Section 6 Home Equity Loan Consumer Protection Act of 1988

• Library: Consumer Law and Practice 2010

HELC (Home Equity Loan Consumer Protection Act of 1988), 15 U.S.C. § 1637, requires additional disclosures for home equity lines of credit. HELC applies to loans with open-end credit terms that are secured by the borrower's principal residence. It applies regardless of whether the loan is a high-cost loan. HELC requires certain disclosures, such as:

· under what conditions a finance charge may be imposed;

· methods of determining the balance on which a finance charge will be imposed;

· methods of...