Can I change the payment due date on a home equity line of credit?
The Official Staff Commentary to Regulation Z regarding HELOCs (section 226.5b(f)(3)(v)) states that changing a payment due date is considered an insignificant change, and a credit union can therefore change the payment due date without the member’s written consent. However, credit unions should check with their legal counsel to determine whether any contract issues apply or if any notice may be required by contract or other law. This should include a review of the language in a credit union’s loan documents concerning the right to make certain changes. 45 Day Advance Notice of Change Affects: Credit card accounts Any increase in the Annual Percentage Rate (APR) or ‘significant’ terms of the credit card agreement requires written notice at least 45 days in advance of the change. Credit unions must also disclose the member’s right to cancel the account prior to the effective date of the rate increase or change in significant term. Are there exceptions to the notice provision? Yes, there
