Posted By: 3 yrs to go
HELOC - First Advance - 04/21/11 01:23 PM
It recently came to our attention that Michigan Consumer Finance Bulletin 1986-1 addresses the first advance on a line of credit. It states
"In cases where a line of credit or open-end loan is being established, the $3,000 minimum loan amount applies to the initial draw on the line of credit loan."
Our questions are
1) Have you included this requirement in your note/agreement?
2) Do you monitor the account to ensure the first advance is $3,000?
Thanks
"In cases where a line of credit or open-end loan is being established, the $3,000 minimum loan amount applies to the initial draw on the line of credit loan."
Our questions are
1) Have you included this requirement in your note/agreement?
2) Do you monitor the account to ensure the first advance is $3,000?
Thanks