Brooke English

With record unemployment, the growing popularity of food stamps, emergency cash assistance, and government subsidies, more and more people are turning to the Internet in search of lost or forgotten money. With over $33 billion in unclaimed funds nationwide, the fastest growing search terms on Google and Yahoo have been "unclaimed money" and "missing money."

Chief Financial Officer Alex Sink reminds Floridians of an online claims system making it easier to recover funds held in the Bureau of Unclaimed Property. Now holding in excess of $1 billion, the unclaimed property comes from dormant accounts in financial institutions, insurance and utility companies, securities and trust holdings. Unclaimed property also includes tangible items such as watches, jewelry, coins, currency, stamps, historical items and other articles from abandoned safe deposit boxes.

Since the program's inception 49 years ago, the Bureau of Unclaimed Property has successfully reunited owners or heirs of deceased owners with more than $1.4 billion in unclaimed property held in Florida. Accounting for almost 45 percent of the money returned since the start of the program, CFO Alex Sink has successfully reunited owners, heirs and businesses with more than $630 million during her tenure. In fact, almost $45 million in unclaimed property was returned in the months of February and March alone.

"In these tough economic times it's important that Floridians account for every dollar," said CFO Sink. "I encourage all Floridians to visit our web site at www.FLTreasureHunt.org. With nearly nine million accounts, the chances are good we are holding cash or property for you, your business, or someone you know."

In less than a minute you can determine whether you or a deceased relative is entitled to unclaimed funds or property in Florida. For more information and to check if you are owed unclaimed funds, visit the Bureau of Unclaimed Property's website at www.FLTreasureHunt.org or call toll-free (888) 258-2253. If you find a match and believe the property is yours, an online claim form can be completed, printed, and mailed with supporting documentation for immediate processing. You have the right to claim your property at any time and without cost. Although there is no statute of limitations on making a claim, the Bureau of Unclaimed Property does not pay interest on accounts.

Florida is not the only state that has an unclaimed property bureau. Forty states participate in a program officially endorsed by the National Association of Unclaimed Property Administrators, an organization that proactively seeks owners of missing and unclaimed property. At www.MissingMoney.com or www.Unclaimed.org you can quickly determine whether you are entitled to unclaimed funds by clicking on a participating state and entering your name. Be sure to search each state that you have resided and under every name you have used. Also search for deceased family members as heirs are sometimes very surprised to learn what has been left behind by their dearly departed.

A word to the wise when searching for unclaimed funds or property - most states, including Florida - do not charge a fee to recover unclaimed property. There is no reason to pay a search firm for something you can do yourself in mere minutes at zero cost. If you are approached by company advising that they have located property in your name and will process a claim on your behalf, politely decline and search the bureau registry yourself.

Some of the more notable Floridians the Bureau of Unclaimed Property are holding funds for: Congresswoman Corrine Brown, former US Senator Mel Martinez, former Miami Dolphin Dan Marino, Broward County Sheriff Al Lamberti, Florida Governor Charlie Crist, and Florida Attorney General candidates Dan Gelber and Pam Bondi.

Source: The Credit Report with Bill Lewis - Highlands Today, an edition of the Tampa Tribune. http://www2.highlandstoday.com/content/2010/may/17/unclaimed-funds-great-florida-treasure-hunt/news-newbusiness/

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William E. Lewis Jr., is a credit repair expert with Credit Restoration Consultants and host of "The Credit Report with Bill Lewis" on AM 1470 WWNN, a daily forum for business and financial news, politics, economic trends, and cutting edge issues.

Debt collectors can no longer claim ignorance of the law as an excuse for violating the Fair Debt Collections Practices Act (FDCPA) while attempting to collect a debt.

On Wednesday, the United States Supreme Court handed down a ruling that severely restricts the "bona fide error" defense under the Fair Debt Collection Practices Act for debt collectors that send erroneous collection notices.

In a 7-2 ruling, the high court ruled that collection law firms could not use misinterpretations of the law in a "bona fide error" defense under the FDCPA.

In the matter of Jerman v. Carlisle, McNellie, Rini, Kramer & Ulrich, Karen Jerman sued an Ohio law firm for violating the FDCPA when it attempted to foreclose on her home following payment on the mortgage. In its initial collection notice, the law firm sought written proof that Jerman paid her Countrywide Home Loans mortgage. Absent proof of payment or a written dispute within 30 days, the debt would be presumed valid. Jerman hired an attorney to meet the written requirement, although the FDCPA does not explicitly require consumers to submit disputes in writing.

Specializing in real estate and foreclosure law, Carlisle admitted that its initial validation notice intended dispute claims to be submitted in writing. After Jerman sued, the firm argued that it should not be held liable under the FDCPA because the violation was an unintentional or "bona fide error." Carlisle defended the matter asserting a "safe harbor protection" stating they were unaware that "written" disputes were not required under the FDCPA.

Although consumers are often instructed by debt collectors to submit written disputes, no such language exists under the Fair Debt Collection Practices Act. In this instance, Carlisle argued that said "bona fide error" was the result of a clerical mistake.

The lower court sided with Jerman, noting that while Carlisle had violated the FDCPA, it was not liable under the Fair Debt Collection Practices Act for damages as the violation was unintentional or a "bona fide error." An appeals court decision affirmed that ruling, sending the case to the United States Supreme Court.

In an opinion written for the 7-2 majority by Justice Sonya Sotomayor, the high court stated that "ignorance of the law will not excuse any person, either civilly or criminally." Carlisle had argued that misinterpretations of the law were written into the Fair Debt Collection Practices Act. Sotomayor and the majority disagreed, noting that ignorance of the law was not explicitly written into the FDCPA.

Justice Anthony Kennedy, in a dissent joined by Justice Samuel Alito Jr., said the high court's decision "aligns the judicial system with those who would use litigation to enrich themselves at the expense of attorneys who strictly follow and adhere to professional and ethical standards."But Sotomayor spoke directly to that objection in the majority opinion, writing, "We do not foresee that our decision today will place unmanageable burdens on lawyers practicing in the debt collection industry."

"Debt collectors should be treated like anyone else when violating a federal statute," said Scott Kleiman, a foreclosure defense attorney with Kalis & Kleiman. "The Supreme Court decision keeps intact an important reason for debt collectors to abide by the law. While strong financial incentives encourage the collection of delinquent debts, continued unlawful behavior will not be excused and punished to the fullest extent of the law."

The case originated when Carlisle - acting as a debt collector - sent a notice and foreclosure complaint to Jerman, requiring her to submit any dispute "in writing" within 30 days. The "in writing" language was included in the notice based upon legal authority from other jurisdictions.

Although Countrywide Home Loans subsequently dismissed the foreclosure action, Jerman turned to the Icove Legal Group, a Cleveland-based public interest law firm that filed a class-action suit on behalf of her and other homeowners who received the erroneous notice. "This case will have a far-reaching impact within the debt collection industry as consumer laws in a number of states have 'bona fide error' statutes identical to the Fair Debt Collection Practices Act," stated attorney Ed Icove, in applauding the 7-2 majority decision.

The entire United States Supreme Court opinion can be read at http://www.supremecourt.gov/opinions/09pdf/08-1200...

Source: The Credit Report with Bill Lewis - Highlands Today, an edition of the Tampa Tribune. http://www2.highlandstoday.com/content/2010/apr/25/us-supreme-court-rules-against-debt-collector/columns-welewisjr/

William E. Lewis Jr., is a credit repair expert with Credit Restoration Consultants and host of "The Credit Report with Bill Lewis" on AM 1470 WWNN, a daily forum for business and financial news, politics, economic trends, and cutting edge issues.

Have you ever been denied credit, goods, benefits, services, employment and/or insurance? Do you have a problem with "free" credit reports that are often bundled with credit scores and/or credit monitoring services and steep monthly fees? If so, you are not alone.

As part of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (commonly referred to as the Credit Card Act of 2009), advertisements for credit reports will soon require enhanced disclosures to help consumers avoid confusing "free" offers. These offers often require consumers to spend money on credit scores and/or credit monitoring while the "no-strings-attached" credit reports available through the central source at www.AnnualCreditReport.com are truly free to consumers once every 12 months.

Effective April 1, 2010, the Federal Trade Commission's Free Credit Reports Rule will require a prominent and enhanced disclosure in advertisements for "free" credit reports. Specifically, all websites offering "free" credit reports must include - across the top of any page that mentions them - a disclosure stating:

THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV
You have the right to a free credit report from AnnualCreditReport.com
or 877-322-8228, the ONLY authorized source under federal law.

The website disclosure must include a clickable button to "Take me to the authorized source" at www.AnnualCreditReport.com as well as clickable links to the Federal Trade Commission website at www.ftc.gov.

Under recent legislation, the Credit Card Act of 2009 required the Federal Trade Commission to issue a rule to prevent deceptive marketing of "free" credit reports. Specifically, the Act requires that certain advertisements for "free" credit reports include prominent disclosures designed to prevent consumers from confusing these so-called "free" offers with the federally mandated "free" annual credit reports available through the "centralized source," which is www.AnnualCreditReport.com.

The Federal Trade Commission proposed amending the rule in late 2009 and received more than a thousand comments from consumers, consumer reporting agencies, consumer report resellers, business and trade organizations, state attorneys general, consumer advocates, law firms, members of Congress, and academics. Most of these comments were in favor of change and enhanced disclosure requirements.

The amended rule also restricts practices that might mislead or confuse consumers as they attempt to obtain their federally mandated "free" annual credit report. The consumer reporting agencies of Equifax, Experian and TransUnion will now be required to delay the advertising of any products and/or services at the central source until the consumer has successfully obtained their "free" annual credit report.

Except for the wording of the disclosures for television and radio advertisements, which takes effect on September 1, 2010, the new rule is effective April 1, 2010. The Federal Trade Commission will monitor and evaluate the effectiveness of the amended rule as well as the required disclosures and may consider additional changes as deemed necessary in the normal course of affairs.

Information contained in credit reports may determine whether a consumer can obtain credit, goods, benefits, services, employment and/or insurance. As such, it is important that consumers review their credit reports and correct any information that is inaccurate, erroneous, obsolete, and/or fraudulent. Under the Fair and Accurate Credit Transactions Act, Equifax, Experian and Trans Union are required to provide consumers with a "free" annual credit report once every 12 months, but only upon request. To learn more about their right to a "free" credit report under federal law, consumers are encouraged to visit the Federal Trade Commission website at http://www.ftc.gov/freereports.

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William E. Lewis Jr., is a credit repair expert and host of "The Credit Report with Bill Lewis" on AM 1470 WWNN, a daily forum for business and financial news, politics, economic trends, and cutting edge issues.

The days of simply opening up shop and starting a loan modification business have come to an end in Florida. Individuals or businesses providing loan modification services must now be licensed as a mortgage broker by the Florida Office of Financial Regulation (OFR) in order to conduct business.

The Florida legislature recently passed Senate Bill SB 2226. This law makes significant changes to Florida's mortgage brokerage law - Chapter 494, Florida Statutes - effective January 1, 2010. In particular, the new law specifically covers negotiation of existing loans as being part of the duties of a mortgage broker. As such, any individual or business attempting to negotiate a loan mortgage modification in Florida will require a license through OFR. Additionally, there are new disclosures required in order to perform a loan modification - large type print on contracts and a three day rescission period are among a few of the changes.

The new law also requires "loan originators" to obtain a license. Prior to the amended law, there was a large loophole that allowed salaried employees of a mortgage broker to act as loan originators and still receive compensation for bringing a borrower and lender together. Although this section of the law phases in on October 1, 2010, hundreds of individuals have submitted applications to the OFR to become compliant.

The new law was sparked by hundreds of complaints filed with the state attorney general's office in Tallahassee. While only 59 complaints were filed in 2008, the number skyrocketed to approximately 3,750 this year, according to Florida Attorney General Bill McCollum, who recently appeared on the Credit Report with Bill Lewis on AM 1470 WWNN in south Florida.

In an effort to combat the rampant increase in foreclosure rescue scams within an industry previously unregulated, General McCollum sued three Miami-Dade County foreclosure rescue firms - and the attorneys who worked for them - alleging that they charged advance "qualifying payments" as high as $1,299 to perform loan modifications in violation of state law. Filed in Miami-Dade County Circuit Court on December 17, 2009, the suit also claims the company required clients to set up escrow accounts for additional fees and deceived them by implying the money was for legal representation.

After receiving numerous complaints - the majority originating from consumers outside Florida - the attorney general began investigating Kirkland Young LLC in July, 2009. State regulators soon realized that the business was affiliated with ABK Consultants Inc. and Attorney Aid LLC, which were also named in the suit. Although located in Miami-Dade, the businesses solicited customers nationwide. The legal action seeks to shut down the three companies, a $10,000 fine for each violation of state law, as well as restitution for consumers scammed in the process. Although in receivership, Kirkland Young has also been sued by the Federal Trade Commission.

Through November 30, 2009 South Florida ranks fourth in the nation for home loan modifications, with 34,860 under President Barack Obama's Making Home Affordable Program. Nationwide, 24 percent of the 3.3 million homes with distressed loans have been modified, according to a U.S. Department of the Treasury report. While the new law is not going to eliminate loan modification scams completely, it will make them more difficult. In the first half of 2009, the Miami-Dade County's Mortgage Fraud Task Force was handling more than 200 cases of loan modification fraud. In 2008, the Miami-Dade field office of the FBI had the second-highest number of mortgage fraud reports in the country with 5,155 reported instances.

William E. Lewis, Jr., is a credit repair expert and host of "The Credit Report with Bill Lewis" on AM 1470 WWNN, a daily forum for business and financial news, politics, economic trends, and cutting edge issues. The Credit Report is brought to you by Credit Restoration Consultants - the leading credit restoration firm in South Florida. If you are having credit problems, if your bills are out of hand, or if you just want a credit check up, call CRC at (954) 581-5050 or visit them online at http://www.TalkAboutCredit.com.

In an ideal world, one would not worry about the recession, high unemployment rates, the foreclosure epidemic and the never ending debt load carried by the average American. In what has been commonly referred to as the "Year of the Consumer," 2010 has a lot to offer in the way of federally mandated "changes" as it relates to the credit card industry.

With less than 30 days until enactment of The Credit Card Accountability, Responsibility and Disclosure Act of 2009 creditors and financial institutions are doing their very best at circumventing the new law, also known by its short title - The Credit Card Act of 2009. Are you aware of your rights and protections under the new law?

There are several positive changes that will have an impact on how each and every American utilizes their credit cards, debit cards - even their gift card.

Consumer Protection

· Retroactive and/or retrospective interest rate increases will be banned except when a cardholder is more than 60 days delinquent in paying a credit card bill.

· A credit card issuer must review the cardholder's account six months after increasing the interest rate and return the annual percentage rate to the prior lower level if the all payments have been submitted on time.

· An interest rate cannot be increased within the first 12 months of account existence and promotional rates must have a minimum of 6 months in duration.

· An advance notice of 45 days must be provided to the cardholder prior to significant changes in credit card terms and conditions. This includes any reward or benefit structure of a credit card.

· The practice commonly known as universal default and double-cycle billing are no longer allowed.

· Bills must be sent out no later than 21 days before the due date.

· Payments cardholder makes must be credited as on time if the payment is received by 5 P.M. on the due date. All due dates that occur on a weekend or holiday are extended until the next business day.

• All over limit fees are now prohibited unless the cardholder specifically opts to allow processing of a transaction rather than being denied at a point of sale.

Enhanced Consumer Disclosures

· A clear disclosure on how long it would take to pay off a credit card balance if cardholder makes only the minimum payment each month must be provided.

· A clear disclosure on the total cost of interest and principal payments if a cardholder makes only the minimum payment each month must be provided.

• Any late payment deadline and/or postmark due date are required to be clearly shown and provided to cardholders.

Protection of Young Consumers

· Credit cards can no longer be issued to individuals under the age of 21 unless they have an adult co-signer or show proof that they have the means to repay the debt through a reasonable income.

· All college students will be required to receive permission from parents and/or guardians to increase a credit limit on joint accounts they hold with those individuals.

• Individuals under the age of 21 will now be protected from pre-screened credit card offers unless they specifically opt-in for said offers.

Gift Cards

· Gift cards are now required to remain active for at least five years from the day of their initial activation.

· Dormancy or inactivity fees may no longer be imposed on gift cards unless there has been no activity in a 12-month period.

· Dormancy or inactivity fees must be clearly disclosed to gift card buyers upon purchase.

• Should a gift card expires after 5 years, the terms of expiration must be clearly disclosed to gift card buyers upon purchase.

The majority of the new rules under the Credit Card Act of 2009 will be take effect 9 months after the signing of the bill, which - in this instance - puts the effective date as February 22, 2010. The remaining provisions will become effective on August 22, 2010.

William E. Lewis, Jr., is a credit repair expert and host of "The Credit Report with Bill Lewis" on AM 1470 WWNN, a daily forum for business and financial news, politics, economic trends, and cutting edge issues. The Credit Report is brought to you by Credit Restoration Consultants - the leading credit restoration firm in South Florida. If you are having credit problems, if your bills are out of hand, or if you just want a credit check up, call CRC at (954) 581-5050 or visit them online at http://www.TalkAboutCredit.com