B2B: HELOC’s – Everything You Need to Know

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Question 1 of 10

1. Question
1. For an application received via telephone how quickly must the application disclosures required by 1026.40 be provided?
- A. Within one business day
- B. Within two business days
- C. Within three business days
- D. Within four business days
Question 2 of 10

2. Question
2. If you choose not to provide the statement of billing rights with each periodic statement then how often must it be provided to HELOC customers?
- A. Monthly
- B. Annually
- C. Only with changes in terms
- D. Never
Question 3 of 10

3. Question
3. Which of the following pieces of information is not required to be disclosed in the early HELOC disclosure under 1026.40?
- A. The finance charge
- B. The annual percentage rate (APR)
- C. The payment schedule
- D. The borrower's credit score
Question 4 of 10

4. Question
4. The early HELOC disclosure must include which of the following?
- A. The maximum credit limit
- B. The borrower's income statement
- C. The lender's contact information
- D. The borrower's employment history
Question 5 of 10

5. Question
5. Which of the following pieces of information is not required to be disclosed on a periodic statement for a HELOC?
- A. Previous balance
- B. Transaction activity
- C. Periodic rates
- D. Past payment breakdown
Question 6 of 10

6. Question
6. Which of the following HELOC changes would not require a change in terms notification under Regulation Z 1026.9?
- A. Reducing a finance charge
- B. Reducing the credit limit
- C. Prohibiting new draws
- D. Increasing a fee
Question 7 of 10

7. Question
7. If reducing the credit limit, what is the timing for providing a change-in-terms notice?
- A. Within two business days before the action is taken
- B. Within two business days after the action is taken
- C. Within three business days before the action is taken
- D. Within three business days after the action is taken
Question 8 of 10

8. Question
8. With regard to billing HELOCs, what is the correct time period between the sent and due date for the HELOC payment?
- A. At least 10 days prior to the date on which the required minimum periodic payment must be received
- B. At least 14 days prior to the date on which the required minimum periodic payment must be received A link to the bank’s website
- C. At least 21 days prior to the date on which the required minimum periodic payment must be received
- D. At least 30 days prior to the date on which the required minimum periodic payment must be received
Question 9 of 10

9. Question
9. If a borrower has the right to rescind in which instance can they exercise that right in the context of HELOCs?
- A. All of the below
- B. Each credit extension
- C. Credit limit increases
- D. Plan opening
Question 10 of 10

10. Question
10. If a HELOC ad triggers additional disclosures which of the following are required?
- A. Any loan fee that is a percentage of the credit limit
- B. Any periodic rate used to compute the finance charge
- C. Any periodic rate used to compute the finance charge
- D. All of the above

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