for business purpose - nothing in the file indicates such and ROR was given on prior loans). He would like to close and book the loan the same day so it's not on the past due report for month end.

We will still give rescission and would abide by those rules should the customer actually rescind. Our normal practice is to wait the three days to book or renew the loan on the system. What problems could / would I have if we provide the necessary disclosures but still renew the loan on our system the same day? Would a comment in the file help? Does it matter that this is a line of credit where all of the money has already been advanced?

How would this practice be any different from advancing on the loan on day one but not releasing the funds until the ROR period has ended? - also not a practice we normally do, but I know there are some banks out there that do this (if your state allows it and you aren't too worried about appearing unfair).

As long as no funds are extended I think you can be ok here. We make sure we do not charge interest during that time.

There is no new money exemption in 226.15 as there is in 226.23.

If you advance funds (even to renew an expired plan) prior to the expiration of the rescission period you have a rescission violation. A comment in the file as to why you did advance funds will not negate the violation.