Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
Should we include vehicle registration fees in the finance charge calculation? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Should we include vehicle registration fees in the finance charge calculation?

—

by

We agree that a fee paid to the Secretary of State for securing your lien on a vehicle’s certificate of title would not be considered a finance charge. The Illinois Vehicle Code provides that the exclusive method of perfecting a lien in a vehicle, by “delivery to the Secretary of State of the existing certificate of title, if any, an application for a certificate of title containing the name and address of the lienholder and the required fee.” 625 ILCS 5/3-202(b). Because the fee is prescribed by law and is necessary to perfect your lien, we think it is excludable.