ABA Staff Analysis: Interim Rule Amending Regulation Z: Summary Information Regarding Interest Rates and Payment Changes
|
|
- Marilyn Webb
- 5 years ago
- Views:
Transcription
1 Summary ABA Staff Analysis: Interim Rule Amending Regulatin Z: Summary Infrmatin Regarding Interest Rates and Payment Changes September 2010 The Bard published interim rule (75 FR ) changes and sliciting cmments fr amendments t Regulatin Z, which implements the Truth in Lending Act (TILA). The new interim rule implements Cngressinal directives cntained in the Mrtgage Disclsure Imprvement Act f 2008 (MDIA), which amended TILA t add new timing requirements and cnsumer prtectins in hmesecured transactins. 1 Under this interim rule, creditrs that extend credit secured by real prperty r a dwelling must disclse summarized infrmatin abut interest rates and payment changes. The interest rate and payment summary tables replace the payment schedule previusly required as part f the TILA disclsure fr mrtgage transactins. The interim rule mandates that such summaries be presented in tabular frmat. The rule adds a statement infrming cnsumers that they are nt guaranteed t be able t refinance their lans in the future. Effective Dates This interim rule is effective Octber 25, Bard clarifies that cmpliance with its requirements is ptinal until January 30, In rder t cmply with the time deadlines impsed by MDIA, the new rule requirements are mandatry fr transactins fr which an applicatin fr credit is received by the creditr n r after January 30, The Bard is als sliciting cmments n this interim rule, which must be received n r befre Nvember 23, The Bard states that it is issuing an interim rule, rather than a final rule, because it intends t cnduct additinal testing f this and ther disclsure requirements, and may revise these interim prvisins further in light f further testing results. Scpe The Bard s interim rule applies t clsed-end credit transactins secured by real prperty r a dwelling, and excludes lans secured by interests in timeshare plans. The rule therefre requires interest rate and payment summary tables fr all transactins secured by real prperty r a dwelling, including fixed-rate, fixed-payment mrtgages. Reverse Mrtgages: Under the interim rules, reverse mrtgages are subject t Sectin (s) and (t), but they will be excluded frm the definitin f a negative amrtizatin mrtgage. Timeshares: Lans secured by interests in timeshare plans are nt subject t new Sectin (s) and (t), but wuld be subject t Sectin (g) requiring an exact payment schedule t be disclsed in accrdance with the prvisins f that sectin. Rule Cntent Fr full understanding f the new disclsures mandated under the interim rule, readers must examine the mdel frms set frth by the Bard under Appendix H t the regulatins. These mdel frms are reprduced belw, as an attachment t this summary. 1 The MDIA is cntained in Sectins 2501 thrugh 2503 f the Husing and Ecnmic Recvery Act f 2008, Pub.L , enacted n July 30, The Bard implemented an initial prtin these MDIA requirements in final rules published n May 19, 2009, and effective July 30, See 74 FR (May 19, 2009). The current rules were published n September 24, See 75 FR
2 Interest Rate and Payment Summary The Bard is adpting a new Sectin (s) that will replace the current payment schedule disclsure fr clsed-end cnsumer credits (fund in Sectin (g)) with a new interest rate and payment summary table fr a transactin secured by real prperty r a dwelling. Sectin (g) will remain in place, but will apply nly t lans that are nt secured by real prperty r a dwelling; that sectin is therefre amended t exclude prperty r dwelling-secured transactins frm its cverage. The Bard crafted the interim rules in a manner that permits their applicatin t all types f lan prducts. The precise detail and presentatin f the disclsure will vary upn the specific characteristics f the particular lan prduct. Since the applicatin f these new rules t actual prducts can vary accrding t the details f the individual prducts, the interim rule and accmpanying cmmentaries prvide varius sets f examples t prperly illustrate the crrect applicatin f the new prvisins. The new Sectin (s) requires creditrs t disclse the cntract interest rate, regular peridic payment, and balln payment if applicable. Creditrs must prvide the infrmatin abut interest rates and payments in the frm f a table, and creditrs are nt permitted t include ther, unrelated infrmatin in the table. Fr all amrtizing lans, creditrs must separately itemize an estimate f the amunt fr taxes and insurance if the creditr will establish an escrw accunt. Under (s)(1), the table must be in a minimum 10-pint fnt t ensure that it is clear and cnspicuus. (TILA s current fnt and size requirements generally state that n minimum type size is mandated fr the disclsures.) The regulatry elements applicable t the varius cmbinatins f interest rate prducts are as fllw Amrtizing Lans (18(s)(2)(i)) Fr a fixed-rate mrtgage with n scheduled payment increases r balln payments, the creditr disclses nly ne interest rate. Creditrs must disclse the interest rate applicable at cnsummatin. Fixed-rate lans with payment increases require the creditr t disclse the interest rate alng with each payment increase, even if the interest rate des nt change. Sectin (s)(2)(i)(C) prvides that, where payment increases will nt cincide with an interest rate adjustment, the creditr must include a clumn that disclses the interest rate that wuld apply at the time the adjustment is scheduled t ccur, and the date n which the increase wuld ccur. Fr a fixed-rate mrtgage, the creditr shws the same interest rate twice. Fr adjustable-rate r step-rate amrtizing lans, the rule requires up t three interest rates and crrespnding peridic payments, including the maximum pssible interest rate and payment. Sectin 128(b)(2)(C) requires creditrs t disclse examples f payment increases, including the maximum pssible payment, fr adjustable-rate mrtgages and ther mrtgages where payments may vary. Sectin (s)(2)(i)(B)(1), requires disclsure f the interest rate at cnsummatin and the perid f time until the first adjustment, labeled as intrductry rate and mnthly payment. Sectin (s)(2)(i)(B)(2) requires disclsure f the maximum pssible rate at any time during the first five years after cnsummatin, even if that is nt the first adjustment, and the earliest date that rate may apply. Sectin (s)(2)(i)(B)(3) requires creditrs t disclse the maximum interest rate that culd apply at any time, and the earliest date n which that rate culd apply, as required by TILA Sectin 128(b)(2)(C). Sectin (s)(2)(i)(C) prvides that, where payment increases will nt cincide with an interest rate adjustment, the creditr must include a clumn that disclses the interest rate that wuld apply at the time the adjustment is scheduled t ccur, and the date n which the increase wuld ccur. In such instances, creditrs must include a clumn that 2
3 disclses the interest rate that will apply at the time f the increase, the date the increase is scheduled t ccur, and an apprpriate descriptin such as first increase r first adjustment, as apprpriate. Negative Amrtizing Lans (18(s)(2)(ii)) Fr negative amrtizatin lans, fr which any scheduled payment may cause the principal balance t increase, Sectin (s)(2)(ii) requires disclsure f the interest rate applicable at cnsummatin. Fr ARM lans that d nt prvide any limitatins n interest rate increases ( caps ), the creditr must disclse the rate applicable at cnsummatin and assume that the interest rate reaches the maximum at the next adjustment. Sectin (s)(6) requires a statement f the amunt f the increase in the lan s principal balance if the cnsumer makes nly minimum payments and the earliest mnth and year in which the minimum payment will recast t a fully amrtizing payment, assuming that the interest-rate reaches its maximum at the earliest pssible time. T further infrm cnsumers, this sectin requires a statement directly abve the summary table explaining that the lan ffers payment ptins. The explanatin preceding the table als must state the maximum pssible interest rate and the smallest number f mnths r years in which the interest rate culd reach its maximum. Intrductry Rate Disclsure fr Amrtizing Adjustable-Rate Mrtgages (18(s)(2)(iii)) In instances f adjustable-rate mrtgages that have an intrductry r teaser rate set belw the sum f the index and margin used fr later adjustments, Sectin (s)(2)(iii) requires An explanatin f the intrductry rate belw the table; Disclsure f the intrductry rate, hw lng it will last, and that the interest rate will increase at the first scheduled adjustment even if market rates d nt increase; The fully indexed rate that therwise wuld apply at cnsummatin. The Bard clarifies that fr early disclsures required t be delivered within three business days after receipt f an applicatin (under (a)(1)), the fully-indexed rate disclsed under Sectin (s)(2)(iii)(C) may be based n the index in effect at the time the disclsure is prvided. This is set frth in Cmment 18(s)(2)(iii)(C)-1. Principal, Interest Payments, and Escrws (18(s)(3)(i)) Sectin (s)(3)(i) requires disclsure f the principal and interest payment that crrespnds t each interest rate disclsed under Sectin (s)(2)(i). Under Sectin (s)(3)(i), if all regular peridic payments include principal and interest, each disclsed payment amunt must be listed in a single rw in the table with a descriptin such as principal and interest. Sectin (s)(3)(i)(C) prvides that, if an escrw accunt will be established, the creditr must disclse the estimated payment amunt fr taxes and insurance, including any mrtgage insurance. The rules prvide that the escrw amunt must include mrtgage insurance premiums even if they are nt escrwed. The Bard has determined that escrw payments are an imprtant piece f cnsumer infrmatin, and under these new rules, fr purpses f transactins secured by real prperty r a dwelling, creditrs may n lnger pt t exclude escrw accunts as prvided in existing Sectin (g). The Bard is further cnsidering whether taxes and insurance estimates shuld be included even when n escrw accunt is established. Cmment 18(s)(3)(i)(C)-1 clarifies the types f taxes and insurance that are required t be included in the estimate. Include amunts fr prperty taxes and mrtgage-related insurance items required by the creditr, such as insurance against lss f r damage t prperty, 3
4 r against liability arising ut f the wnership r use f the prperty, r insurance prtecting the creditr against the cnsumer's default r ther credit lss. Exclude premiums fr credit insurance, debt suspensin and debt cancellatin agreements. Nte that payment amunts under (s)(3)(i) shuld reflect the cnsumer s mrtgage insurance payments until the date n which the creditr must autmatically terminate cverage under applicable law. Payment amunts under (s)(3)(i) shuld reflect the cnsumer s mrtgage insurance payments. This amunt is included whether r nt the lan carries an escrw accunt. The mrtgage insurance premiums must be calculated until the date n which the creditr must autmatically terminate cverage under applicable law (even thugh the cnsumer may have a right t request that the insurance be cancelled earlier). Sectin (s)(3)(i)(D) requires disclsure f the ttal estimated mnthly payment, which includes the sum f the principal and interest payments (required under Sectin (s)(3)(i)(A) r (B)), and the estimated taxes and insurance payments required t be disclsed (under Sectin (s)(3)(i)(C)). Payments fr Negative Amrtizatin Lans (18(s)(4)) Fr each interest rate disclsed under (s)(2)(ii) fr a negative amrtizatin lan, the creditr must disclse payments in tw separate rws, as fllws First rw shws the fully amrtizing payment fr each interest rate; Secnd rw shws the minimum required payment fr each rate, until the recast pint. At the recast pint, the minimum payment rw shws the fully amrtizing payment. The interest rate and payment summary wuld display nly tw payment ptins, even if the terms f the legal bligatin prvide fr thers the ptin t make minimum payments that result in negative amrtizatin, and the ptin t make fully amrtizing payments. Under Sectin (s)(4)(i)(C), creditr must prvide a statement that the minimum payment will cver nly sme f the accrued interest and nne f the principal and will cause the principal balance t increase. Sectin (s)(4)(ii) requires disclsure f the fully amrtizing payment that will be required at recasts (when minimum payments n lnger are permitted and fully amrtizing payments are required). This payment amunt must reflect the maximum pssible interest rate that will be applicable at that time, based n the cntract terms. Sectin (s)(4)(iii) requires disclsure f the fully amrtizing payment, assuming that the cnsumer makes nly fully amrtizing payments beginning at cnsummatin. The fully amrtizing payment rw must be cmpleted fr each interest rate required t be disclsed. Balln Payments (18(s)(5)) In instances f balln ntes, Sectin (s)(5)(i) prvides that the balln payment must be disclsed in the last rw f the table rather than in a clumn, unless it cincides with an interest rate adjustment r ther payment increase such as the expiratin f an interest-nly ptin. If a balln cincides with an interest rate adjustment r ther payment increase, the balln payment is disclsed in the table as that payment increase. Sectin (s)(5)(i) prvides that a payment is a balln payment if it is mre than twice the amunt f ther payments. MDIA Refinancing Warning MDIA amended TILA t require creditrs t disclse fr variable rate transactins, in cnspicuus type size and frmat, that there is n guarantee that the cnsumer will be able t refinance the transactin t 4
5 lwer the interest rate r mnthly payments ( MDIA refinancing warning ) U.S.C. 1638(b)(2)(C)(ii). T implement this change, the Bard is adding new prvisins under Sectin (t). Sectin (t)(1) requires creditrs t disclse a statement that there is n guarantee that the cnsumer will be able t refinance the lan t btain a lwer interest rate and payment. The Bard is expanding the scpe f this requirement t include fixed-rate transactins secured by a dwelling, as well as transactins secured by real prperty withut a dwelling. Sectin (t)(2) prvides frmat requirements fr the MDIA refinancing warning. The statement must be made in a frm substantially similar t Mdel Clause H-4(K) in Appendix H. Mdel Frms and Clauses The interim rule sets frth mdel clauses t illustrate the new requirements under this regulatin. Mdel Clause H-4(E) illustrates the interest rate and payment summary table required under Sectin (s) fr a fixed-rate mrtgage transactin. Mdel Clause H-4(F) illustrates the table fr an adjustable-rate r a step-rate mrtgage transactin. Mdel Clause H-4(G) illustrates the table fr a mrtgage transactin with negative amrtizatin. Mdel Clause H-4(H) illustrates the table fr a fixed-rate lan with interest-nly terms. Mdel Clause H-4(I) illustrates the intrductry rate disclsure required by Sectin (s)(2)(iii) if an adjustable-rate mrtgage has an intrductry rate. Mdel Clause H-4(J) illustrates the balln payment disclsure required by Sectin (s)(5) fr a mrtgage with a balln payment term. Mdel Clause H-4(K) illustrates the n-guarantee-t-refinance statement required by Sectin (t). The mdel frms and clauses are set frth belw. * * * * * 5
6 6
7 H-4(I) Intrductry Rate Mdel Clause Intrductry Rate Ntice Yu have a discunted intrductry rate f % that ends after (perid). In the (perid in sequence), even if market rates d nt change, this rate will increase t %. H-4(J) Balln Payment Mdel Clause Final Balln Payment due (date): $ H-4(K) N-Guarantee-t-Refinance Statement Mdel Clause There is n guarantee that yu will be able t refinance t lwer yur rate and payments. * * * * * Questins? Cntact Rd Alba fr mre infrmatin. 7
ABA Staff Analysis: Rules Regarding Loan Originator Compensation Policies
ABA Staff Analysis: Rules Regarding Lan Originatr Cmpensatin Plicies September 2010 Final Rule Issued: August 16, 2010 On August 2010, the Federal Reserve Bard issued rules impsing restrictins regarding
More informationQuick Reference Guide
Quick Reference Guide Accunting Standard Update 2016-01 "Financial Instruments Overall: Recgnitin and Measurement f Financial Assets and Financial Liabilities" Why d I need this Quick Reference Guide?
More informationaddress: Driver license number: Date of birth: Occupation:
MEMBERSHIP APPLICATION PRIMARY MEMBER INFORMATION Name: Scial security Member Number: Hme phne: Cell phne: Business phne: Mther s Maiden Name: Security passwrd: Mailing address: City: State: ZIP Cde: Street
More informationSummary of the TILA-RESPA Integrated Disclosure (TRID) Rule
Summary f the TILA-RESPA Integrated Disclsure (TRID) Rule Octber 2015 1603 22nd St., Suite 102 West Des Mines, IA 50266 515.453.1495 Fax: 515.453.1498 cbia@cbianline.rg www.cbianline.rg Summary f the TILA-RESPA
More informationTRID Rule Purchase For Applications dated on or after 10/3/2015
Fr Applicatins dated n r after 10/3/2015 This dcument prvides a brief verview f the TRID Rule s requirements and specifies the purchase requirements fr CMG Mrtgage, Inc., dba CMG Financial, (CMG). CMG
More informationProposed Rule to Enhance Consumer Protections and Disclosures for Home Mortgage Transactions
September 17, 2010 Prpsed Rule t Enhance Cnsumer Prtectins and Disclsures fr Hme Mrtgage Transactins By Jseph Gabai Backgrund On August 16, 2010, the Federal Reserve Bard ( Bard ) issued tw prpsed rules
More information1. Accounts Payable > Tasks > Transactions > Recurring Bills
1. Accunts Payable > Tasks > Transactins > Recurring Bills 1. On the Applicatins menu bar pint t Accunts Payable > Tasks > Transactins > Recurring Bills, and then click + t the left f the Recurring Bills.
More informationEPPA Update Issued September 2012 / Updated October, 2012 Defined Benefit Funding Relief Provisions
EPPA Update 12-01 Issued September 2012 / Updated Octber, 2012 Defined Benefit Funding Relief Prvisins - 2012 In respnse t the decline f slvency discunt rates, the Emplyment Pensin Plans (Partial Exemptin
More informationUPDATE ON MORTGAGE SERVICING & APPRAISAL GUIDELINES
THURSDAY OCTOBER 17, 2013 2 3 PM CENTRAL TIME UPDATE ON MORTGAGE SERVICING & APPRAISAL GUIDELINES Agata Maurer Senir Managing Cnsultant BKD, LLP amaurer@bkd.cm Wanda Andersn Senir Managing Cnsultant BKD,
More informationTerms and Conditions 19 December 2018
Stck and Shares Lifetime ISA (Prperty Saver) Terms and Cnditins 19 December 2018 These Terms, tgether with the Applicatin Frm, frm a legal agreement between yu and us which sets ut hw the Lifetime ISA
More informationLMA GUIDANCE: GDPR CORE USES INFORMATION NOTICE
LMA GUIDANCE: GDPR CORE USES INFORMATION NOTICE FEBRUARY 2018 NOTE: This guidance and the Lndn Market Cre Uses Infrmatin Ntice will be updated when the UK Data Prtectin Bill is enacted the Bill currently
More informationUnderstanding Loan Product Advisor s Determination of Total Monthly Debt for Conventional Loans
Understanding Lan Prduct Advisr s Determinatin f Ttal Mnthly As indicated in Freddie Mac s Single-Family Seller/Servicer Guide (Guide) Sectin 5401.2, the Brrwer's liabilities must be reflected n the Mrtgage
More informationDetails of Rate, Fee and Other Cost Information
Details f Rate, Fee and Other Cst Infrmatin Accunt terms are nt guaranteed fr any perid f time. All terms, including fees and APRs fr new transactins, may change in accrdance with the Credit Card Agreement
More informationPuerto Rico Treasury Department Finally Grants Relief to Participants Affected by Hurricane Maria
Nvember 16, 2017 If yu have questins, please cntact yur regular Grm attrney r ne f the attrneys listed belw: Juan Luis Alns jalns@grm.cm (202) 861-6632 Elizabeth T. Dld edld@grm.cm (202) 861-5406 David
More informationTHE CROWDFUND ACT OF 2012 (TITLE III OF THE JOBS ACT): SUMMARY OF LAW AND MAJOR ISSUES RAISED IN PRE-COMMENTS TO THE SEC
THE CROWDFUND ACT OF 2012 (TITLE III OF THE JOBS ACT): SUMMARY OF LAW AND MAJOR ISSUES RAISED IN PRE-COMMENTS TO THE SEC New crwdfunding exemptin 4(6) The Act adds a new exemptin frm registratin under
More informationLICENSEE STANDARDS. Life Insurance Advice. (including Replacement of Product Advice)
LICENSEE STANDARDS Life Insurance Advice (including Replacement f Prduct Advice) Versin 1.0 Octber 2017 0 OVERVIEW Advice relating t persnal risk insurance (bth attached t superannuatin and stand-alne)
More informationRELATE ACCOUNTS PRODUCTION. Limited Liability Partnership (UK) Format
RELATE ACCOUNTS PRODUCTION Limited Liability Partnership (UK) Frmat The Limited Liability Partnership (LLP) frmat fllws the applicable regulatins: Limited Liability Partnership Act 2000 Limited Liability
More informationBest Execution & Client Order Execution Policy. October P age 1 6. BE31/10/17 v1
Best Executin & Client Order Executin Plicy Octber 2017 BE31/10/17 v1 P age 1 6 Cntents 1. Backgrund... 3 2. Order placement... 3 3. Order executin factrs... 3 4. Order executin plicy... 3 5. Order executin
More informationHawaii Division of Financial Institutions 2018 Renewal Checklist
Hawaii Divisin f Financial Institutins 2018 Renewal Checklist Instructins Renewal requests must be submitted thrugh by the date specified by yur state regulatr(s). Click here t review all renewal deadlines,
More informationABA Staff Analysis: OTS proposed supplement to Overdraft Guidance
ABA Staff Analysis: OTS prpsed supplement t Overdraft Guidance April 2010 On April 23, 2010, the OTS released fr cmment a prpsed supplemental guidance n verdraft prtectin 1 t update its Overdraft Guidance
More informationRenewing an Insurance Policy
AGENTS, BROKERS Renewing an Insurance Plicy This renewal prcedure is designed t help representatives respect their bligatins when renewing an insurance plicy. Essentially, these bligatins are spelled ut
More informationAbility to Repay and Qualified Mortgage Rule
Annuncement 14-12 Date: February 11, 2014 Tpic: Clarificatin t Annuncements 13-79, 13-87, 14-02 Regarding Ability t Repay and Qualified Mrtgage Rule This annuncement is intended t prvide further clarity
More informationFreddie Mac Home Possible Mortgages
Freddie Mac Hme Pssible Mrtgages A respnsible, lw dwn payment mrtgage ptin fr first-time hmebuyers and lwand mderateincme brrwers Freddie Mac Hme Pssible and Hme Pssible Advantage mrtgages (cllectively
More informationElectronic Services Agreement (INDIVIDUAL)
Electrnic Services Agreement (INDIVIDUAL) This Agreement ("the Agreement") describes yur rights and bligatins as a user f the Online Banking Services, the Bill Payment Service and/r any similar Internet-based
More informationSummary of Dodd-Frank Provisions
/ / September 28, 2010 Summary f Ddd-Frank Prvisins Prxy Access/Directr Nminatin Overview. Sharehlder-nminated directr candidates must be included in the cmpany s prxy materials prvided that certain cnditins
More informationConsumer Buy to Let Mortgage
Cnsumer Buy t Let Mrtgage What is it? Cnsumer buy-t-let (CBTL) mrtgages are any buy-t-let cntracts that are nt entered int by an individual whlly r predminantly fr the purpse f a business. They are usually
More informationThe UK Register of Trusts 21 December 2017
The UK Register f Trusts 21 December 2017 If yu are a trustee f a UK resident trust r f a nn-resident trust which has UK assets r UK surce incme yu may need t take actin befre 5 January 2018. Backgrund
More informationFirst-time Adoption of IFRSs
Chapter 20 First-time Adptin f IFRSs TABLE OF CONTENTS Standards Update 20-6 Overview f Key Requirements 20-8 Impact n Financial Statements 20-13 Analysis f Relevant Issues 20-14 Objective 20-14 Scpe 20-14
More informationClearing arrangements
Rules Ntice Guidance Nte Dealer Member Rules Please distribute internally t: Internal Audit Legal and Cmpliance Operatins Regulatry Accunting Senir Management Cntact: Richard J. Crner Vice President, Member
More informationHawaii Division of Financial Institutions 2019 Renewal Checklist
Hawaii Divisin f Financial Institutins 2019 Renewal Checklist Instructins Renewal requests must be submitted thrugh by the date specified by yur state regulatr(s). Click here t review all renewal deadlines,
More informationQuestions to OSEP regarding and
Questins t OSEP regarding 303.520 and 303.521 The tpic f Family Cst Participatin (the use f public insurance, private insurance and family fees) has been the subject f discussin and debate ver the years
More informationREFERENCE NUMBER: PFS.PDS.115. TITLE: Patient Billing and Collections CURRENT EFFECTIVE DATE: 01/01/2018. PAGE 1 of 8 SCOPE:
PAGE 1 f 8 SCOPE: This Patient Billing and Cllectins Plicy applies t all Presbyterian Healthcare Services (Presbyterian) hspital facilities, including inpatient, utpatient, hme health care services and
More informationClient Advisory. Pension Changes Proposed: Federal Funding and Investment Rules. Proposed Funding Rules. Summary
Client Advisry Pensin Changes Prpsed: Federal Funding and Investment Rules May 7, 2010 Summary On May 3, 2010, the Federal Minister f Finance (Finance) released Regulatins Amending Certain Regulatins Made
More informationChecking and Savings Account Application
Checking and Savings Accunt Applicatin Please use the Checking and Savings Accunt Applicatin t: Open a FREE Checking r Dividend Checking and Opt-in r Out f DCU s Overdraft Payment Service including an
More informationALERT. The SEC s Final Crowdfunding Rules: Still May Not Be a Crowd Pleaser. Author: Issuer and Investor Eligibility.
ALERT Nvember 4, 2015 The SEC s Final Crwdfunding Rules: Still May Nt Be a Crwd Pleaser Authr: Dnna L. Brks (860) 251-5917 dbrks@gdwin.cm On Octber 30, 2015, the Securities and Exchange Cmmissin (the SEC
More informationTHE BOARD OF COMMISSIONERS OF PUBLIC UTILITIES
TITLE: Capital Budget Applicatin Guidelines PAGE 1 f 11 DATE ISSUED: June 2, 2005 (Prvisinal) REVISION DATE: Octber 2007 This plicy is designed t prvide directin as t general administrative prcess utilized
More informationLSI Securities Litigation
Page 1 f 8 ELECTRONIC FILING INSTRUCTIONS I. Imprtant Ntes PLEASE READ In additin t these instructins, please review the details set frth in the claim frm and ntice prir t submitting claims. Electrnic
More informationFAQS ON DEBT CONSOLIDATION PLAN
1. What is Debt Cnslidatin Plan (DCP)? Debt Cnslidatin is a debt refinancing prgram which ffers a custmer the ptin t cnslidate all his unsecured credit facilities (such as credit cards and sme types f
More informationWhat type of Bank is best suited to do BOLI?
Bank Owned Life Insurance (BOLI) Bank Owned Life Insurance (BOLI) is defined as a cmpany wned insurance plicy n ne r mre f its key emplyees that will infrmally fund the financing f emplyee benefits prgrams.
More informationMICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS
Seattle, Washingtn 98101 MICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS D nt cancel any existing plicies until yu receive cnfirmatin f final rates and/r acceptance f the grup by Regence BlueShield (Regence).
More informationPershing Financial Services Guide (FSG) including its Privacy Policy
Pershing Financial Services Guide (FSG) including its Privacy Plicy Issued by Pershing Securities Australia Pty Ltd ABN 60 136 184 962 Australian Financial Services License N. 338 264 Date FSG was prepared:
More informationLincoln LifeGuarantee UL (2013)
Lincln LifeGuarantee UL (23) life insurance prjectin Flexible Premium djustable Life Insurance Plicy Frm UL6 and state variatins theref. Prepared fr: Presented by: lec Smith 35 Mntfrd Ct Sugar Land, TX
More informationYour Guide To Understanding Your Home Financing Choices And The Features Of Your Mortgage
Yur Guide T Understanding Yur Hme Financing Chices And The Features Of Yur Mrtgage At Wells Farg Hme Mrtgage, we understand the imprtant rle yur hme plays in yur life. That s why we are cmmitted t helping
More informationA-1110 Wien. Privacy Notice
Eurfins Lebensmittelanalytik Tel. +43 (1) 944 33 44-0 ffice@eurfins.at www.eurfins.at Privacy Ntice Table f cntents 1 Cntrller infrmatin... 2 2 What infrmatin shuld yu give Eurfins?... 2 3 Why d we use
More informationFlexible Working Policy
Our HR Plicies Flexible Wrking Plicy Aim f the plicy The Kelda Grup is cmmitted t prmting flexibility in the wrkplace and believes that this flexibility can increase mtivatin, prmte wrk-life balance, wellbeing
More informationCONNECTICUT CARPENTERS HEALTH FUND COBRA CONTINUATION COVERAGE ELECTION NOTICE
CONNECTICUT CARPENTERS HEALTH FUND COBRA CONTINUATION COVERAGE ELECTION NOTICE DATE Dear : This ntice cntains imprtant infrmatin abut yur right t cntinue yur health care cverage in the Cnnecticut Carpenters
More informationFinancial reporting update. Client Updates, May 2018
Financial reprting update Client Updates, May 2018 Agenda Accunting standard changes fr 2018 Future changes Accunting Standard Changes fr 2018 Changes t standards applying fr March/June 2018 reprting Amended
More informationGuidelines and Recommendations Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies
Guidelines and Recmmendatins Guidelines n peridic infrmatin t be submitted t ESMA by Credit Rating Agencies 23 June 2015 ESMA/2015/609 Table f Cntents 1 Scpe... 3 2 Definitins... 3 3 Purpse f Guidelines...
More informationChristine Bradshaw, Esq. Sandra González, Esq.
Understanding the Sunshine Act: Dispersing the Cluds f Cnfusin Christine Bradshaw, Esq. Sandra Gnzález, Esq. On March 23, 2010, President Obama signed int law the Patient Prtectin and Affrdable Care Act.
More informationADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY. Page 1 of 10
ADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY Page 1 f 10 TABLE OF CONTENTS Sr. N. Particulars Page Ns. 1. Preamble 3 2. Purpse 3 3. Definitins 3 4. Plicy and Prcedure 5 5. Transactins which d nt
More informationWhat employers need to know about The Patient Protection and Affordable Care Act (PPACA)
What emplyers need t knw abut The Patient Prtectin and Affrdable Care Act (PPACA) 1. It is nw the law. Dept. f Health & Human Services (HHS) guidance is still needed n pen issues. 2. New state insurance
More informationAny line marked with a # sign is for Official Use Only 1
IRM PROCEDURAL UPDATE DATE: 08/13/2014 NUMBER: WI-21-0814-1244 SUBJECT: Streamline Filing Cmpliance Prcedures fr Accunts Management Internatinal IMF AFFECTED IRM(s)/SUBSECTION(s): 21.8.1.27 CHANGE(s):
More informationSEC Adopts Rules to Enhance Order Handling Information Available to Investors
Alert SEC Adpts Rules t Enhance Order Handling Infrmatin Available t Investrs December 14, 2018 On Nv. 2, 2018, the U.S. Securities and Exchange Cmmissin adpted amendments ( Amendments ) t Rule 606 f the
More informationMonthly Newsletter. December 2018
Mnthly Newsletter December 2018 In this issue The New Business Deductin Medicare Part D Open Enrllment 6 Last-Secnd Mney-Saving Tax Mves Retirement Cntributins Get a Bst in 2019 Unclaimed Prperty Tax filing
More informationELECTRONIC FILING INSTRUCTIONS
ELECTRONIC FILING INSTRUCTIONS IN RE VIRTUS INVESTMENT PARTNERS, INC. SECURITIES LITIGATION I. Imprtant Ntes PLEASE READ Electrnic claim submissin is available t institutins filing n their wn behalf r
More informationAn Educational Guide for Individuals. Radius Choice SM. MassMutual s Premier Individual Disability Income Insurance Protection. Insurance Strategies
An Educatinal Guide fr Individuals Radius Chice SM MassMutual s Premier Individual Disability Incme Insurance Prtectin Insurance Strategies HELP MAKE YOUR FINANCIAL FUTURE MORE SECURE Radius Chice is disability
More informationIRS Draft Form W-9 Request for Taxpayer Identification Number and Certification
Francisca N. Mrdi Vice President & Sr. Tax Cunsel Phne: 202.663.5317 Fax: 202.663.5209 fmrdi@aba.cm December 3, 2010 Internal Revenue Service Rm 5203 P.O. Bx 7604 Ben Franklin Statin, NW Washingtn, DC
More informationMichaelFarrellOnline.Wordpress.Com
MichaelFarrellOnline.Wrdpress.Cm NEW IRISH GAAP BACKGROUND Under the Cmpanies Acts, cmpany directrs must prepare accunts fr the cmpany fr each financial year using either: Cmpanies Act individual accunts
More informationSTATE OF NEW YORK MUNICIPAL BOND BANK AGENCY
STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY Recvery Act Bnd Prgram Written Prcedures fr Tax Cmpliance and Internal Mnitring, adpted September 12, 2013 PROGRAM OVERVIEW The State f New Yrk Municipal Bnd
More informationPRODUCT HIGHLIGHTS SHEET
Prepared n: 03/07/18 This Prduct Highlights Sheet is an imprtant dcument. It highlights the key terms and risks f the Aberdeen Glbal Australian Dllar Incme Bnd Fund (the Fund ) and cmplements the Singapre
More informationOverview of Statements of Investment Policies and Procedures (SIPP) Requirements
Financial Services Cmmissin f Ontari Cmmissin des services financiers de l Ontari SECTION: INDEX NO.: TITLE: APPROVED BY: PUBLISHED: Investment Guidance Ntes IGN-005 Overview f Statements f Investment
More informationCAREVEST MORTGAGE INVESTMENT CORPORATION Directions for Completing Retraction Requests
This package is ONLY fr Class A sharehlders f. Cntents f this package (5 pages): - Instructins fr cmpleting yur retractin request - Retractin Request frm fr CareVest Mrtgage Investment Crpratin The February
More informationLOAN PROCESSING, UNDERWRITING, DOCS, FUNDING, POST-CLOSING PROCEDURE - MORTGAGE CREDIT CERTIFICATES
PNP SPECIFICATIONS PNP Name/ Histry Prcedure: Mrtgage Credit Certificates Date Issued: 12/01/2015 Date Effective: 12/01/2015 Date Revised: 04/02/2018 Prductin Channels Accuntable Persnnel/ Department Retail
More informationAMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES
March 2013 AMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES Summary. The Securities and Exchange Cmmissin recently apprved the fllwing amendments t the NASDAQ listing rules relating t cmpensatin cmmittees:
More informationIt is mandatory to have this insurance if the person is living within a participating National Flood
Natinal Fld Insurance Prgram D I have t have it? It is mandatry t have this insurance if the persn is living within a participating Natinal Fld Insurance Prgram (NFIP) cmmunity, and in a Special Fld Hazard
More informationAGENCY HIGH LTV REFINANCE OPTION
AGENCY HIGH REFINANCE OPTION The high refinance ptin is designed fr (FNMA/FHLMC) brrwers wh are making their mrtgage payments n time, but whse ratis exceed the maximum allwed fr standard limited cash-ut
More informationFINANCIAL SERVICES GUIDE
PART N: iinvest Securities Financial Services Guide (FSG) FINANCIAL SERVICES GUIDE DATED: Octber 2017 Cntents f this FSG This Financial Services Guide ( FSG ) is an imprtant dcument that iinvest Securities
More informationA company is liable to UK corporation tax on all its profits and chargeable gains, whether made in the UK or elsewhere.
launchpad January 2014 crprate tax It may be sme years befre a start-up cmpany begins t make a prfit, but unfrtunately that des nt mean it can ignre tax issues. Even if tax is nt an issue n day ne f the
More informationBody Corporate and Community Management and Other Legislation Amendment Bill April 2011
Bdy Crprate and Cmmunity Management and Other Legislatin Amendment Bill 2010 April 2011 The was passed in Queensland Parliament n 6 April 2011 and will receive Ryal Assent shrtly. Please find belw the
More informationFor the employees of: City and County of San Francisco Health Service System
Cmpass Critical Illness Insurance A limited benefit plicy Enrllment at a Glance An affrdable way t help prtect against the financial stress f a serius illness. Fr the emplyees f: City and Cunty f San Francisc
More informationFOR PLAN ADMINISTRATORS
QDRO INFORMATIONAL KIT FOR PLAN ADMINISTRATORS T ensure cmpliance with requirements impsed by the IRS, we infrm yu that any infrmatin cntained in this cmmunicatin (including any attachments) was nt intended
More informationUCEA/ECU Age Discrimination Working Group Guidance. Age Discrimination Legislation Guidance Note 1: Pay and Benefits A UCEA Publication
UCEA/ECU Age Discriminatin Wrking Grup Guidance Age Discriminatin Legislatin 2006 Guidance Nte 1: Pay and Benefits A UCEA Publicatin Scpe f guidance This guidance nte addresses the implicatins f the Emplyment
More information-r\jotic E. Insurance Marketplace Coverage Options and Your Health Coverage. ..t
-r\jotic E Insurance Marketplace Cverage Optins and Yur Health Cverage..t - 2014 GALLAGHER BENEFIT SERVICES, INC. ARll-IUR J. GAllAGHER & CO. I AJG.COM G-Frms\GBS\Template - Wrd -.5 margis.dcx - Frequently
More informationRegulatory Circular RG15-138
Regulatry Circular RG15-138 Date: Octber 2, 2015 T: Trading Permit Hlders and Clearing Trading Permit Hlders Frm: Regulatry Divisin RE: Prduct Descriptin and Margin and Net Capital Requirements - Weekly
More informationSummary Plan Descriptions
Summary Plan Descriptins All grup health plans subject t the Emplyee Retirement Incme Security Act (ERISA) are required t prvide participants with a Summary Plan Descriptin (SPD). An SPD must be written
More informationBilling Program Billing Information for Agents
Cmmercial & Persnal Lines Billing Prgram Billing Infrmatin fr Agents A Guide t Understanding Merchants Insurance Grup s Billing Prgram Table f Cntents Click n ne f the titles belw t be taken directly t
More informationInsulet Corp. Securities Litigation
Page 1 f 8 ELECTRONIC FILING INSTRUCTIONS Insulet Crp. Securities Litigatin READ THESE INSTRUCTIONS CAREFULLY AND IN THE ENTIRETY. YOU MUST COMPLY. Part I - Overview Electrnic claim submissin is available
More informationRegulatory notifications
Regulatry ntificatins August 2017 As a regulated firm we are expected t be pen and c perative in yur dealings with the regulatr which expects t be ntified within certain designated timescales f certain
More informationPSNC Briefing on the NHS Complaints procedure (from 1 April 2009)
PSNC Briefing n the NHS Cmplaints prcedure (frm 1 April 2009) Under the prvisins f the Natinal Health Service (Pharmaceutical Services) Regulatins 2005 1 pharmacy cntractrs are required t make arrangements
More informationHAMP Reporting System Servicer Release Notes January 28, 2016
HAMP Reprting System Servicer Release Ntes January 28, 2016 The Hme Affrdable Mdificatin Prgram SM (HAMP ) Reprting System Servicer Release Preview prvides an verview f the planned enhancements t the HAMP
More informationHOME IMPROVEMENT CONTRACT
HOME IMPROVEMENT CONTRACT YOU ARE ENTITLED TO A COMPLETELY FILLED-IN COPY OF THIS CONTRACT, SIGNED BY BOTH YOU AND THE CONTRACTOR BEFORE ANY WORK MAY BE STARTED. CONTRACTOR S NAME: ADDRESS: PHONE: FAX:
More informationWebsites 999 Terms of Use
Websites 999 Terms f Use Websites 999 prvides a website creatin and hsting subscriptin service that prvides restaurant wners with a persnalized restaurant website. Yu (the restaurant wner) have accepted
More informationThe Company is a public company incorporated in Bermuda and its securities are listed on AIM.
(Incrprated in Bermuda Registratin N. 44512) POLICY FOR TRADING IN COMPANY SECURITIES The Cmpany is a public cmpany incrprated in Bermuda and its securities are listed n AIM. Schedule 1 t this Plicy cntains
More informationCompass Critical Illness Insurance Enrollment at a glance An affordable way to help protect against the financial stress of a serious illness.
Cmpass Critical Illness Insurance Enrllment at a glance An affrdable way t help prtect against the financial stress f a serius illness. Fr the emplyees f: ACME Truck Line, Inc. D yu knw smene wh has had
More informationMinnesota VOTER REGISTRATION
Minnesta VOTER REGISTRATION These resurces are current as f 12/1/18. We d ur best t peridically update these resurces and welcme any cmments r questins regarding new develpments in the law. Please email
More informationELECTRONIC FILING INSTRUCTIONS LOGITECH FAIR FUND
ELECTRONIC FILING INSTRUCTIONS LOGITECH FAIR FUND I. Imprtant Ntes PLEASE READ Page 1 f 8 Electrnic claim submissin is available t institutins filing n their wn behalf r n behalf f thers as well as t claim
More informationHandling Complaints at Lloyd s: Guidance for managing agents and their representatives
Cmplaints May 2017 Llyd s cmplaints Handling Cmplaints at Llyd s: Guidance fr managing agents and their representatives This guidance nte prvides a practical prcess fr handling UK cmplaints received frm
More informationIRDA Update: Draft Guidelines on Web Aggregators
IRDA Update: Draft Guidelines n Web Aggregatrs 17 March 2011 By way f an update, the IRDA has issued draft guidelines n web aggregatrs n 16 th March 2011. Cmments have been invited by 31 st March 2011.
More informationCommonwealth of Massachusetts
Cmmnwealth f Massachusetts Jint Cmmittee n Municipalities and Reginal Gvernment Cmprehensive Land Use Refrm and Partnership Act Descriptin f Sectins May 18, 2010 Overview f the bill: The bill prpses changes
More informationTD Bank Mobile Deposit Addendum to the Online Banking Service Agreement
TD Bank Mbile Depsit Addendum t the Online Banking Service Agreement Please carefully review these terms and cnditins befre prceeding: As a subscriber t the TD Bank Mbile Depsit Service (the "Service")
More informationGOVERNMENT OF THE DISTRICT OF COLUMBIA
GOVERNMENT OF THE DISTRICT OF COLUMBIA INSTRUCTIONS FOR 917 LEAD DISCLOSURE FORM IN THE DISTRICT OF COLUMBIA This disclsure frm is intended t satisfy Federal disclsure requirements under 42 U.S.C. 4852d,
More informationGolf Relief and Assistance Fund Application
Glf Relief and Assistance Fund Applicatin Eligibility The Glf Relief and Assistance Fund is designed t supprt individuals wrking in the glf industry and their husehld family members wh have been impacted
More informationThe UK Register of Trusts 23 October 2017
The UK Register f Trusts 23 Octber 2017 If yu are a trustee f a UK resident trust r f a nn-resident trust which has UK assets r UK surce incme yu may need t take actin befre 5 December 2017. Backgrund
More informationFAQs What does my insurance cover? What will this event cost? I don t know who my insurer is. How can I find out?
FAQs What des my insurance cver? Virtually every hme insurance plicy cvers damage caused by fire, even if the fire began n a neighburing prperty, as lng as the fire was nt started intentinally by the insured.
More informationACCT 101 LECTURE NOTES CH.
ACCT 101 LECTURE NOTES CH. 11 Crprate Reprting and Analysis Gals: 1) Be familiar with characteristics f a crpratin and with different surces f equity. 2) Be familiar with varius cmmn stck transactins,
More informationTown of Palm Beach Retirement System. Deferred Retirement Option Plan (DROP) Policies and Information for Participants
Twn f Palm Beach Retirement System Deferred Retirement Optin Plan (DROP) Plicies and Infrmatin fr Participants Twn f Palm Beach Retirement System Deferred Retirement Optin Plan (DROP) Plicies and Infrmatin
More informationTHE TAKEOVER PANEL. Profit Forecasts and Quantified Financial Benefits Statements. September 2013
THE TAKEOVER PANEL Prfit Frecasts and Quantified Financial Benefits Statements September 2013 Objectives Reduce the burden f the prfit frecasts regime where frecasts are less cntentius: frecasts published
More informationEMIR Fees Disclosure
EMIR Fees Disclsure Merrill Lynch Internatinal Merrill Lynch, Pierce, Fenner & Smith Incrprated August 2014 Versin 5.0/August 2014 #37490657 Versin 5.0/August 2014 #37490657 Merrill Lynch Internatinal
More informationIRS announces changes to determination letter program
Imprtant infrmatin Plan Administratin and peratin IRS annunces changes t determinatin letter prgram Wh s affected The IRS recently released Revenue Prcedure 2016-37, making majr changes t the determinatin
More informationELECTRONIC FILING INSTRUCTIONS Commvault Systems, Inc. Securities Litigation
ELECTRONIC FILING INSTRUCTIONS Cmmvault Systems, Inc. Securities Litigatin I. Imprtant Ntes PLEASE READ Electrnic claim submissin is available t institutins filing n their wn behalf r n behalf f thers
More information