Questions and Answers

Under the open-end credit rules of Regulation Z, the consumer has the right to rescind any of the following:

• The creation of the plan
• Any increase in the credit limit
• Any security interest that is added to or increased under an existing plan
• Each credit extension made under the plan (unless the extension is made in accordance with a previously established credit limit for the plan)

Neither reducing the interest rate nor extending the maturity date fits any of these circumstances.  Our conclusion would be that the consumer does not have the right to rescind any aspect of this transaction.