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TITLE 750 DEPARTMENT OF FINANCIAL INSTITUTIONS

Emergency Rule
LSA Document #08-119(E)

DIGEST

Amends 750 IAC 1-1-1 to change the dollar amounts in the Uniform Consumer Credit Code. Authority: IC 4-22-2-37.1(a)(6). Effective July 1, 2008.



SECTION 1. 750 IAC 1-1-1 IS AMENDED TO READ AS FOLLOWS:

750 IAC 1-1-1 Dollar amounts in consumer credit code
Affected: IC 24-4.5; IC 24-9-2-8

Sec. 1. The dollar amounts in the Indiana Uniform Consumer Credit Code which are required to be changed by IC 24-4.5-1-106, as amended, shall, on July 1, 2006, 2008, be as set forth in each of the following Indiana Uniform Consumer Credit Code sections:

IC 24-4.5 as Amended  Dollar Amounts  Provision Relating to: 
2-201(7)  1,020/3,400 1,050/3,500  Graduated rate scale (sales) 
2-201(8)  39 42  Minimum credit service charge 
2-203.5(5)  17 17.50  Delinquency charge (sales) 
2-407(4)  1,020/3,400 3,500/1,050  Security interest (sales or leases) 
3-201(7)  39 42  Minimum loan finance charge 
3-203.5(5)  17 17.50  Delinquency charge (loans) 
3-508(6)  1,020/3,400 1,050/3,500  Graduated rate scale (supervised loans) 
3-508(6) 3-508(7)  39 42  Minimum loan finance charge 
3-510(2)  3,400 3,500  Land as security (loans) 
3-511(2)  1,020/3,400 1,050/3,500  Maximum loan term 
4-301(4)  1,020 1,050  Property insurance 
5-103(7)  3,400 3,500  Deficiency judgment 
7-104(2)  550  Principal loan amount 
7-201(4)  550  Graduated rate scale 
7-404(3)  550  Combined loan amounts 
IC 24-9-2-8  40,000  High cost home loan 
(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)

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 shall change as of July 1 of each even-numbered year as provided by IC 24-4.5-1-106(2).
(2) The information and date necessary to calculate the changes in the dollar amounts are not obtainable from the department of labor in time to promulgate such rule according to the procedures set forth in IC 4-22-2 and have such rule in effect by July 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.

LSA Document #08-119(E)
Filed with Publisher: February 22, 2008, 12:10 p.m.

Posted: 03/05/2008 by Legislative Services Agency

DIN: 20080305-IR-750080119ERA
Composed: Feb 25,2024 3:31:56PM EST
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