Home Equity Loan Consumer Protection Act of 1988

[AI summary unavailable — showing source text] Home Equity Loan Consumer Protection Act of 1987 - Amends the Truth in Lending Act to impose additional disclosure requirements for any open end credit plan secured by a consumer's dwelling. Specifies the information to be disclosed as information regarding annual interest rates, finance charge conditions, fees, changes in variable interest rates, and a statement that in the event of any default the consumer risks loss of the dwelling. Imposes additional disclosure requirements for advertisements of open end credit plans secured by consumers' dwellings. Requires such advertisements to disclose a statement of any minimum or fixed amount which could be imposed, periodic rates expressed as annual percentage rates, and any other term which the Federal Reserve Board may by regulation require. Prohibits the use of advertisements for any home equity loan which refer to such loan as "free money" or as a "loan at prime." Requires the Federal Reserve Board to develop and prepare a pamphlet for distribution to consumers which contains: (1) a general description of open end credit plans secured by consumer dwellings and the terms and conditions on which such loans are generally extended; and (…