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#2243852 - 10/09/20 04:08 PM HELOC Periodic Statement on Accelerated Balance
Annie Offline
Junior Member
Joined: Sep 2018
Posts: 25
If a lender terminates and accelerates a HELOC account for a permitted reason, what are the requirements for monthly periodic statements? That is, must the lender continue to send periodic statements until the balance is paid off?

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Lending Compliance
#2243854 - 10/09/20 04:13 PM Re: HELOC Periodic Statement on Accelerated Balance Annie
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 77,277
Galveston, TX
(2) Periodic statements. (i) Statement required. The creditor shall mail or deliver a periodic statement as required by ยง1026.7 for each billing cycle at the end of which an account has a debit or credit balance of more than $1 or on which a finance charge has been imposed. A periodic statement need not be sent for an account if the creditor deems it uncollectible, if delinquency collection proceedings have been instituted, if the creditor has charged off the account in accordance with loan-loss provisions and will not charge any additional fees or interest on the account, or if furnishing the statement would violate Federal law.
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