Regulatory Commentary on Equity Lending Procedures
October 7, 1998
Office of Consumer Credit Commissioner
Department of Banking
Savings and Loan Department
Credit Union Department
6(M) Closing date
A loan may not be closed before the 12th calendar day after the later of the date that the owner makes application for the loan or the date that the owner receives the required consumer disclosure. The submission of an application to the lender includes the submission to an agent acting on behalf of the lender. An application for a loan may be given orally or electronically and does not have to be in writing. Additionally, the amendment requires that an equity loan may not be closed before the first anniversary of the closing date of any other equity loan secured by the same homestead property. This provision requires that an equity loan may not be refinanced before one year has elapsed since the loan's closing date.