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Force Placement Rule

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  • #4611
    rcooper
    Keymaster

    This question was originally posted in our Compliance Master Group forum by ScottH.

    Is the rule effective for policies force placed after the effective date or for charges assessed after the effective date? Our force place company does not charge until thirty days after the date of force placement so if we force place today and no notices were sent the customer will not be charged until after January 10th.

    #4612
    rcooper
    Keymaster

    This is something that isn’t clearly stated in the rule. Until we have further information, we assume it applies to loans with policies expiring after the effective date.

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