Learn More - Click Here!

New Reply Thread Options
#2204093 - 01/26/19 12:41 AM LOC change in terms
Anonymous
Unregistered

I am drawing a total blank--

If you reserve the right to change terms on a non-home secured line of credit, is the APR change only effective on new transactions? Is the existing balance prior to the change in terms considered a protected balance and subject to the rate that was in effect when the advance was taken?

Thanks in advance!

Return to Top Reply Quote Quick Reply Quick Quote
#2204095 - 01/26/19 02:45 PM Re: LOC change in terms Anonymous
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,258
Florida
What did the contract (note and security agreement) say? That would govern.
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

Return to Top Reply Quote Quick Reply Quick Quote
#2204097 - 01/26/19 05:07 PM Re: LOC change in terms Anonymous
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,007
Toano, VA
State law could also be a consideration.
_________________________
...gone fishing.

Return to Top Reply Quote Quick Reply Quick Quote
#2204098 - 01/27/19 01:19 PM Re: LOC change in terms Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,568
Galveston, TX
It depends on the definition of a credit card account in 1026.2(a)(15) and the above. Just being a non-home secured line of credit may not be good enough.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2204169 - 01/28/19 07:33 PM Re: LOC change in terms Anonymous
Anonymous
Unregistered

Original anon here:

The contract and state law allow it.

This is a personal line of credit product. No access device-- just a revolving line of credit that the customer may takes advances from by contacting the institution or completing an advance online. It cannot be used to purchase goods or services.

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale