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?
#2204169 - 01/28/1907:33 PMRe: LOC change in terms Anonymous
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.