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#34707 - 09/26/02 03:35 PM Reg Z & Statements on HELOC's

I see that 12 CFR 226.5 (b)(2)(i) allows a bank to skip sending a periodic statment when the amount of the debit or credit balance is below $1.
So if we have HELOC's that have bills of less than the dollar threshold can we skip sending a periodic statement?

Does this provision apply to Home Equity Plans?


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#34708 - 09/26/02 04:33 PM Re: Reg Z & Statements on HELOC's
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
As long as there was no transaction activity on the account for that month.
The opinions expressed are mine and they are not to be taken as legal advice.

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