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#85031 - 06/04/03 12:22 PM Adverse Action & Bankruptcy
Little Sister Offline
100 Club
Joined: Sep 2002
Posts: 162
Iowa
I just came back from an Iowa Lender Law Seminar presented by Bob Hartwig at I.B.A. He said legislation was just passed (HF 395 - Iowa Code 537.3311) that will allow us to use bankruptcy as a reason for a denial effective 7/1/03.

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#85032 - 06/04/03 01:03 PM Re: Adverse Action & Bankruptcy
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
Interesting! I'm attending his seminar today in DM. I'll be sure to listen for this.
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#85033 - 06/05/03 02:31 PM Re: Adverse Action & Bankruptcy
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
There was some good information presented at this Iowa Lending Seminar. In addition to the Bankruptcy change, there was information about a new fee of $5 which will be assessed as a "technology" fee by recorder's offices for filing official documents. This takes effect 7/1/03. And just to keep us all on our toes, the fee changes to $1 on 7/1/04.
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--A bad day at sea is better than a good day at work.

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#85034 - 06/05/03 09:42 PM Re: Adverse Action & Bankruptcy
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,765
Central City, NE
Wait. The fee is $5 the first year and it changes to $1 after that? What's up with that?!?

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#85035 - 06/06/03 12:52 PM Re: Adverse Action & Bankruptcy
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
Goofy isn't it? The idea behind it is that the fee will be used to bring all county recorder's offices on the internet with all public documents available this way. Apparently, when the bill was passed, the legislators felt that enough money would be raised in one year to accomplish this, and then the fee would be lowered to $1 subsequently, just to cover maintenance. Only in Iowa . . .

One interesting point to this is that when this is done, we would be able to do our own title searches if we wanted to.
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#85036 - 06/06/03 01:37 PM Re: Adverse Action & Bankruptcy
Kansayaku Offline
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Joined: Jan 2003
Posts: 1,454
metsuretsu
It could happen though that, after the year is almost up, they will determine that the computer are becoming outdated so they will need to keep the higher cost to pay for the new ones they will be needing.
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#85037 - 06/06/03 03:48 PM Re: Adverse Action & Bankruptcy
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
I agree. It seems as though it would be difficult to project this so early in the process. However, if I understood this correctly, the amounts and the timing are included in the bill that was passed by the legislature, so if they discover they made an error in their projections, it would require a new bill.

Hmmmm, sounds kind of like legislative job security, doesn't it?
_________________________
--A bad day at sea is better than a good day at work.

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#85038 - 06/06/03 04:43 PM Re: Adverse Action & Bankruptcy
Kansayaku Offline
Diamond Poster
Joined: Jan 2003
Posts: 1,454
metsuretsu
I haven't actually read any of the bill yet. I'm waiting for further discussion with IBA in a couple of weeks.
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I have many opinions; some are good, some are bad, and some don't contradict.

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