(a) 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 fees described in Section 50(a)(6)(E) are charged and collected only at the time the extension of credit is established and no fee is charged or collected in connection with any debit or advance.     
      (b) For the purpose of this section, the time the extension of credit is established for a HELOC refers to the date of closing.     
     Source Note:        The provisions of this §153.85 adopted to be effective March 11, 2004, 29 TexReg 2306