Sawyer receives conflicting instructions about HELOC and open-end credit rules and open-end credit rules. Which instruction should control?
Correct Answer
C) Apply HELOC open-end disclosure rules
HELOCs are open-end credit plans secured by a dwelling with special disclosures and rescission rules when secured by a principal dwelling. The best answer is "Apply HELOC open-end disclosure rules".
Why This Is the Correct Answer
HELOCs are open-end credit plans secured by a dwelling with special disclosures and rescission rules when secured by a principal dwelling. The best answer is "Apply HELOC open-end disclosure rules".
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