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Automobile Loan Fees For Insurance Tracking

Question: 
We are considering charging each automobile loan a fee for insurance tracking in lieu of obtaining force place insurance on uninsured borrowers. What compliance related issues do we need to take into consideration?
Answer: 

The fee would be a finance charge and would require disclosure in the TIL calculations.


-February 19
Flood - Dodging the BIG Wave , presented by Lucy Griffin and David Dickinson


First published on BankersOnline.com 2/2/03

First published on 02/02/2003

Filed under: 
Filed under compliance as: 
Filed under lending as: 

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