Tag Archives: Legislation

Global Debt Registry Response to Arizona Senate Passing Legislation Requiring Full Chain of Title Documentation on Mortgages

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Wilmington, DE (PRWEB) March 14, 2011

On February 22nd the Arizona State Senate passed SB 1249 requiring lenders that did not originate a loan to produce the full chain of title for all prior beneficiaries or risk the foreclosure sale being voided and award of attorney fees and damages. The bill passed the Republican-dominated Senate by an overwhelming margin of 28-2. The bill is now in the House where it is expected to pass despite opposition from the states banking industry. The legislation, if passed into law, would become the first in the country requiring lenders to prove they have the right to foreclose by providing a complete list of any previous owners of the mortgage, or chain-of-title documentation on the debt.

In 2006, Global Debt Registry (GDR) recognized the serious weaknesses in consumer data management practices, and began development on a new technology platform that would ensure the integrity of managed and traded data, track account-level chain of title, and provide a turnkey portfolio and document-management repository. Today, the Company offers a fully developed and proven solution that addresses many of the issues facing the mortgage finance and servicing industry today.

“It is crucial for lenders, legislators, and consumers to understand that a solution to the issues that created this crisis already exists,” said Mark Parsells Executive Chairman of GDR. “Our system provides a single source for management of all data and documentation for Issuers, servicing entities, debt buyers, sellers, legal collection firms, regulators, judges, industry participants, and consumers. We are the only turnkey provider of chain of title, data integrity, and media-management services globally, and we stand ready to provide leadership in the recovery of the lending markets and a return to the fundamentals of law.”

Bruce Gilmore, President and CIO added, Our patent-pending technologies are in use by more than 60 accounts-receivable clients and servicing entities in all 50 states. The system can be easily customized to provide titling, data integrity, and media-management services for any asset class and industry. Users can easily transmit and receive data and documents while meeting the most stringent regulatory and industry data protection requirements.

Lawmakers in other states including New York, Oregon, and Virginia have proposed legislation similar to the Arizona bill. Attorneys General of all 50 states are collectively investigating the mortgage servicing industry. GDR offers its knowledge and expertise to those seeking a proven, carefully measured solution to the issues facing the debt industry today.

For more information about Global Debt Registry contact Greg Ousley, CEO, at 866-660-2341, ceo(at)globaldebtregistry(dot)com, or visit http://www.globaldebtregistry.com.

About Global Debt Registry

Global Debt Registry delivers significant consumer protections as well as measurable ROI benefits to all participants in the Accounts Receivable Industry by providing the nations only proven, patent-pending AR titling solution. GDRs customizable platform provides a comprehensive Data Integrity, Chain of Title, and Turnkey Media Management solution. GDR maintains the integrity of traded data and documentation (validates debt); maintains accurate ownership (account-level chain of title); and provides automated access for media lifecycle management. The Company offers a customizable platform both in the performing and non-performing Securitization and ARM industry markets.

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New Captive Insurance Legislation Proposed for Vermont — Bill to Allow Incorporated Protected Cells

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(PRWEB) March 22, 2011

The proposed bill expands Vermonts captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. Vermont currently allows protected cells created by contract alone. This presents another option for a cell owner in addition to cells created by contract alone, said David Provost, Deputy Commissioner of Vermonts Captive Insurance Division. Weve heard from the captive industry that they wanted the option of having incorporated cells. This legislation does just that, without limiting any rights or protections afforded by cells created by contract.

After a strong 2010 with the licensing of its 900th captive insurance company, the State of Vermont is proposing changes to the Captive Insurance law in the legislature as part of its annual enhancements to its captive statute, according to the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).

“It is critical that we are responsive to the industry, said Governor Peter Shumlin. Since 1981, when Vermont became a domicile, Governors and Legislatures have united in keeping us the gold standard for regulation of this industry and these proposals are in keeping with that tradition, he added.

The proposed bill, H438, expands Vermonts captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. Vermont currently allows protected cells created by contract alone. This presents another option for a cell owner in addition to cells created by contract alone, said David Provost, Deputy Commissioner of Vermonts Captive Insurance Division. Weve heard from the captive industry that they wanted the option of having incorporated cells. This legislation does just that, without limiting any rights or protections afforded by cells created by contract.

Another component of the legislation will expand the potential types of companies that may be sponsors of cell structures. This change will address the perceived restrictions regarding whom may be a cell owner and will reinforce that the insurance commissioner will have full discretion in deciding who may be a sponsor, said Dan Towle, Vermonts Director of Financial Services.

Another change has been proposed to create greater flexibility within cell structures. This change will eliminate the current restrictions on cell business. Business written by a sponsored captive will no longer be required to have it be fronted, reinsured or secured by a trust. This requirement will now be at the discretion of the commissioner.

“Vermont will continue to license quality companies that may be sponsors of cell structures. Any company that continues to meet our regulatory standards may be a sponsor and companies will now have greater flexibility in their structures and their ownership, said Provost. Vermont currently has 18 sponsored cell captives with approximately 100 individual cells.

Vermont Strengthens Captive Insurance Legislation; New Bill Signed into Law Allows Incorporated Protected Cells

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Montpelier, VT (PRWEB) May 20, 2011

Legislation passed by the 2011 session of the Vermont Legislature and signed into law by Governor Peter Shumlin expands Vermonts captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells. The bill was signed into law before a group of industry supporters on May 11.

This bill is testimony to our commitment to keep pace with the changing needs of this industry, said Governor Peter Shumlin. I commend the Legislature for their hard work and commitment to keeping Vermont the gold standard for captive domiciles.

Another change in the new captive insurance law creates greater flexibility within cell structures on business written by a sponsored captive and who can own a sponsored captive. These updates will allow more companies to domicile in Vermont and utilize the option of having incorporated cells. This is accomplished without limiting any rights or protections afforded by cells created by contract, said David Provost, Deputy Commissioner of Vermonts Captive Insurance Division.

Cell owners will now have more options, said Dan Towle, Director of Financial Services. Vermont will continue to license quality companies that may be sponsors of cell structures as long as they meet our regulatory requirements. The new law offers greater flexibility in their structures and ownership. Vermont currently has 18 sponsored cell captives with over 100 individual cells.

The bill also makes permanent the elimination of the first year minimum tax of $ 7,500 for newly licensed captives. It was a way for the Legislature and Governor to say thank you to an industry that has been so beneficial to Vermont, said Richard Smith, President of the Vermont Captive Insurance Association (VCIA). The VCIA was a strong supporter of this legislation and was a partner with the State in its passage.

After a strong 2010 with the licensing of its 900th captive insurance company, the State of Vermont enacted these changes to the Captive Insurance law in the Legislature as part of its annual enhancements to its captive statute, according to the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).

Vermont is off to its strongest start in years with nine captives licensed thus far with five applications in progress. Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world, with $ 25 billion in gross written premium in 2010. Vermont is also home to captives formed by 42 of the companies that make up the Fortune 100, and 18 of the companies that make up the Dow 30 have Vermont captives.

Get to Know Captive Insurance

Captive insurance is a regulated form of self insurance that has been around since the 1960s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include securitization, professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.

A sponsored captive is a structure created by a sponsor (typically an insurance company or other financial institution) to house individual insurance arrangements called cells. Each cell is created by the insured party, who is usually a customer of the sponsor, to insure its own risk. Such programs are ideal for insured who want to explore the use of a captive without starting their own or to address a short-term insurance issue (captives are considered long-term solutions to long-term issues). In many cases, they serve as incubator space for new captive insurance companies, as the cell owner discovers the benefits of creating their own captive.

An incorporated protected cell is a cell of a sponsored captive that is created under Vermonts corporation laws as a true corporation, as opposed to a cell that is created by contract.

For more information on Vermonts captive industry, please visit http://www.VermontCaptive.com, call Dan Towle at 802-828-5232 or email at dan.towle(at)state(dot)vt.us.

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More Securitization Press Releases

Brookstone Legislation, PCs Crisis Extension Section Discovers Concealed House Sale Day, Earns Distinctive Federal TRO for Neighborhood Seniors

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Newport Seashore, CA (Vocus/PRWEB) March 31, 2011

Many thanks to Brookstone Legislation, PCs Emergency Extension Department (EED), a new useful resource to support home owners experiencing foreclosure preserve their residences, two regional seniors have kept their home despite their Banks makes an attempt to disguise the sale day from them, it was declared today by Vito Torchia, Jr., managing legal professional of Brookstone Regulation, Laptop.

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According to court paperwork, Bob and Angela Sacchi, a married couple in their 80s living on a fastened pension earnings and savings in West Hollywood, CA, were experiencing foreclosures, the sale of their home and eventual eviction based on a predatory house mortgage they received in 2004 and the banking companies refusal to enable them to modify their mortgage in spite of quite a few tries to fix their problems more than the previous a number of years. The case is Sacchi, vs. MERS et al., Situation No. CV 11-01658 pending in the United States District Courtroom – Central District of California.

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Following to begin with halting the sale of their residence the working day ahead of it was scheduled to be bought, Brookstone Law ongoing to symbolize the pair. Unbeknownst to either the Sacchis or Brookstone Legislation, a new sale day was scheduled by the Bank. Only through Brookstone Laws focus to depth and regular comply with up did the EED group find out the Lender experienced scheduled a new sale day.

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When our EED team aids obtain a postponement, we often seem for the chance to pursue additional steps to lengthen postponements or attain cancellations, said Aalok Sikand, one of the lead attorneys on the EED group. We discovered by means of our tough operate and analysis that the Bank had established a new sale day and have been not surprised to find out they experienced not communicated that to the Sacchis.

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Brookstone immediately geared up and filed an ex parte movement for a temporary restraining order and for an order environment a listening to day for a preliminary injunction towards certain of the foreclosing defendants. According to courtroom files, the motion was based on alleged violations of California foreclosures statutes and on a securitization audit and accompanying affidavit calling into concern the authority of the foreclosing party to in fact foreclose. The Court issued the temporary restraining purchase, restraining all defendants from foreclosing on the Sacchis residence pending a listening to on the preliminary injunction. The Court docket will set a briefing plan.

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Many thanks to Brookstone Laws EED we have a feeling of security about our future, said Mr. Sacchi, a member of the Screen Actors Guild and American Federation of Radio and Television Artists who starred in the movie “The Male Who Stole Bogart’s Experience” and has appeared in quite a few well-liked tv collection including “Kojak” and “Fantasy Island.” Brookstone Legislation mentioned they would battle for us in court docket and they did just that.

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Like several property owners, the pair had heard tales about how home owners dealing with foreclosure are treated by banks and how a lot of banking institutions do not permit brief product sales to handle foreclosures. Media reports have highlighted banks mishandling of mortgage foreclosures and mistreating customers, procedures which have led to legal action during the place like fits filed by far more than forty condition lawyers standard in opposition to banks and loan providers. Media protection has shown banks throwing peoples belongings into the road in wrongful evictions, overcharging countless numbers of customers of the army on their mortgages and bank executives admitting to blatant misadministration of mortgage files in wrongful foreclosures trials.

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Dealing with quick foreclosures, without possibility for a mortgage modification, residing on a mounted low revenue and with nowhere to go if their property was marketed, there seemed to be no way for the few to cease their first foreclosures until they contacted the EED experts at Brookstone Legislation. EEDs group of legal authorities and specialists acted decisively and fought for the few in court by filing a lawsuit that resulted in a postponement of the initial sale day.

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This is one more example of how we will not end operating until we accomplish the final results our clientele need to have, mentioned Nisha S., a seasoned EED professional. With no focused attorneys and professionals operating on their behalf, the Sacchis would not have known about the difficult predicament the financial institution put them in ahead of it was way too late for them to act to conserve their residence.

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At a time when thousands and thousands of Americans are dropping their homes as element of the foreclosures disaster, property owners encounter a overwhelming challenge when working with banking companies. To deal with people challenges, many home owners have turned to the EED help them keep their residences. Developed by Brookstone Law to aid customers deal right with an institutional forms that is biased against them, the EED is a unique provider not presented by any other organization that provides home owners experiencing foreclosures a fighting opportunity to hold their homes. Brookstone Regulations EED attorneys and professionals are skilled in functioning straight with banks and thoroughly skilled to support home owners accomplish postponements.

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Brookstone Legal guidelines lawful group researches all obtainable options to help homeowners extend their sale day although they are in the procedure of litigation, bankruptcy or brief sale. Expenses are contingent on achievement of the provider, which signifies consumers spend only if the sale can be postponed or stopped. House owners experiencing foreclosures like the Sacchis are making use of the EED to help keep their residences. The method typically normally takes several hours for every shopper and a lot of situations require as significantly as a complete day to get final results since a majority of EED exercise is invested by the Firms legal professionals and authorities in foreclosure regulation and litigation working immediately and negotiating with banks and creditors.

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“We will not hesitate to go to courtroom if necessary to get the final results we want, which is where our group of authorized authorities and attorneys is of biggest worth to house owners looking for reduction, explained Vito Torchia, Jr. Our EED authorized crew and specialists are to be commended once once again for undertaking such fantastic work on behalf of a deserving couple.

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About Brookstone Regulation, Pc &#13

Headquartered in Newport Seaside, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Regulation, Personal computer is a legislation organization comprised of lawyers with knowledge and good results in enterprise, corporate and private finance, work, leisure and media, art and museum, intellectual house and true estate regulation. The agency has a community of a lot more than 40 affiliate attorneys nationwide and employs hugely educated experts, paralegals, paraprofessionals and administrative workers dedicated to serving customers. For data, call (800) 946-8655 or go to Brookstone-Regulation.com (http://www.brookstone-regulation.com).

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