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#1561982 - 06/08/11 02:32 PM Reg Z Disclosures on lines of credit
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Is the daily preiodic rate required to be on the periodic statement for a line of credit that is NOT a credit card and is NOT RE secured? For example, personal unsecured lines of credit and ODP lines of credit?

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Lending Compliance
#1563607 - 06/10/11 06:37 PM Re: Reg Z Disclosures on lines of credit Many Hats
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,726
My understanding is yes, unless it falls under the exemption from Reg Z (currently $25,000).
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#1563719 - 06/10/11 08:12 PM Re: Reg Z Disclosures on lines of credit Many Hats
Raquel Offline
100 Club
Joined: Aug 2007
Posts: 128
Don't think the daily periodic rate is required any more. The language in 226.7(b)(4)which applies to all non-home secured plans states that the periodic rate expressed as an annual percentage rate is required. If you look at the periodic statements found in Appendix G-18(F) and (G), Annual Percentage Rate is used. These are both credit card statements but the disclosure for non-credit card is the same.

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