The following information is presented by the Carleton Research Department. In order to keep our customers abreast of what is happening in the consumer credit and credit insurance industries, the following law changes have been compiled for your review. Please check to see if any of the listed changes will impact your operations.
*This alert is intended to convey general information only and not to provide legal advice or opinions.
The North Carolina Insurance Department published an Advisory Memorandum modifying the maximum effective credit Involuntary Unemployment Insurance (IUI) rates.
Based on aggregate data for average rates for Single Premium and MOB, the commissioner found that the current rates are significantly above the appropriate level. The Department had adopted a policy of gradual reduction of maximum rates to avoid market disruptions. The maximum premium rates for full term single premium benefits will be adjusted as follows, effective February 1, 2018:
The Consumer Financial Protection Bureau and the Federal Reserve Board have announced the dollar threshold amounts for Regulation Z and Regulation M that will determine exempt consumer credit and lease transactions for 2018. The adjusted threshold amount will be $55,800 effective January 1, 2018. The current threshold is $54,600.