Compliance Alerts
November 2019
Effective State Changes
ILLINOIS
The document preparation fee or “doc fee” has been increased for 2020 to $300. Effective January 1, 2020.
Effective Federal Changes
CFPB ANNUAL REGULATION M & Z ADJUSTMENTS
The CFPB published its annual Truth in Lending Act threshold adjustment, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. For 2020 the exemption threshold amount for Regulation M and Z is increased from $57,200 to $58,300. Effective January 1, 2020.
PAYDAY, VEHICLE TITLE, AND CERTAIN HIGH-COST INSTALLMENT LOANS
The CFPB issued a final rule to delay the August 2019 compliance date for certain provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans. Compliance for the mandatory underwriting provisions is now delayed until November 19, 2020. Effective August 16, 2019.