E-Forms End-User Product Update

Transcription

1 E-Forms End-User Product Update January 2012 The objective of this monthly product update is to provide a recap of regulatory-driven form changes, form enhancements, and new forms that are being developed. You will receive a description of these changes so that you can plan ahead for implementing them. We believe this service enhances the value of our electronic forms offering while providing the extra level of service you have come to expect from Wolters Kluwer Financial Services Bankers Systems. Other members of your organization can also subscribe to this important monthly update containing critical information about your electronic forms by signing up at To learn more about Wolters Kluwer Financial Services Bankers Systems, visit our web site at Information on E-Forms is found by typing E-Forms in the Search box. Electronic Forms Support Technical Support , Ext (available from 7 A.M. to 7 P.M.) supportline@wolterskluwer.com (Please type E-Forms in the subject line.) Voice mail and are checked hourly between 8 A.M. and 5 P.M. Central Standard Time. Quotes and Order Information for Custom and OCP E-Forms , Ext Invoicing , Ext Forms Use and Compliance Questions IRA Forms Questions , Ext Real Estate Lending Forms Financial Institutions , Ext Other Lending and Deposit Forms Financial Institutions , Ext Please have your customer number available when contacting us. Availability of Forms When a form is revised, we will generally put the current revision date after the form name. We may still be working on the form, but expect it to be completed soon. Inside This Issue Lending Texas... Page 3 Multistate Forms... Page 2 Washington... Page 3 State-Specific Forms Deposit California... Page 2 Multistate Forms... Page 4 Nevada... Page 2 Glossary of Terminology... Page 5 South Dakota... Page 2 Completed Forms Grid... Page 7 Wolters Kluwer Financial Services P.O. Box 1457 St. Cloud, MN

2 Lending Electronic Modules COM, CONCU, FCM, GSM, HEM, HIM, LEM, MHM, MVM, REMCU, TPM LENDING MULTISTATE FORMS New VMP1039WY - Wyoming Right to Choose Insurance Provider This form is used for consumer loans to notify borrower(s) of their right to choose an insurance provider. The borrower(s) has the option of providing required insurance through an existing policy or through a new policy. The lender may not require lthe borrower to use a particular insurance company. A Consumer Loan does not include a "loan primarily secured by an interest in land" if the loan finance charge is less than 18% per year. A "loan primarily secured by an interest in land" is limited to a first mortgage loan which is not precomputed. [WY Stat ] LENDING STATE SPECIFIC FORMS CALIFORNIA Compliance with Required Effective Date 10/17/2010 AGCO-RESI-NY - Agricultural/Commercial Real Estate Security Contract OCP-REMTG-NY - Credit Line Mortgage RE-MTG-NY - Real Estate Mortgage New York Senate Bill 7830 was signed into law on September 17, 2010 and was effective on September 17, It relates to credit line mortgages; secures indebtedness created by future advances under credit line mortgages to 30 years, from 25 years. Also updated WKFS tagline and partial styleguide implementation. RSPACMVLFZCA - Retail Installment Contracts We are making changes in this document to remove the reference to the California New Car Dealers Association in the tagline. NEVADA Compliance with Required Effective Date 03/01/2012 RSSIMVLAZ-NV - Retail Installment Contracts RSPACMVLZ-NV NV - Retail Installment Contracts RSSIRVLAZ-NV NV - Retail Installment Contracts NV's AB274, effective March 1, 2012, revised the Default text in Nevada's Retail Sales contracts for motor vehicles. SB234 revised the number of days, from 15 to 20, for which a notice of rescission must be provided. There are additional modifications in NAC 97, particularly in Section C of the forms, which are also addressed. In addition, the WKFS tagline was implemented for RSPACMVLZ-NV. SOUTH DAKOTA MV-1-SD - Application for Motor Vehicle Title & Registration 2

3 The state of South Dakota has revised their Application for Motor Vehicle Title & Registration document (MV 608) with a new revision date of 07/11. We are revising our MV-1-SD documents to mimic the state's changes. Changes include: Adding more address lines to the "Address" section of number III. Minor changes to match the state form TEXAS ASMT-RENT-TX - Assignment of Leases and Rents Texas House Bill 889 was passed which eliminated the absolute assignment of leases and rents. All assignments of leases and rents will be considered security agreements, even if drafted as absolute assignments. The reference to an "absolute assignment" is being removed from the document since it no longer exists under Texas law. The words "to the extent permitted by law" are also being added to the Disclaimer of Oral Agreements section. WASHINGTON RSSIMVLFAZWA - Retail Installment Motor Vehicle Contract with Late Charges and Arbitration After consultation with customers, we revised the above document to include numerous enhancements. These enhancements fell into two categories, (1) baseline changes that we made to all these documents as applicable, and (2) state-specific changes. The base line changes included the following (set forth in the order in which they ordinarily appear in the documents): Adding a state abbreviation, short-hand form number, the letters "ARB" (only in the "LFA" arbitration version), and the revision date in the upper right hand corner of the first page. Deleting language referring to an attached signature addendum. Deleting Filing Fees from the Truth-In-Lending Disclosure. Replacing language in the Conditional Delivery section with new language. In the Itemization of Amount Financed, adding a prompt and line for other down payment; changing "Paid to Public Officials-filing fees" to " Paid to Public Officials, including filing fees"; changing "Insurance premiums" to "Insurance premiums paid to insurance company(ies)"; re-lettering as required by these changes; and deleting ", except those fees paid to public officials". Adding a Rejection of Arbitration section, including a checkbox for rejection of arbitration, above the Signatures section (only in the "LFA" arbitration version). Including three buyer signature lines, rather than just two. Moving the Assignment section to follow the signatures at the end of the form. Adding in the tagline at the bottom, "Not for use in transactions secured by a dwelling." Changing the last sentence of the first paragraph of the General Terms section regarding the affect of payment history on the amount of interest paid. Adding in the General Terms section, "You agree that the Property will not be used as a dwelling." Replacing the last sentence of the Prepayment section with a new sentence. 3

4 Adding as the last sentence of the Remedies section, "If the property has an electronic tracking device, you agree that we may use the device to find the vehicle." Replacing the third bullet point of the Duties Toward Property section with a new bullet point. Adding at the end of the Gap Waiver or Gap Coverage section ", subject to any conditions and exclusions in the Gap waiver or Gap coverage agreements." Replacing the Arbitration Agreement section with a new Arbitration Provision section (LFA versions only). The Washington state-specific changes included the following (set forth in the order in which they appear in the document): Changing the Documentary Fee Charge to Documentary Service Fee and adding a related disclosure in the Itemization of Amount Financed. Deleting the Insurance Type disclosure Principal Balance, Finance Charge, Time Balance and Amount Owed disclosures in the Itemization of Amount Financed. We also deleted the credit insurance "purpose" completion fields in the Insurance Disclosures section. Washington does not require unique state disclosures if the contract addresses Regulation Z requirements. We have chosen to remove these state disclosures in reliance on Wash. Rev. Stat "Adding as the law allows" at the end of the Property Insurance bold paragraph in the Credit Insurance section. Modifying the insurance warning for bodily injury liability in the Credit Insurance section. Adding an authorization to obtain information about buyer from the state DMV or other registration authorities. Modifying and moving the property insurance section's reference, that dealer will apply for insurance checked and indicated above. Removing the post-maturity rate and modifying the contract rate to apply until the contract is "paid in full". This simplifies by reducing the number of rates provided in the contract (e.g., contract rate, APR, state "service charge" percentage). We also removed a reference to post-maturity rate in the Remedies section, second bullet. Modifying the acknowledgment of delivery paragraph above the signatures to be in bold type. Modifying the Balloon Payment section second sentence to provide the conditional phrase "unless you agree otherwise" to the beginning of the sentence. Modifying the cover insurance warning (Wash. Rev. Stat ) to clarify and to be more consistent with retail contract terminology (e.g., we removed a reference to "loan balance"). Deposit Electronic Modules DEM AND DEMCU DEPOSIT MULTISTATE FORMS ETM-2-LAZ - Regulation E Initial Disclosure On page 4, the section starting with Visa Debit Credit will be changed to Visa Debit Card. 4

5 Glossary of Terminology We are adding, to our monthly E-Forms Partner Product Update, a glossary of terminology to provide more accurate and consistent communication. We hope the clarification will be useful to you. Compliance with Required Effective Date (xx/xx/xx) The new or revised document is being driven by legislative or regulatory mandate and is required to be implemented by the effective date indicated. Compliance without Required Effective Date The new or revised document is being driven by legislative or regulatory mandate, but the mandate has not defined an implementation date. All parties (Wolters Kluwer Financial Services, alliance, and customer) must respond in as timely manner as possible to implement. The new or revised document has: A change in feature or function of a Wolters Kluwer Financial Services document driven by market and customer input to be more useful or easier to use. Wolters Kluwer Financial Services determined clarification or enhancement of a Wolters Kluwer Financial Services document to provide added value. Update to a state or federal form in terms of verbiage or fields which has been incorporated to match the government s changes. The old version of the form is still compliant; however, future revisions driven by legislative and regulation imperatives will be rendered on the new version of the form, not the old version. The implementation time frame by alliance and customer is discretionary, but it is incumbent on the parties to implement in a timely manner so as to not jeopardize continued compliance. (Note: Government form revisions may drive a timelier implementation.) Discontinued with Discretionary Implementation Date The document is being discontinued and replaced by another document as specified. The discontinued document is still compliant; however, future revisions driven by legislative and regulation imperatives will be rendered on the new version of the document, not the old version. The implementation time frame by alliance and customer is discretionary, but it is incumbent on the parties to implement in a timely manner so as to not jeopardize continued compliance. Discontinued with Termination Date (xx/xx/xx) The form is being discontinued and no longer supported. There is no replacement form designated and form will not be supported at specified date. The action could be driven by several causes such as removal of compliance requirement or business decision to not support a line of business. Technical with Discretionary Implementation Date The new or revised document has a change that relates to the technical structure of the e-form which is non-regulatory and/or non-visible to the form s end user. For example, such changes could be the size of a data field on the e-form or field label which is not visible to the end customer. The document implementation is discretionary, but should be accomplished in a timely manner. Technical changes are not communicated in the E-Forms Partner Newsletter, but in the full release. Revision Date The revision date on the form is the date which Wolters Kluwer Financial Services compliance services initiated making form changes that were Compliance, Market, 5

6 or Technical in category. The revision date is not the date at which the form was available to alliances or customers. The process time from start of revision to release varies and is dependent on the number documents and jurisdictions affected by regulation change, size of document change, and priority. 6

7 COMPLETED FORMS GRID January 2012 Below is a list of the E-Forms, sorted by file name, which were recently completed in Compliance Services. File Name Form Name Description Revision Date ALPOA POA-AL Power of Attorney Form - Alabama 11/01/2011 CARSPLFZ RSPACMVLFZCA Retail Installment Contracts - California 10/31/2010 COATRISK ATRISK-CO At Risk Financial Exploitation Form Colorado 10/17/2011 DC96 VMP96DC Mortgage Loan Commitment Washington DC 10/01/2011 IRABKTRO IRABKTROTHLZ Roth IRA Booklet Trust - Multistate 06/01/2011 MNBTA1 BTA-1-MN Boat Title Application - Minnesota 10/01/2011 MS995W VMP995WMS Assignment of Deed of Trust With Acknowledgment - Mississippi 09/01/2011 NEAGCORE AGCO-RESI-NE Security Instrument Commercial/Agricultural - Nebraska 07/02/2011 NHEFS3LZ EFS-3-LAZ-NH Effective Financing Statement New Hampshire 11/30/2011 RIBTA1 BTA-1-RI Title Application Rhode Island 11/01/2011 WAMH1 MH-1-WA Title Application - Washington 09/30/2011 WIMV1 MV-1-WI Title Application - Wisconsin 11/30/2011 WY1039 VMP1039WY Wyoming Right to Choose Insurance Provider - Wyoming 11/01/2011 WY1039 VMP1039WY Wyoming Right to Choose Insurance Provider - Wyoming 11/01/2011 X138 VMP138B Risk Base Pricing Notice - Multistate 08/01/ Wolters Kluwer Financial Services BC EFP-0110-NL 1/15/10

8 XXROTBKC IRABKCROTHLZ Roth IRA Booklet Custodial - Multistate 06/01/2011 XXROTBSD IRABKSDRTHLZ Roth IRA Booklet - Self-Directed - Multistate 06/01/2011 XXROTHCU IRACUROTHLAZ Roth IRA Organizer - Credit Union - Multistate 06/01/2011 XXROTHCZ IRACUSROTHLZ Roth IRA Organizer Custodial Multistate 06/01/2011 XXROTHSZ IRASDROTHLAZ Roth IRA Organizer - Self-Directed - Multistate 06/01/2011 XXROTHTZ IRATROTHLAZ Roth IRA Organizer Trust - Multistate 06/01/2011 XXW7ISP0 W7-INST-SP Instructions for the Application for IRS Individual Taxpayer Identification Number (Spanish) - Multistate 10/31/2011 XXW7SP0 W-7-SP Application for IRS Individual Taxpayer Identification Number (Spanish) -Multistate 10/31/ Wolters Kluwer Financial Services BC EFP-0110-NL 1/15/10