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NCHELP TRAINING CONFERENCE Overview and Practical Application of Regulation Z November 5, 2007 Presented By: Bennet S. Koren McGlinchey Stafford PLLC Telephone: (504) 596-2783 E-mail: email@example.com
Open-end credits is credit where the creditor reasonably anticipates repeated advances, the creditor assesses a finance charge on the outstanding balance and the amount of credit that may be extended is generally made available to the extent the outstanding balance is repaid
EXAMPLE: Creditor agrees to lend a total of $10,000 in a series of advances as agreed by the consumer. Once consumer has borrowed the full $10,000, no more is advanced even if some of the debt has been repaid
Consequences of Mischaracterizing Closed-End Credit