Hello!

Is there an exemption for HELOC (dwelling secured) periodic statements that allows for the monthly statement not to be provided if a balance or a payment is not owed for more than 2 months?

I located in 1026.7 (b)(12) where the repayment disclosure can be exempt, I cannot locate where the monthly statement can be stop being provided.

Thanks for the help

Welcome to BOL.

From 1026.7

The creditor shall furnish the consumer with a periodic statement that discloses the following items, to the extent applicable:

(a) Rules affecting home-equity plans. The requirements of paragraph (a) of this section apply only to home-equity plans subject to the requirements of §1026.40.

(1) Previous balance.
(2) Identification of transactions. An identification of each credit transaction in accordance with §1026.8.

If there is no balance, credit or debit activity during the billing cycle then a statement is not necessary.

Thanks Dan!

Dan,

I have one more clarification on this exemption. 1026.7 (b)(12)(v) official interpretation for the exemption of the repayment disclosure A, B and C notes in B :

Exemptions. Paragraph (b)(12) of this section does not apply to:

(B) A billing cycle immediately following two consecutive billing cycles in which the consumer paid the entire balance in full, had a zero outstanding balance or had a credit balance;

Is this defined as 2 complete billing cycles provided to the Borrower and the third cycle is exempt. Example: Jan and Feb provided and no further transactions or balances owed for March billing cycle so March is not required to be provided or is Feb billing cycle considered the as the 2 consecutive billing cycles if there is no further transactions or balances?

Thanks

1026.7(b) Rules affecting open-end (not home-secured) plans. The requirements of paragraph (b) of this section apply only to plans other than home-equity plans subject to the requirements of §1026.40.