Chapter Meeting - Regulatory Update from Joe Falk

May 9th we will be presenting Mr. Joe Falk as our guest speaker. Why Joe? Well our recent trip to Washington D.C. was an eye opener for most of us. You see, it seems that the Department of Labor has decided to target people and companies in the mortgage industry. Rules on how and who is exempt or non-exempt have come into play with “Wage and Hour” as its main focus. Joe Falk is one of the main representatives for the NAMB trying to get clarification on just who these recent events will affect.

5:00 - 6:30 Networking and Meeting Registration
6:30 - 8:00 Dinner & Speaker: Mr. Joe Falk

Costs:

All Members - Free
Non-Members - $20

Florida Legislative Session Ends

The 2006 Session was exciting and sometimes contentious. The St. Petersburg Times gives a wrap-up of the winners and losers.

Insurance Reform = Insurance Rate Hike

In a late night end to the legislative session, lawmakers passed changes to insurance programs that cover the otherwise uninsurable through Citizen's Property & Casualty. The changes will mean increases in rates and surcharges to make up deficits from the last two hurricane seasons that battered Florida homes and businesses.

Read the Daytona Beach NJ Article on Insurance Reforms.

Consumer Credit Freeze

A bill that will have a more immediate effect on Mortgage Brokers and their customers is HB 0037, the "Security of Consumer Report Information" The bill defines "security freeze," authorizes a consumer to place a security freeze on his or her consumer report, authorizes a consumer to allow specified temporary access to his or her consumer report during a security freeze, authorizes a consumer reporting agency to charge a fee to place, remove, or temporarily lift a security freeze, prohibits a consumer reporting agency from charging a fee to specified persons, provides for civil remedy, etc.

Important to mortgage brokers is that this bill specifically exempts creditors with existing relationships from the provisions of the freeze. Meaning your customer who has enacted a freeze on his or her account and comes to you for a mortgage might wait up to three days and have to pay a fee to release credit information to you. If that same customer goes to his or her bank, they can apply for credit the same day. Keep an eye on this law as it goes into effect July 1, 2006.

Read more about HB 0037, Including the Full Text.

MEMBERSHIP

Members enjoy many benefits with FAMB. Discounts at the convention and other events, free continuing education, access to many group rates on insurance, overnights, pre-paid legal. If you're not a member yet, don't wait. Join today! Find out more about membership.

QUESTIONS?

For questions, suggestions, or comments regarding the Central Florida Chapter of FAMB or this newsletter, please email Kelly Guldi at newsletter@FAMBCentralFlorida.com.