At this year’s Regulatory Compliance Seminar that will be held in Savannah, Georgia, from October 1st through the 4th, the NAFCU Compliance team will be unveiling an advertising workshop solely related to HELOCs and closed-end mortgage loans. There are still a few seats left for the workshop session scheduled for the afternoon of Thursday, October 4th. In anticipation of the workshop, I wanted to provide a brief refresher on the trigger terms associated with HELOCs.Section 1026.16(b)(1) of Regulation Z describes the general trigger terms that apply to all open-end credit, and section 1026.16(d)(1) contains additional disclosures that are required for HELOCs. With respect to HELOCs, section 1026.16(b)(1) indicates that “[a]ny term required to be disclosed under §1026.6(a)(1) or (a)(2) set forth affirmatively or negatively in an advertisement for a home-equity plan subject to the requirements of §1026.40 triggers additional disclosures under this section.” Those same terms are identified in section 1026.16(d)(1). Section 1026.16(d)(1) also includes payment terms of the HELOC as a trigger term. In other words, if you advertise the circumstances under which a finance charge will be imposed and how the finance charge will be determined – terms required to be disclosed under section 1026.6(a)(1) – or the amount of any charge other than a finance charge that may be imposed as part of the plan – what is required by section 1026.6(a)(2) – or the payment terms of the plan, then you trigger the additional disclosures set forth in sections 1026.16(b)(1)(i) through (iii) and sections 1026.16(d)(1)(i) through (iii): ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » read more
Product tanker owner and operator Hafnia, a member of the BW Group, revealed its plans to launch a pre-listing private placement ahead of the contemplated listing on the Oslo Stock Exchange.Upon completing the placement, the company would list its common shares on Oslo Axess.The pre-listing private placement consists of an offering of new shares with gross proceeds of up to USD 125 million; an offering of shares with gross proceeds of up to USD 175 million; and an offering of existing shares totalling 15% of the primary base offering and secondary base offering which equals gross proceeds of up to USD 45 million.The shares would be offered for sale within a price range of between NOK 26.20 and NOK 30.90 per share, which corresponds to a pre-money equity value of the company of between USD 975 million and USD 1,150 million.Hafnia said that it would raise up to USD 125 million in new equity in the primary base offering, adding that the net proceeds would be used for financing of the equity portion of the acquisition of two MR vessels, repayment of an unsecured RCF facility from BW Maritime, repayment of an unsecured term loan facility, as well as for working capital and general corporate purposes.The secondary base offering consists of existing shares in the company from BW Group, equalling up to USD 25 million, as well as from a consortium of financial investors, equalling up to USD 150 million. read more
Kildangan manager Johnny Kelly says it will be the first time that the team’s path will have crossed under him and admits the sides won’t know that much about each other. The eight teams left standing in the County Senior Hurling Championship are continuing their preparations for this weekend’s Quarter-Finals.Semple Stadium plays host to all four games, with double-headers on both Saturday and Sunday.The first of two games on the Saturday sees Mullinahone taking on Kildangan.
MASON CITY — Details of former Vice President Joe Biden’s campaign stop in Mason City next week have been released. As we told you earlier this week, Biden is embarking on an eight-day, 18-county bus tour of Iowa, which includes a stop at the Historic Park Inn Hotel next Tuesday morning starting at 9:45 AM. Biden will also make a stop in Charles City next Wednesday at 6:45 PM, but further details of that stop have not yet been released. Other Biden stops include the Water’s Edge Nature Center in Algona on Monday at 12:30 and Wednesday at a site to be announced in Iowa Falls at 1:45 PM. Biden this past weekend received the endorsement of former Iowa governor and US Agriculture Secretary Tom Vilsack and his wife Christie.