Williams, Gautier, Gwynn, DeLoach & Sorenson, Attorneys At Law Spring 2009 Governor Crist Signs Legislation to WilliamsGautier Increase Court Filing Fees Team Plays in Senate Bill 1718 was passed by the Florida Legislature Tallahassee Chapter in the most recent legislative session. This bill will result in Golf Tournament substantial increases to filing fees and other court costs. The bill was signed into law by Governor Crist and took effect on June 1, 2009. Chad Heckman With this new law, and with changes made under Senate Bill 1790 from the 2008 legislative session, there have been substantial changes to the filing fee schedule. In Circuit Court, the filing fees can be set as high as $395.00. In most cases, this will result in an increase of $100.00. In garnishment and replevin actions, the clerk can charge up to an additional $85.00 for a total filing fee of $480.00 in such actions. In County Court, the filing fee cannot exceed $50.00 for claims that are less than $100.00; $75.00 for claims equal to or more than $100.00 but WilliamsGautier was pleased to not more than $500.00; $170.00 for all claims more than $500.00 but not participate as a Platinum Sponsor more than $2,500.00; and $295.00 for all claims of more than $2,500.00. As in Circuit Court, the clerk can charge up to an additional $85.00 for of the Tallahassee Chapter of garnishment and replevin actions. Notwithstanding the above, for all claims Credit Unions Annual Golf of not more than $1,000.00 filed simultaneously with an action for replevin of Tournament on March 31, 2009, property that is the subject of the claim, the filing fee may be up to $125.00. at the Southwood Golf Club. The exact amount of fees charged by the clerks will vary, but we expect all Firm shareholders Tyler Van clerks to raise these fees if they have not done so already. Senate Bill 1718 also introduces a new filing fee which will greatly Leuven and Chad Heckman impact Credit Unions filing foreclosure actions. In Circuit Court, actions played as a foursome with Brent relating to real property or mortgage foreclosure will now pay a graduated Lister, President/CEO of First filing fee based on the value of the claim. For cases in which the value of the Florida Credit Union, and Wray claim is $50,000.00 or less, the filing fee is $395.00; if the value is more than Pace, a long-time friend of $50,000.00 but not more than $250,000.00, the filing fee is $900.00; and if the value is $250,000.00 or more, the filing fee is $1,900.00. As before, the Tyler’s. Our foursome had a clerk may charge an additional $85.00 in garnishment, attachment, or replevin great time!! actions. For most foreclosure actions, the law has the practical effect of more than doubling the filing fee. Your Credit Union will incur additional expenses in pursuing matters WHAT’S INSIDE... in the Florida court system as a result of this new law. You may decide not to pursue certain matters in light of these additional out-of-pocket expenses. If you would like to discuss how these increases may impact your collection h Tallahassee Chapter strategies, or if you have any questions relating to the increased filing fees, Tournament please do not hesitate to contact us. h Increase in Court Filing Fees h NCUA Corporate Credit Creditor Rights New Case Assignments Unions Status Report New case assignments of any kind can be quickly and easily submitted to the h Attorney Spotlight on firm via our website. Click on the “Resources” tab on our home page and select Meredith Crowell the appropriate assignment form from the list. Next, complete the assignment form online, click the “submit by email” button on the form and attach a copy of the h Staff Spotlight on Valerie pertinent loan documents. Finally, email it to the firstname.lastname@example.org Gould address. The process is paperless and instantaneous. NCUA Corporate Credit Union Attorney Spotlight Stabilization Program On January 28, 2009, the National Credit Union Administration (“NCUA”) took action to stabilize the corporate credit union system after liquidity and capital Mike Marschall strains in the system triggered a possible loss in confidence in corporate credit unions. The NCUA first moved to provide $1 billion in new Meredith Crowell capital into U.S. Central FCU, and imposed a temporary NCUSIF Meredith was born and raised in guarantee of all member shares for any corporate credit union Tallahassee, Florida. After graduating that decided to participate in a voluntary guarantee program. The NCUA also published an Advance Notice of Proposed from Tallahassee’s Leon High School, Rulemaking (“ANPR”) that solicited comments on the structure Meredith left Tallahassee to attend Furman of the corporate credit union system, including: (a) membership University in South Carolina. In 2002, she size and structure, (b) services offered, (c) capital structure of graduated from Furman with a B.A. in corporates, (d) permissible investments by corporates, (e) History. While at Furman, she participated management of credit risk and liquidity, and (f) corporate in the foreign study program and traveled governance issues. The ANPR comment period expired on April in Europe. This time in her college career 7, 2009; the NCUA has not issued a final rule on corporate stabilization as of this date. fit right in with Meredith’s love of history As part of the corporate stabilization program, the NCUA and allowed her to see and learn about places created the Temporary Corporate Credit Union Share Guarantee she didn’t know a lot about. Meredith’s Program (“TCCUSGP”). The TCCUSGP included an immediate, initial plan was to continue her education to temporary guarantee by the NCUSIF of all shares (excluding obtain a Ph.D. in History and teach at the paid-in-capital, membership capital accounts and other NCUA college level; however, she switched gears liquidity programs) until February 28, 2009. The guarantee and decided to go to law school. Because originally was to expire as of December 31, 2010, for all corporate credit unions electing to participate in this voluntary share she likes the Carolinas/Virginia area of the guarantee program. On April 21, 2009, the NCUA modified the country, Meredith attended law school at terms of the TCCUSGP to extend the program to accommodate a the University of Virginia and obtained her two-year rolling expiration date and provide the option of J.D. in 2005. quarterly extensions through December 2012. Thus, if the option After graduation from law school, to extend each quarter is fully utilized, the final guarantee would Meredith came back to Florida and was expire December 31, 2014. Because funds in the National Credit Union Share employed as a Judicial Clerk for the Insurance Fund (“NCUSIF”) were used in providing the capital Honorable Richard B. Orfinger, Judge of infusion to U.S. Central, the NCUA has declared a premium the Florida Fifth District Court of Appeal, assessment on each federally insured credit union to restore located in Daytona Beach, Florida. Her NCUSIF to an equity ratio of 1.30 percent. The premium clerkship with the Judge was originally assessment was originally estimated to result in a 56 basis point scheduled to last for two years; however, decline in natural person credit unions’ net worth. Prior to the Judge asked Meredith to stay with him actually collecting the premium, NCUA will perform a final analysis and adjust estimates as needed to replenish the NCUSIF for another year, which she did. At the normal operating level to 1.30 percent. Originally, credit unions end of her extended clerkship, Meredith was were to have been required to have their financial statements ready for a change in the type of legal work reflect the 56 basis point net worth decline in either the last she was doing and wanted more client quarter of 2008 or by the end of the third quarter in 2009. interaction. Meredith joined our firm in However, on May 19, 2009, the Congress passed and President April 2009 as an associate attorney in the Financial Institution Compliance/Corporate Area, working with attorneys Palmer Williams, John DeLoach and Mike How To Reach Us... Marschall. When Meredith is not at the office, WilliamsGautier (800)377-3325 - Toll Free you may find her on the tennis court (she Post Office Box 4128 (850)386-3663 - Facsimile has decided to take lessons) or spending time Tallahassee, FL 32315-4128 email@example.com with her family and friends. Barack Obama signed S. 896, the Helping Families Save Their Homes Act (“HFSHA”), which provided that the required Staff Spotlight replenishment of the NCUSIF may be booked by credit unions over a seven-year period. Other provisions of the HFSHA include: (a) an increase of borrowing authority for the NCUA up to $6 billion, and up to $30 billion in certain emergency circumstances, (b) an eight-year time frame in which to deal with the cost of an NCUSIF premium assessment resulting from losses at a corporate credit union, and (c) an extension of the $250,000 federal share and deposit insurance ceiling until 2013 from its current expiration at the end of 2009. Valerie Gould As the NCUA continues to work through its stabilization program for corporate credit unions, there are likely to be further regulatory measures issued by the agency this year, including the Since 1999, Valerie has worked as final version of the ANPR issued in January. a legal assistant to attorneys handling If you have not already done so, we encourage you to closely creditor rights legal matters and review the corporate credit union stabilization materials available foreclosures. In September 2004, she came on NCUA’s website, www.ncua.gov. We will be happy to answer to work at our firm in our Creditor Rights any questions regarding the details of NCUA’s corporate credit Section. Currently, she is one of three legal union stabilization program. assistants handling mortgage foreclosures for our clients and is responsible for approximately 350-400 files. Valerie was born and raised in Ft. Lauderdale, Florida. In 1993, she moved Collections & Bankruptcy Seminar to Tallahassee to be near her brother and to raise her family. Valerie is the proud mother of her July 22-24, 2009, The Florida Mall Hotel, Orlando, FL son, Nick, who is 15 years old. The Boy Scouts have been a big part of Nick’s life, and Valerie has supported him along the REGISTER NOW for WilliamsGautier’s Annual Collections way. Nick is a Life Scout and is getting & Bankruptcy Seminar to be held July 22-24, 2009, in Orlando, FL. ready to start working on his Eagle Scout This will be our 5th year hosting a seminar focused exclusively on project. Going camping (in a tent!!) and collection and bankruptcy issues facing Credit Unions. This year’s hiking are some of the ways Nick and seminar includes new topics related to today’s economic climate, in- Valerie spend their time together. During the FSU baseball season, cluding our popular “hands on” training sessions on negotiating bank- you will find season ticket holders Valerie ruptcy reaffirmation agreements without a lawyer and mitigating losses and Nick at the FSU baseball complex, on delinquent mortgage loans. cheering the ‘Noles on to victory. The information you receive at the seminar should help you When she’s not at work, Valerie is increase recoveries by providing practical advice and solutions to the always doing something. If she’s not at a baseball game, camping or hiking, she’s most common issues faced on a day-to-day basis in collection watching a movie, reading or just being a departments. Mom, the best “job” of all. For more information regarding the seminar, including hotel accommodations, registration and who should attend, please contact Whitney Brown in our office at 1-800-377-3325 x166, or firstname.lastname@example.org. h Upcoming Events... h June 17th -20th - 2009 Florida Credit Union League Annual Convention & Exposition Williams, Gautier, Gwynn, DeLoach & Sorenson, Attorneys At Law Post Office Box 4128 Tallahassee, FL 32315-4128 Did You Know... h The Florida court system has substantially increased filing fees effective June 1, 2009? h Recent legislation may permit your Credit Union to extend the booking of the NCUSIF replenishment for up to seven years? WilliamsGautier is proud to provide credit unions with guidance on these important issues inside this newsletter.