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Today is: March 19, 2024  
 

 

Upcoming BCG Webinars

BCG Webinars are an optional resource offered once a month via the internet. Topics include Levies and Executions, New Accounts Documentation, Flood Insurance Regulations, and Doing Business with Family Trusts. Additional Webinars will be posted below as their respective dates approach. To view webinars that are available online, click here or contact us if you have additional questions.

Upcoming BCG Webinars        


Perfecting Security Interests in Personal Property
and Recent Developments 

Now Streaming On Demand!

When things go awry and defaults occur with respect to loans secured by personal property, lenders will naturally look to their collateral to minimize losses. The attachment and perfection of a security interest in personal property collateral is essential to the enforcement of a security interest against the party pledging the collateral, as well as third parties with competing claims to the same collateral. The requirements and procedures for attachment and perfection of a security interest in personal property are set out in Division 9 of the California Uniform Commercial Code (CUCC).
 
Additionally, Senate Bill (SB) 95 became effective on January 1, 2024, which made various and significant changes to the CUCC with regard to security interests, including adding new types of personal property, changing the rules for perfecting security interests in certain types of property, and revising the definition of some key terms.
 
This Webinar will explain the necessary steps lenders must take to ensure they have an enforceable security interest under the CUCC, and will also discuss the new changes made by SB 95 that impact security interests in personal property.
 
 
 
 
 
 
 
 
 

 

 

Tuesday, March 19, 2024
10:00 a.m. - 12:00 p.m.

This comprehensive Webinar will cover various forms of deposit promotions, including lottery prohibitions, “free” account marketing campaigns, “refer-a-friend” promotions and other giveaways. Our discussion will include a review of regulatory compliance expectations impacting deposit advertisements, including Regulation DD advertising disclosure requirements and IRS information reporting.
 
We will also discuss the FDIC’s recent modernization of its official sign requirements, with a focus on the impact to advertisements, websites and false advertising concerns.
 
This Webinar presentation will include a closer look at relevant regulatory consent orders and the hard “lessons learned” of other institutions.
 
 
 
 
 
 
 
 
 

 

Thursday, March 28, 2024
10:00 a.m. - 11:30 a.m.

State and federal laws require financial institutions to apply automatic exemptions when served with a levy or garnishment against a depositor. This imposes an obligation on the institution to leave a certain amount on deposit in accounts of a depositor without requiring the depositor to take any action. 
 
Historically, these automatic exemptions were limited to situations where a depositor’s account received direct (electronic) deposits of certain state and federal benefit payments. The available automatic exemptions have expanded over the years to include other exemptions for set amounts, such as a child support order with a $3,500 exemption and California’s recent SB 616 exemption, which is applicable to all natural persons who maintain an account with a financial institution.
 
This is a very confusing and complicated area of law, especially since some automatic exempt amounts are required to be “stacked” with other exemptions while others require institutions to only apply the exemption that is for the higher amount.
 
This program will help guide financial institutions in applying the different exemptions, whether served with a government or private party levy or other type of garnishment.
 
 
 
 
 
 
 
 
 

 

* Janet Bonnefin is retired from the practice of law with the firm.
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