What is the the Law in Texas concerning minimum withdrawels

jerryjrogers · Joined: 29 Dec 2007 Posts: 1 1.32 Dollars($)

I see verbage in the law and various lenders Disclosures that a HELOC on a property in Texas cannot have checks or Visa cards attached to it and that a minimum withdrawel requirement of $4,000 . But I also have spoken to mortgage brokers who say they do HELOCs in Texas that have no minimum withdrawel amounts and checks and Visa cards. Is there a law but no one in enforcing it?

ckalvesmaki · Posted: Sun Dec 30, 2007 7:32 am Post subject:

The Texas A6 laws do not address a min amount......the lenders do not want to deal with transaction of less than 4k.......That is why you are seeing that information posted.

jenkin7 · Joined: 04 Jun 2007 Posts: 880 131.00 Dollars($)

Hello Jerryjrogers,

As far as I know, the law which you are talking about is mostly followed by the credit unions. The credit unions in Texas require a minimum withdrawal amount of $ 4,000 and you may not use credit cards, debit cards or solicitation checks to get the advances.

But I don't think the lenders also follow the same rule.

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