"Cooling Off Periods" Apply to Home Equity Loans?

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Question:

Due to the new regs in regards to "cooling off periods"- Does this apply to home equity loans as well? I guess my question is can a borrower apply for a HELOC, wait the 3 day rescission, and then receive the funds? (like regular mortgages where there is the 7 day rule)?

Answer:

226.19(a) does not apply to open-end credit.

First published on BankersOnline.com 1/30/12