The Home Equity Booklet is required by Regulation Z and must be provided to the client when the loan requested is one of the following:
- Home Equity Line of Credit (HELOC)
- Secured by the applicant’s primary
- Secured by the applicant’s secondary residence
Pre-printed handbooks are located in each office or you can print a copy of the HELOC Booklet.
Consequences
- Civil fine up to $2,000 per individual case
- $500,000 or 1% of bank’s net worth in a class action situation
- Loan is rescindable for up to three years
- Criminal fine up to $5,000
- Up to one year in jail
- Both a $5,000 fine and up to one year in jail