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#2013393 - 05/12/15 12:05 AM STMT Requirements for HELOCs
Harvey Offline
100 Club
Harvey
Joined: Feb 2001
Posts: 145
Will someone please point me to the section of Reg Z that says the monthly HELOC statement has to include the Maximum Line Amount and the Available Credit Amount on a HELOC loan?

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Lending Compliance
#2013667 - 05/12/15 09:23 PM Re: STMT Requirements for HELOCs Harvey
fmissle Offline
Platinum Poster
Joined: Jul 2007
Posts: 960
Pac NW
I don't think that's necessarily a requirement, or at least I couldn't find it when looking in 1026.7(a).

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#2013706 - 05/13/15 12:31 PM Re: STMT Requirements for HELOCs Harvey
NSF, CRCM Offline
Gold Star
NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
This information is listed on Model Form G-18(F). However, certain items listed on the model form are not required per the commentary it states:

"The summary of account activity presented on Samples G–18(F) and G–18(G) is not itself a required disclosure, although the previous balance and the new balance, presented in the summary, must be disclosed in a clear and conspicuous manner on periodic statements."

It's possible that someone is taking everything listed on the model form as being required. You may want to point them to the above statement in the commentary.
_________________________
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2013961 - 05/13/15 08:57 PM Re: STMT Requirements for HELOCs Harvey
Rosie O'Grady Offline
Gold Star
Rosie O'Grady
Joined: Nov 2005
Posts: 438
California
Isn't that the model form for credit cards?

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