Thursday, March 28, 2024

Legal

August 2006 Legal Briefs

New Law Provides for Credit Report Freezes Legislative Background Security Freeze Request Authorizing a Temporary Release Is a “Freeze” a Good Idea? Assistance with Temporary Releases Assistance with Security Freezes Lender Exceptions to Security Freeze Other Exceptions to Security Freeze Excluded Entities Notice of Changes Security Freeze Notice Required Fines & Penalties

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May 2006 Legal Briefs

Consumer Loan Dollar Amounts Adjusting on July 1      a. Increased Late Fees    b. “508B” and “508A” Loans    c. Dealer Paper “No Deficiency” Amount   Money Transmitters Must Register With Banking Department July 1 Deadline for Continuation Statements for Oil and Gas Searching UCC-1’s in Only One Filing Office as of July 1, 2006 Duration of Fixture Filings …

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July 2006 Legal Briefs

Deceptive Use of a Bank’s Name in Soliciting Customers Insurance Practices Disclosure of Non-Authorization Comparing the Statutes Exploitation of Disabled or Elderly Adults “Elderly” Defined “Disabled” Not Defined "Lacks Capacity to Consent” “Exploitation” Defined Criminal Penalties Knowledge of Incapacity Reporting to Authorities

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June 2006 Legal Briefs

Amendments to Deposit Account P.O.D. Provisions Understanding the Customer’s Needs First-Choice/Second-Choice POD Authority Charity as POD Beneficiary Required Notice to Accountholders New Provision for Safe Deposit Box “Access on Death”

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April 2006 Legal Briefs

Increased Deposit Insurance Limits for Retirement Accounts “Self-Directed” Requirement Multiple Accounts Credit Unions Funding Opportunities Statement Stuffers Future Increases in Deposit Insurance Feasibility Studies Other Details of Deposit Insurance Reform Legislation Merged Insurance Fund Modified Reserve Ratio Dividend of Excess Funds Credit against Assessments Fund Restoration Plans Cross-Border Scams–Overpaying by Check, Wiring Back Money Procedures to Avoid Losses on Check …

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March 2006 Legal Briefs

Higher Debt Allowed for $150-500 Million Holding Companies Some Advantages Permitted Debt Ratios Reason for the Change Additional Restrictions More New Changes to Regulation E Disclosure at ATM’s Preauthorized Debits Good Faith Errors Stop Payments Extended Time for Raising Errors Extent of Error Investigation Using Multiple CIP Approaches

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February 2006 Legal Briefs

Electronic Check Conversion under Regulation E Electronic Check Conversion Reg E Initial Disclosures Some Exceptions Check Conversion by Merchants Notice at POS Locations Notice for Billing Statements Coupon Books Authorization at POS Authorization on Billing Statements Comparison to ACH Rules Third Party Payment Advantages for Payees Disadvantages for Consumers?

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January 2006 Legal Briefs

Fair Credit Regulation Restricts Use of Medical Information Background “Medical Information” Examples of Not Evaluating Credit Unsolicited Medical Information Financial Information Exception Permitted Gathering of Financial Information Proper Financial Use of Medical Information Improper Use of Medical Information Other Permitted Exceptions Proper Use of Exceptions Limits on Re-disclosure Affiliate Sharing

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December 2005 Legal Briefs

Fed’s Warranty of Authorization for “Telephone Checks” Background Who Uses “Telephone Checks”? What Checks are Covered? Warranty of Authorization FTC Telemarketing Rule Interviewing the Customer   Removing the “Midnight Deadline” Fraud and Errors Limitation on Returning Checks The OBA’s Involvement Homestead Exemption in Oklahoma Bankruptcies: What’s the Dollar Limit?

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October 2005 Legal Briefs

Important Issues in Establishing Tragedy Accounts Using a Real Payee Endorsement Risk Tragedy Victim as Owner? Tax-Deductible Entity Setting up a Trust UTMA Account Risk-Based Approach Bank-Sponsored Account Guidelines for Residential Tract Development Loans Appraisal Methods            Appraising Lots to be Developed        Loan-to-Value Ratios           Single-Unit Construction Loans        Substituting/Releasing Collateral    What is the Loan Amount? Commitment …

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