| Independent Agents Of A Federal Savings Association Are Not Subject To Licensing And Regulation By Ohio |
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September 29, 2008 Link
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The Sixth Circuit’s decision in State Farm Bank, FSB v. Reardon, No. 07-4260 (August 22, 2008), has rejected the notion that the State of Ohio, or any other state for that matter, has the power to regulate or require licensure of independent agents soliciting mortgage lending business for a federal savings association. Submitted by Gerald L. Baldwin.
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| Sixth Circuit Holds that FDCPA’s Bona Fide Error Defense Applies to Legal Errors |
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September 29, 2008 Link
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The Sixth Circuit recently addressed, in the case of Jermain v. Carlisle, McNellie, Rini, Kramer & Ulrich LPA 1, whether the Federal Debt Collection Practices Act’s (FDCPA) bona fide error defense applies to mistakes of law in addition to procedural or clerical errors. Submitted by Matthew J. Horwitz.
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| Federal Preemption Doctrine Precludes Ohio Supt. of Financial Institution Regulation of Exclusive Banking Agents |
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September 23, 2008 Link
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Federal courts in Ohio, Kentucky, Michigan and Tennessee are now subject to recent Sixth Circuit Court of Appeals precedent holding that federal law preempts Ohio from requiring the federal savings and loan association compliance with the Ohio Mortgage Broker Act. Submitted by Denise H. McClelland.
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| Eighth Circuit Holds Provision of BAPCPA Unconstitutional |
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September 23, 2008 Link
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On September 4, 2008, the Eighth Circuit Court of Appeals, in the case of Milavetz, Gallop & Milavetz, P.A., et al. v. United States of America 1, held that a provision of the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”)...Submitted by Joseph B. Wells.
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| Insurance Coverage For Subprime Defense Costs Under General Liability Policies |
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September 23, 2008 Link
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In the past year, three different federal courts have found insurance coverage for defense costs under a mortgage broker or lender’s commercial general liability policies for lawsuits arising from the meltdown of the subprime mortgage industry. Submitted by David W. Walulik.
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| Failure to Report a Consumer’s Dispute of a Debt May Lead to Liability Under the Fair Credit Reporting Act |
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September 18, 2008 Link
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Furnishers of consumer credit information who report a debt but fail to report that a consumer disputes the debt are subject to liability under the Fair Credit Reporting Act, 15 U.S.C. §§ 1681-1681x (the “FCRA”). Submitted by LeAnders L. Jones.
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| New Ohio Law Revises Procedures for Foreclosures and Judicial Sales |
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September 9, 2008 Link
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The Ohio General Assembly recently passed House Bill 138, which contains a number of reforms affecting the procedures for foreclosures and judicial sales. H.B. 138 is intended to accelerate the judicial sale process so that purchasers of foreclosed property at judicial sales receive a deed to purchased property in a timely manner. Submitted by Matthew J. Horwitz.
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| Sixth Circuit Rules Ohio Mortgage Broker Act Preempted by Office of Thrift Supervision - For Now |
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September 9, 2008 Link
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The 6th Circuit U.S. Court of Appeals ruled on August 22, 2008 that a federally-chartered thrift is preempted from the requirement that its Ohio-based exclusive agents comply with the licensing and registration requirements of Ohio Mortgage Broker Act (the “Act”)...Submitted by Jane Hils Shea.
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| Sixth Circuit clarifies banks have flexibility in ATM fee notices |
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September 3, 2008 Link
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The Sixth Circuit Court of Appeals issued a ruling late last week that provides banks with flexibility on the language used for ATM notices regarding fees to be charged non-bank customers. Submitted by Jeffrey R. Teeters.
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| Ohio Amends Law Exempting Property From Attachment |
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September 3, 2008 Link
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The Ohio General Assembly recently passed Senate Bill 281, increasing the amount of property that a debtor may hold exempt from execution, garnishment, attachment or sale for the satisfaction of a judgment. Submitted by Kevin T. Shook.
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