HELOC w/o Activity or Balance-Send Statement?

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Question:

If your HELOC does not have any activity or balance, do you still have to send a monthly statement to the customer?

Answer:

Regulation Z, Section 1026.5(b)(2): "Periodic statements. (i) Statement required. The creditor shall mail or deliver a periodic statement as required by Section 1026.7 for each billing cycle at the end of which an account has a debit or credit balance of more than $1 or on which a finance charge has been imposed. A periodic statement need not be sent for an account if the creditor deems it uncollectible, if delinquency collection proceedings have been instituted, if the creditor has charged off the account in accordance with loan-loss provisions and will not charge any additional fees or interest on the account, or if furnishing the statement would violate Federal law."

First published on BankersOnline.com 3/5/12