TITLE 750 DEPARTMENT OF FINANCIAL INSTITUTIONS
Emergency Rule
LSA Document #10-103(E)
DIGEST
Amends 750 IAC 1-1-1 to change the dollar amounts in the Uniform Consumer Credit Code, home loan practices, and bankruptcy exemptions. Authority: IC 4-22-2-37.1(a)(6). Partially effective March 1, 2010, and partially effective July 1, 2010.
750 IAC 1-1-1 Dollar amounts in consumer credit code, home loan practices, and bankruptcy exemptions
Authority: IC 24-4.5-1-106; IC 24-4.5-6-107
Sec. 1. (a) The dollar amounts in the Indiana Uniform Consumer Credit Code IC 24-4.5 which are required to be changed by IC 24-4.5-1-106, as amended, shall, on July 1, 2008, 2010, be as set forth in each of the following Indiana Uniform Consumer Credit Code sections.
(b) The dollar amount change set forth in IC 24-9-2-8 takes effect July 1, 2010.
(c) The dollar amount changes set forth in IC 34-55-10-2 take effect March 1, 2010.
| | |
IC 24-4.5 as Amended | Dollar Amounts | Provision Provisions Relating to |
2-201(7) IC 24-4.5-2-201(7) | 1,050/3,500 | Graduated rate (sales) |
2-201(8) IC 24-4.5-2-201(8) | 42 45 | Minimum credit service charge |
2-203.5(5) IC 24-4.5-2-203.5(5) | 17.50 | Delinquency charge (sales) |
2-407(4) IC 24-4.5-2-407(4) | 3,500/1,050 | Security interest (sales or leases) |
3-201(7) IC 24-4.5-3-201(7) | 42 45 | Minimum loan finance charge |
3-203.5(5) IC 24-4.5-3-203.5(5) | 17.50 | Delinquency charge (loans) |
3-508(6) IC 24-4.5-3-508(6) | 1,050/3,500 | Graduated rate (supervised loans) |
3-508(7) IC 24-4.5-3-508(7) | 42 45 | Minimum loan finance charge |
3-510(2) IC 24-4.5-3-510(2) | 3,500 | Land as security (loans) |
3-511(2) IC 24-4.5-3-511(2) | 1,050/3,500 | Maximum loan term |
| 4-301(4) IC 24-4.5-4-301(4) | 1,050 | Property insurance |
5-103(7) IC 24-4.5-5-103(7) | 3,500 | Deficiency judgment |
7-104(2) IC 24-4.5-7-104(2) | 550 | Principal loan amount |
7-201(4) IC 24-4.5-7-201(4) | 550 | Graduated rate scale |
7-404(3) IC 24-4.5-7-404(3) | 550 | Combined loan amounts |
| IC 24-9-2-8 | 40,000 | High cost home loan |
| IC 34-55-10-2(c)(1) | 17,600 | Real estate family residence |
| IC 34-55-10-2(c)(2) | 9,350 | Other real estate or tangible property |
| IC 34-55-10-2(c)(3) | 350 | Tangible personal property |
(Department of Financial Institutions; Uniform Consumer Credit Reg No. 1, Sec I; filed Jul 6, 1978, 9:30 a.m.: 1 IR 393, eff Jul 1, 1978; filed Oct 15, 1980, 2:30 p.m.: 3 IR 2189, eff Jul 1, 1980; filed Apr 20, 1982: 5 IR 1194, eff Jul 1, 1982; filed Apr 11, 1984, 2:45 p.m.: 7 IR 1257, eff Jul 1, 1984; emergency rule filed Apr 25, 1986, 3:40 p.m.: 9 IR 2210, eff Jul 1, 1986; emergency rule filed Sep 5, 1986, 10:05 a.m.: 10 IR 81, eff Sep 5, 1986; filed Jan 6, 1987, 10:10 a.m.: 10 IR 1083; emergency rule filed Mar 28, 1988, 1:37 p.m.: 11 IR 2905, eff Jul 1, 1988; emergency rule filed May 14, 1992, 2:00 p.m.: 15 IR 2267, eff Jul 1, 1992; emergency rule filed Mar 21, 1994, 10:30 a.m.:17 IR 1917, eff Jul 1, 1994; emergency rule filed Mar 18, 1996, 10:05 a.m.: 19 IR 2092, eff Jul 1, 1996; emergency rule filed Mar 17, 1998, 11:20 a.m.: 21 IR 3026, eff Jul 1, 1998; emergency rule filed Mar 14, 2002, 1:38 p.m.: 25 IR 2540, eff Jul 1, 2002; emergency rule filed Feb 16, 2004, 11:24 a.m.: 27 IR 2297, eff Jul 1, 2004; emergency rule filed Mar 13, 2006, 1:25 p.m.: 29 IR 2583, eff Jul 1, 2006; emergency rule filed Feb 22, 2008, 12:10 p.m.: 20080305-IR-750080119ERA, eff Jul 1, 2008; emergency rule filed Feb 11, 2010, 2:52 p.m.: 20100224-IR-750100103ERA)
SECTION 2. Under IC 24-4.5-6-107, the department of financial institutions declares an emergency to exist and issues this document accordingly for the following reasons:
(1) The dollar amounts of the uniform consumer credit code and home loan practices shall change as of July 1 of each even-numbered year as provided by IC 24-4.5-1-106(2) and IC 24-9-2-8, respectively. The bankruptcy exemption dollar amounts shall change by March 1 of every sixth even-numbered year, starting March 1, 2010, as provided by IC 34-55-10-2.5.
(2) The information and data necessary to calculate the changes in the dollar amounts are not obtainable from the department of labor in time to promulgate a rule according to the procedures set forth in IC 4-22-2 and have such rule in effect by March 1. The department of financial institutions is exempt from such procedures by IC 4-22-2-37.1.
(3) Therefore, the department deems necessary the utilization of this emergency provision provided them by IC 4-22-2-37.1.
(4) IC 24-9-2-8, high cost home loan, provides for adjustment to dollar amounts at the time and according to the procedure set forth in the provisions of IC 24-4.5-1-106 concerning the adjustment of dollar amounts in IC 24-4.5.
(5) IC 34-55-10-2, bankruptcy exemptions, contains dollar amounts that are subject to change by rule adopted by the department of financial institutions under IC 4-22-2.
SECTION 3. (a) SECTION 1(a) and (b) of this document [SECTION 1(a) and 1(b) of this document] take effect July 1, 2010.
(b) SECTION 1(c) of this document takes effect March 1, 2010.
Filed with Publisher: February 11, 2010, 2:52 p.m.
Posted: 02/24/2010 by Legislative Services Agency
DIN: 20100224-IR-750100103ERA
Composed: Apr 23,2024 10:10:05AM EDT
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