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#74154 - 04/17/03 02:56 PM Home equity minimums
BKB Offline
100 Club
BKB
Joined: May 2002
Posts: 120
Midwest
Does anyone know of an Illinois law the requires a minimum line amount for a home equity line of credit?

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#74155 - 04/21/03 04:07 PM Re: Home equity minimums
Anonymous
Unregistered

I know of no minimums - the lowest minimum I have seen is $5,000. We are at $10,000.

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#74156 - 04/28/03 03:07 PM Re: Home equity minimums
marcy Offline
100 Club
marcy
Joined: Feb 2002
Posts: 120
Take a look at 815 ILCS 205/4.1 - Part of it says "A revolving credit arrangement which grants the debtor a line of credit in excess of $5,000 may include provisions granting the lender a security interest in real property or in a beneficial interest in a land trust to secure amounts of credit extended by the lender."

Could that be interpreted to say the line is considered unsecured by state law if its in the amount of $5,000 or less? That's what I was told when moving to IL so we've had a $5,001 minimum for HELOCs or we accept the risk that it could be disputed.
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