HELCPAHome Equity Loan Consumer Protection Act
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Before the enactment of HELCPA, home equity credit plans were treated like other types of open-end credit plans for purposes of account disclosure and advertising rules under Regulation Z.
As mentioned, HELCPA contains several substantive limitations on the way credit line plans can be structured.
Undrawn portions of home equity credit lines will not be assessed a capital charge if two conditions are met: first, that the bank can terminate the account, prohibit additional draws on the line, or reduce the credit line in accordance with the provisions of applicable federal statutes (at this time, the HELCPA); and second, that the bank reviews the status of the account at least annually.