Home Equity Loan Consumer Protection Act

The Home Equity Loan Consumer Protection Act of 1988 requires creditors to disclose terms, rates and conditions (annual percentage rate (APR), miscellaneous charges, payment terms, and information about variable interest rate features) about the home equity loan plan it offers, first when you receive an application and again before you first use the line of credit.

If the disclosed terms change, the consumer can refuse to open the plan and is entitled to a refund of fees paid in connection with the application. The Act also limits the circumstances under which creditors may terminate or change the terms of a home equity plan after it is opened.

For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.

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