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REG Z-Periodic Statement for HELOC

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Question: 
Is a HELOC that is not tied to a credit card or overdraft account, that is a fixed rate with fixed monthly payments required to have a periodic statement monthly?
Answer: 

Required to have a periodic statement, yes. Required to be monthly, no.

Section 1026.5(b)(2)(i): The creditor shall mail or deliver a periodic statement as required by Section 226.7 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.

Section 1026.2(a)(4): "Billing cycle" or "cycle" means the interval between the days or dates of regular periodic statements. These intervals shall be equal and no longer than a quarter of a year. An interval will be considered equal if the number of days in the cycle does not vary more than four days from the regular day or date of the periodic statement.


First published on BankersOnline.com 6/11/12

First published on 06/11/2012

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