Open end credit question:
I have a lender who refinanced a $100,000 HELOC into another $100,000 HELOC (he said he renewed it, but he did a new note, so I'm calling it a refi). He claims that the right of rescission should not apply to the new note as there was no new money, no new security interest. I was under the impression that on a HELOC, the right to rescind should always be provided when they signed the note. So I started reading to find the exact citation to back me up.
In my reading, I found that 226.15(a)(1)(ii) states that the consumer does not have the right to rescind each credit extension made under the plan if such extension is made in accordance with a previously established credit limit for the plan.
Does that apply to my situation? Any help offered would be appreciated.