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Open End Not Home Secured LOC

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  • June 27, 2016 at 11:49 am EDT #9717
    April
    Participant

    We have a Line of Credit we refer to as Moneyline. It is an Open End Not Home Secured LOC, and the question has been brought up whether or not we have to send a notice when a consumer has used funds from the LOC. I have read over the Reg and do not see anything pertaining to these types of notices. Does anyone have information on this? Thank You.

    June 30, 2016 at 8:54 am EDT #9723
    rcooper
    Member

    from kowsley: There are multiple notice requirements under the open-end (not home secured) rules in Reg. Z but requiring a notice each time the borrower accesses the line is not a requirement. If you are utilizing a 3rd party vendor (credit card) it could possibly be a requirement for them?

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