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#2199820 - 12/04/18 08:43 PM HELOC Matured - New Transaction
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Diamond Poster
Joined: Nov 2008
Posts: 1,060
In the mountains
Where is it in Reg Z that indicates that if you need to renew/refinance a HELOC after it has matured, it has to be treated as a new transaction with all new agreements and ROR? I can't seem to find it...

Thanks in advance.
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Lending Compliance
#2199833 - 12/05/18 12:00 AM Re: HELOC Matured - New Transaction Likes to Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Official Interpretation

Section 1026.40—Requirements for Home-Equity Plans

2. Changes to home equity plans entered into on or after November 7, 1989. Section 1026.9(c) applies if, by written agreement under §1026.40(f)(3)(iii), a creditor changes the terms of a home equity plan—entered into on or after November 7, 1989—at or before its scheduled expiration, for example, by renewing a plan on different terms. A new plan results, however, if the plan is renewed (with or without changes to the terms) after the scheduled expiration. The new plan is subject to all open-end credit rules, including §§1026.6, 1026.15, and 1026.40.
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#2199861 - 12/05/18 02:49 PM Re: HELOC Matured - New Transaction Likes to Comply
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Diamond Poster
Joined: Nov 2008
Posts: 1,060
In the mountains
Thanks so much!!!!
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