With a recent update to Laser Pro, there is now a document that generates for all loans entitled “FL Agreement to Waive Garnishment Protection”. There is a little bit of information that appears in the Advisory Warnings to Lender section of the Loan Processing Checklist & says "This transaction includes one or more Florida Agreements to Waive Garnishment Protection. Although these print as separate documents, Florida Statutes 221.11(2)(b)(2) requires the agreement to be attached to the Associated Promissory Note, Credit Agreement or Guaranty. Please take appropriate steps to ensure this occurs and consult with your legal counsel if you have any questions."
I am unfamiliar with this law and have never seen a document like this in the past. Is this a new law? If so, when was it effective? Would you recommend we provide this document to all borrowers every time, or only in certain circumstances?