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#1997539 - 02/23/15 04:25 PM Indiana - Heloc's
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
Do you see a problem with offering Heloc's in Indiana that the interest capitalizes?

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#1997553 - 02/23/15 04:33 PM Re: Indiana - Heloc's kelso
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
If you are referring to any unpaid interest from the previous month's billing being added to the balance, no.

If you are referring to something else, consult your attorney.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1997686 - 02/23/15 09:50 PM Re: Indiana - Heloc's kelso
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
Thank you! I agree with you. Is there a place sited in the regulation for open end credit?

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#2005170 - 03/31/15 01:32 PM Re: Indiana - Heloc's kelso
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
You will have to search section 24-4.5 of the Code. Open-end credit is addressed in different sections but there is no one specific section on open-end credit, however the code refers to open-end credit as a "revolving loan account." You will need to use that term for any word search.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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