Legal Briefs

Pension Reform: Useful Changes to IRA Provisions IRA Contribution Limits. Tax Refunds & Other Transfers to IRA’s. IRA’s of Guards & Reservists. IRA Distributions to Charities Understanding the Tax Advantages: 50% limit on charitable contributions doesn’t apply. Deductions and credits don’t phase out.  Reducing RMD’s in future years.  Rollover to “Inherited IRA” Easier Conversion to Roth IRA’s

Cleanup Changes in 2006 to Mechanic’s Lien Provisions Background Obsolete Provisions What Services Are Covered Certificate of Title Property with Liens Change in Time Period Rental-Related Changes to Section 91 Revisions to Section 180 "Other Property” Mechanic’s Liens Section 91A vs. Section 197 Section 91A Notice Procedures Assistance in Researching Titles Property Removed without Permission; Release Obtained by Bad Check …

Payroll Card Accounts & Regulation E Changes “Payroll Card Account” DHS Cards vs. Payroll Cards Is a Payroll Card Useful? Advantages to Consumers Employer Considerations Advantages for Banks Payroll Cards Not Mandatory? No Periodic Statements Consumers Who Don’t Want Statements Error Resolution Limits on Liability Modified Disclosures

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

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 …

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

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”

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 …

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

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?