A HELOC is a form of an open-end account that may be debited from time to time, under which credit may be extended from time to time and under which an owner is prohibited from using a credit card, debit card, or similar device, or preprinted check unsolicited by the borrower to obtain a HELOC advance.     
       (1)  A lender may offer one or more non-prohibited devices or methods for use by the owner to request an advance. Permissible methods include contacting the lender directly for an advance, telephonic fund transfers, and electronic fund transfers. Examples of devices that are not prohibited include prearranged drafts, preprinted checks requested by the borrower, or written transfer instructions. Regardless of the permissible method or device used to obtain a HELOC advance, the amount of the advance must comply with:                (A)  the advance requirements in Section 50(t)(2); and                 (B)  the loan to value limits in Section 50(t)(5).        
       (2)  A borrower may from time to time specifically request preprinted checks for use in obtaining a HELOC advance but may not request the lender to periodically send preprinted checks to the borrower. A borrower may use a check reorder form, which may be included with preprinted checks, as a means of requesting a specific number of preprinted checks.      
       (3)  An owner may, but is not required to, make in-person contact with the lender to request preprinted checks or to obtain a HELOC advance.      
     Source Note:        The provisions of this §153.84 adopted to be effective March 11, 2004, 29 TexReg 2306; amended to be effective July 10, 2008, 33 TexReg 5295; amended to be effective March 29, 2018, 43 TexReg 1839