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

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?

Thanks

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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.
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The opinions expressed are mine and they are not to be taken as legal advice.

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