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.
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.
Jack’s Compliance Resource offers many products including policy and procedure updates, Director/Senior Manager Updates, Training Manuals, Flowcharts, Checklists and more. To see our Reg X products click here: Reg X Marketplace