[mdunker]

Is federal preemption still available, it looks like our software provider has removed this checkbox from our system, but i am not sure why. We originate our loans from Indiana, and without the premetion then we can only charge a max late fee of $18.50. Are we missing something witht this?

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[rcooper]

mdunker,
I’ve sent your question to Jack. He’ll respond as soon as possible.
Thanks!

[jholzknecht]

I assume you are referring to the federal preemption to state usury statutes that has been in place since the ’80s. I am not aware of any change in federeal law that impacts the preemption. You should check with your vendor for clarification of why the box was eliminated. I suspect it is part of ongoig streamlining efforts.

[Author]

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