Kenyan Treasury moves to restore 20% excise duty on betting stakes

first_imgThis excise tax had been a major point of controversy in the country, prompting Kenya’s largest operator Sportpesa to leave the market for more than a year. Rival Betin left the market at the same time. Regulation Topics: Legal & compliance Sports betting Legal Regulation Online sports betting Sports betting regulation However, the operator then faced further setbacks. The BCLB ruled that its new licence holder did not have permission to use the Sportpesa brand, as the previous holding company licensed to operate under the brand, Pevans East Africa, was still engaged in an appeal over its own licence. This tax increase had come on the back of a previous dispute about a separate 20% duty. That dispute concerned a tax on winnings, which the country’s regulator – the Betting Control and Licencing Board (BCLB) said also included original stakes. Kenya’s National Treasury followed through with plans to re-impose a 20% excise tax on betting stakes – a levy that forced leading brand Sportpesa to pull out of the market for over a year – through the country’s 2021 Finance Bill. The legislation must be considered by Parliament, first by the Finance Committee of the National Assembly and then by the whole Assembly and Senate, before it would be presented to President Uhuru Kenyatta to be signed into law. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter However, days after the budget bill repealing the excise tax was signed into law, Treasury Secretary Ukur Yatani said the government never intended for the tax to be repealed and pledged to reintroduce the levy. Tags: Sportpesa Betting Control and Licensing Board Regions: Africa East Africa Kenya Kenyan Treasury moves to restore 20% excise duty on betting stakescenter_img However, in the country’s 2020 budget, the excise tax was repealed entirely. The parliamentary Finance Committee arguedhat the tax had been so high that it forced operators from the market, and therefore lowered the amount of revenue collected from legal betting. After the state ordered telecoms company Safaricom to block banking services to the 27 operators, Sportpesa opted to take legal action. A court ultimately ruled that the BCLB’s judgement was incorrect, but Sportpesa remained inactive in Kenya because of the excise tax. In October 2020, four months later, Sportpesa returned to business in Kenya under a licence held by a new business, Milestone Games, which was based in the same offices as the original Sportpesa. The tax had initially been set at 10% of stakes, but in September 2019, the Kenyan Parliament’s Finance Committee proposed raising it to 20%.  However, multiple High Court rulings overturned this decision, once again allowing Sportpesa to operate under the Milestone licence. Subscribe to the iGaming newsletter As a result, it determined that Sportpesa owed KES60.56bn (£396.2m/€459.6m/$561.3m) in unpaid taxes and refused to renew its operating licence, and that of 26 other operators, until outstanding taxes were paid. The bill, which was published last week after being submitted to Parliament at the end of April, says that excise duty on betting “shall be 20% of the amount wagered or staked”. 19th May 2021 | By Daniel O’Boyle Email Addresslast_img read more

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Farmworkers Forum yields first look at City Commission candidates

first_img February 9, 2018 at 9:39 pm Why weren’t the farmworker people of this community allowed to use the Community Garden when they came forward to the city council meeting in person, and asked to get to use the gardening spaces? I was there at that meeting. I myself know, how much the farmworkers love to grow plants and garden. It was stated there wasn’t any room left at the community garden, but I beg to differ, as there was plenty of room there, and all that needed to be added, was some boards, to board in the dirt beds to add the soil to grow their food plants. However, I later saw in the newspaper that the nuns at the Hope Community Center have been gracious to them, and gave them some space to grow their food crops….The truth! February 9, 2018 at 10:38 pm Kilsheimer closed the Forum with what he saw as a summary of the evening’s issues. Please enter your name here Reply Reply Save my name, email, and website in this browser for the next time I comment. Mama Mia I read in the Apopka Chief that all the registered voters in the City of Apopka, were mailed out a sample ballot of the city’s election. I didn’t receive one, nor did my husband, and we both are registered voters of the city, who are eligible to vote. We did receive a notice of which precinct to vote at. I mean, we don’t need a sample ballot, but it was just that the newspaper article stated that all of the registered voters of the city got one mailed to them. Well, we didn’t get one…….??? Reply Mama Mia February 8, 2018 at 9:53 pm Previous articleBBQ Blast returning to Apopka this weekendNext articleOrange County Library District: By the numbers Denise Connell RELATED ARTICLESMORE FROM AUTHOR Reply Reply I repeat, Apopkans are very tired of the blame game being put out against the past administration. Take a hint! Reply February 8, 2018 at 9:37 pm Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Reply The roving thieves have reached a new low. They are actually stealing air bags out of cars while the owners of the cars, are inside the churches. This was on the news, and it is happening in Volusia County. Ridiculous! Reply February 8, 2018 at 9:32 pm February 9, 2018 at 9:24 pm  “The more people we get involved in talking about the future of Apopka the better,” said Kilsheimer. “I think if there’s one big takeaway from tonight‘s format it’s that all the questions were about what can the City do to help people in their homes, in their lives, in their pursuit of a better life for themselves and their families and their children. And quite honestly the truth of the matter is until I was elected 3 1/2 years ago I don’t think you can point to a single thing the City of Apopka actually did to help people. Since I was elected we have hired a grant writer that has attracted $1.5 million to do things like rebuild Lake Avenue Park. We’re going to rebuild the Alonzo Williams community center. We created jobs for students in the Apopka Youth Works program. We established the Apopka begins and ends in “A” program that identifies community resources to help our local elementary schools. One result of that program is the $750,000 grant that will create after-school mentoring and tutoring for kids at Phillis Wheatley and Zellwood elementary schools. All of those things are but a drop in the bucket as to what needs to happen in the City of Apopka. We should come together. We are city and 50,000 residents now. And so we’ve got to rally the city together to help people.” This new stamp price of fifty cents for the forever stamps…..I hope I’m understanding this correctly. I am assuming that I can still just attach a forever stamp to a letter, and that is good enough to pay the postage forever, but that if I go, and buy more of the forever stamps, then I will pay fifty cents a piece, instead of 49 cents, is that correct? It isn’t like I will have to attach an extra 1 cent stamp to a letter, right? People are trying to confuse everyone, I think, otherwise I just mailed out some bills that way, and I don’t want to see them returned for a lack of a penny stamp….surely, it must not be that way, even though one person indicated that the mail- in ballots would need an extra one cent stamp……NO WAY…at least I don’t think so??? Either they don’t understand, or either they are trying to trick someone, or either I am wrong….which is it? Mama Mia Trump insisting on a military parade like Kim Jong Un, or the French president, makes me not only think of a dictatorship, but also of a little boy playing with his collection of plastic army men and tanks down on the floor, with the exception these are real military men and real equipment, and costs way more $$$$$$ Anyway, is that a good idea to have that much equipment and military men in one area, in case someone plans to bomb the scene of the parade??? Mama Mia Mama Mia LEAVE A REPLY Cancel reply 12 COMMENTS Support conservation and fish with NEW Florida specialty license plate  Commissioner Diane Velazquez, the incumbent in the Seat #2 election, was happy to see the participation among the Apopka community in the governmental process. “I have been here as Commissioner for 3 1/2 years and a resident for 13 years and when I first came here what I saw was a lack of involvement from the community. Today shows me how far forward we have come just in your participation and seeing our City Council meetings packed with residents sharing their issues. We are growing, and that means economic development. It means more families investing in our community. And the one thing I want to point out is that as proud as I have been in telling the story of Apopka, we have also invested. And Apopka is as much our home as for everyone else. So whether you’re here one year, 100 years, 10 years 20 years it is our home, and together we should work to make Apopka a family oriented place. We should invest in our youth because they are the future. When they finish high school and go to college I want them to go come back home to Apopka.”Leroy Bell, also a candidate for Seat #2, warned about unbridled growth in Apopka that he believes could harm the city. “I have no problem with growth,” he said. “Growth is good. But it’s fast growth that concerns me. What we’re doing is outgrowing our services, our first responders, and putting more pressure on them. If you bring business here, they have to be a stakeholder in the city. They have to come in and give opportunity, not just take it. My three concerns are financial stability, investing in infrastructure, and safe secure neighborhoods. You know just a few years ago we came in with a surplus, and now for the first time, we are in deficit. We can’t attract new business to help our youth if we can’t balance our budget.” Was this event advertised to the general public, and was the general public invited to come and attend, to listen? I didn’t know this event was even being held. I think it is shameful what is happening during this election….a mayor’s debate that was scheduled, that only a select number of people could get into the debate, to see it live, and the rest having to view it on video, as the tickets “sold out” the first couple of days. Now a farmworker’s forum with the candidates, that apparently the general public wasn’t even aware of. Nice, and the candidates talk about the whole community needs to be involved in Apopka’s government…..yeah right. Reply Reply The Anatomy of Fear February 9, 2018 at 9:51 pm Okay, time to put away the computer, as I have caught myself dosing off holding this laptop, and it almost fell off my lap and broke…..time to put Joey Bo Bo Buttafucco to bed. I took him back to the vet this morning, and now he is on two different medicines for his heart, and the vet said to discontinue the other medicine that he was taking, but that he would need to check his kidneys in two weeks due to these meds he is taking now. I have to keep him from spinning as he loves to spin around and show off, and it is hard, because then he overdoes it and gets to choking up and starts coughing, and his rib cage starts quivering. I have had dogs in the past with all kinds of health problems as they aged, but this is a first, this enlarged heart, and its problems that it is causing him. The vet said Joey will need these two medicines the rest of his life, if they work out for him and help him with his heart problem……. Mama Mia Mama Mia February 9, 2018 at 10:01 pm We went out to the Bar-B-Q competition at the NW Complex and walked around, and it was a good walk too. We talked with the fire chief, and looked around, and it was still early, and decided to leave, and I said we can come back later for the fireworks show, but then later, I got sleepy and said I would rather just go to sleep. I intended to go back, had my chairs, mosquito spray, and everything, but just got too sleepy. Sleep apnea, I do believe. Share on Facebook Tweet on Twitter You have entered an incorrect email address! Please enter your email address here February 9, 2018 at 10:07 pm I mean, we could have parked out there and stayed in the truck, and still viewed the fireworks, if I had of brought Joey with me back from the house, but I didn’t want to scare him to death, with his heart like it is. That big retention pond is huge out there, the one that has been dug and has fresh dirt, with no water in it. The heavy equipment parked in the bottom looks so tiny, when looking down into the retention pond that has been dug! Reply Mama Mia February 9, 2018 at 10:32 pm Congratulations to Apopka City Council Candidate, and brand new grandpa Gene Knight Jr., on both you and your wife’s new grandbaby. The baby is precious, and I know you both are ecstatic to be first time grandparents! Decision Apopka 2018By Reggie Connell/Managing Editor of The Apopka VoiceThe Apopka farmworker community lives in the shadows. They keep their heads down and generally don’t make waves, interact with politicians or go to City Council meetings. They do not vote in large “super-voter” blocs or even speak the language in some instances.But they do a great deal of the work in Apopka, and its backbreaking labor for low wages, limited benefits, and a small voice in the community.On Tuesday night this hard-working quiet community reached out to the candidates of Apopka. They spoke their minds and asked questions of those running for the city commission and for mayor.  Eight out of ten candidates attended the event, along with about 100 spectators. They packed into the Farmworkers Association of Florida (FWAF) headquarters in Apopka to watch the Candidate Forum sponsored by the FWAF, and the Hope CommUnity Center (HCC).All eight candidates answered questions selected by the FWAF and HCC, which focused on issues such as City-issued ID cards, health care access, English as a second language, and gentrification.It was the first time the community got to hear from many of the candidates, including a relative-unknown to Apopka politics – Seat #2 challenger Alicia Koutsoulieris.Alicia Kousoulieris“I’m a relatively new resident here in Apopka,” said Koutsoulieris. “We bought a house here about 2 1/2 years ago. The draw was that my family was here, but also the city seemed a little more welcoming. A little more of a hometown feeling as opposed to Orlando. I did grow up in Central Florida. I’m graduated from UCF. I studied political science. I’m working on a Masters degree also in political science. I feel that my background in community organizing makes me a great candidate.”The first question dealt with the plight of the farmworker community as it relates to being issued government identification. Apopka Mayor Joe Kilsheimer was open to the idea.“The issue of immigration is an important one to the farmworker community,” said Kilsheimer. “And I’m committed to a city organization that treats everyone with dignity and respect. With regards to an ID card, we will have to sit down and do our homework and make sure we’re doing the right thing and doing everything we can under the law, but I do think it’s a worthy concept that we should explore.”Apopka Mayor Joe KilsheimerKilsheimer’s challenger for Apopka mayor, Orange County Commissioner Bryan Nelson, provided an alternative to identification issued by the City from a local program that assists the homeless.“I don’t know if it’s a city function,” said Nelson. “I think it would have to be a county or state issued ID. I’m not sure what it takes, but I know that identification is an important issue in the farmworker community. There is a regional program called IDignity that’s trying to help with homeless people to get them IDs. I don’t see why you couldn’t incorporate that same program to give another group of people proper identification.”Growth was not a specific question, but it spilled into the remarks of two Seat #1 candidates that participated in the event.“This is the year that is really going to set the tone for what our city is going to become,” said Seat #1 candidate Suzanne Kidd. “We entered a period of tremendous growth. When I moved here 17 years ago the city had 26,000 residents. We’re over 50,000 now and projections are we’re going to go way over that in the next 10 to 15 years. New growth is going to continue in our area. What does that mean for us? What are we going to be like 10 to 15 years from now? If I were in your shoes, I think I would want to see people on the City Council who had a real grasp of that issue… who has a vision for what the city could become, and are willing to listen to everyone in the city and make sure the city works for everybody… and make sure that the economic growth is going to be spread around the community and everybody gets to participate. In the past, growth and economic progress have gone only to certain people. We can’t let that continue. We have to make sure that every part of our community participates.”Commissioner Diane VelazquezTheresa Mott, also a candidate for Seat #1, believes Apopka is in a pivotal position as it relates to growth. “Apopka is at a crossroads right now,” she said. “We’re on the cusp of enormous growth and we have a decision to make. We can make a right turn or we can make a wrong turn. And I want to make the right turn, and in order to do that I see us continuing to create a platform that we can grow our city by investing in our economic development… and the way we do that is to attract business that sees the growth we have happening and they want to be a part of it. And when that happens it improves the entire community. It improves the quality of life in Apopka as a whole. People on the campaign trail that I talk to say we need more stuff to do. We need more amenities. We need different types of entertainment options and that’s what I’d like to be a part of making happen in Apopka. But with growth, we know it can compromise our public safety… so we have to continue to invest in our police department, fire department, all of our first responders to keep us safe as this growth continues.”Alexander Smith, also a candidate for Seat #1, kept his focus on the youth of Apopka. “Our youth is our future,” he said. “If we don’t invest in them now we’re going to invest in them later. It’s better to invest in them now and we can do that by working together. It takes a village. And so it’s going to take all of the citizens of Apopka in order to make this a reality to make it happen. Some of these things we need to bring to our city like a YMCA, a Boy’s club, a swimming pool that both high schools can use to train their teams, and the citizens of Apopka can enjoy as well. We also need affordable housing. Everyone deserves an opportunity for homeownership. It’s a struggle. I started out pulling weeds in the nursery, pulling corn in the muck, picking oranges, but eventually with a lot of hard work, determination and support from the community, that’s why I am here today. So I want to give back… to whom much is given, much is required.” Mama Mia Please enter your comment! I saw in the Orlando Sentinel on the front page, where Doug Guetzloe passed away unexpectedly at his daughter’s 21st birthday party celebration. That was shocking news to me, to learn of his unexpected death, and of the sad circumstances of his passing, while being at his daughter’s birthday celebration. I didn’t always share his political views, but he was always very polite, and nice to my husband and me, whenever we saw him out anywhere. He was the same age as my husband, and only a year older than me. When I consider the happenings of lately, it really makes me think of how fragile life really is, and of our own mortality. May Doug RIP and prayers to his family at this difficult time. February 9, 2018 at 9:13 pm February 8, 2018 at 11:12 pm Mama Mia Mama Mia Reply Mama Mialast_img read more

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TCU’s Intro to Personal Finance class grows

first_imgTwitter Madelyn Steckbeck taken by Madelyn Steckbeck iPhone scammer on campus Facebook Previous articleVoting for Mr. and Ms. TCU opens todayNext articleYoungest TCU Graduate to date Madelyn Steckbeck RELATED ARTICLESMORE FROM AUTHOR ReddIt printCollege prepares students to get a job, but when do they learn to handle a paycheck?In the spring semester of 2016, a new class was offered to students: Introduction to Personal Finance.The class has returned this semester with 47 students enrolled.The one-hour class counts as an upper division elective that’s instructed as pass or no credit course open to students of all majors.Instead of a textbook, students prepare for class by reading assigned articles from publications such as the Wall Street Journal, Yahoo Finance, CNBC and Market Watch.Ramona Locke, the Introduction to Personal Finance professor, said she tries to keep the topics relevant to what seniors will need to know as they go into the real world.Ramona Locke lecture taken by Madelyn Steckbeck“We discuss basics but keep it current. I didn’t want the students to have to buy another expensive book so we use current articles pertinent to each topic,” Locke said.The majority of students enrolled in the class this semester are juniors and seniors from all majors.Lauren Tooman, a senior biology major on the pre-med track, is currently enrolled in the class.Tooman said she first heard about the class from a friend, who took the class during the previous semester, “she said the environment was very welcoming and classroom discussions were encouraged.”Tooman was interested in the class because she thought it would give her insight on taking care of her finances as soon as she graduates.“Since I’m a biology major, I haven’t taken any finance classes and don’t know much about how to handle money,” said Tooman. “So, I thought this was a great way to get my feet wet. I also like that we cover many broad topics, including budgeting, saving for a house or car and investing throughout the semester.”The first semester of the class was a success, growing from 30 students to 47.“We had to find a larger room to accommodate the 50-plus percent increase in the students who wanted to register,” Locke said. “Originally, the class had a size limit, but I wanted everyone who was interested in taking the class to have an opportunity to do so.”The growing popularity of the class has led to an expansion for the upcoming semesters.There will be two class sections offered in the fall of 2017 and three sections in the spring of 2018.“I think the course is popular because the students have stated that they aren’t getting this basic knowledge anywhere else in the curriculum…even the Neeley students,” Locke said.According to a recent survey by U.S. Bank, 65 percent of students gave themselves a C, D or F when considering whether they can successfully manage their finances and money.TCU is not alone. Universities across the country have added personal finance classes to their curriculum within the decade.Oberlin College, University of California Berkley, Washington University of St. Louis and University of Michigan Ann Arbor all offer personal finance courses that cover a wide range of money management topics.Tooman said it would be very beneficial if the class became a requirement to graduate.“I already have learned so much and feel ready to handle my expenses once I have my first full-time job. I think other students would gain a lot of knowledge as well,” said Tooman.While there is no future plan to make the new class part of the TCU core requirements, Locke said that if she could, she would make sure that every graduating senior had this fundamental knowledge before receiving their diploma.“No matter what you studied in college, we all need to know the important foundational principles of managing your financial life in a responsible manner,” Locke said. Alcohol and consent don’t mix Twitter Madelyn Steckbeckhttps://www.tcu360.com/author/madelyn-steckbeck/ Madelyn Steckbeckhttps://www.tcu360.com/author/madelyn-steckbeck/ Linkedin Madelyn Steckbeckhttps://www.tcu360.com/author/madelyn-steckbeck/ TCU Pets on Spring Break Facebook Madelyn is a junior news and media studies major with a minor in Creative Writing. Linkedin + posts TCU places second in the National Student Advertising Competition, the highest in school history World Oceans Day shines spotlight on marine plastic pollution ReddIt Welcome TCU Class of 2025last_img read more

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Kymeta™ amplía sus soluciones de próxima generación con la disponibilidad comercial de la terminal…

first_imgLocal NewsBusiness Facebook Previous articleVeritone Continúa su Expansión Internacional a Través de un Acuerdo con CRP Radios de PerúNext articleZoek naar je verloren identiteit als Xenon in nieuwe MapleStory M-update Digital AIM Web Support Facebook WhatsApp Pinterest Kymeta™ amplía sus soluciones de próxima generación con la disponibilidad comercial de la terminal u8 GOV y u8 GO Twitter TAGS  Pinterest By Digital AIM Web Support – February 9, 2021 WhatsApp Twitterlast_img read more

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Demystifying the Economics of Housing

first_imgHome / Daily Dose / Demystifying the Economics of Housing Tagged with: Business Economy Fed HOUSING Inflation Interest rates markets mortgage Mortgage Rates Rates Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Editor’s Note: This feature originally appeared in the May issue of DS News, out now.Dwight Johnston has over 30 years’ investment experience with financial institutions in a variety of roles. For the past 15 years, beginning with his role as Chief Economist for Western Corporate Federal Credit Union, Johnston has focused on economic and market information and education for credit unions. He is the author of a popular “Daily and Long-term Economic Commentary” website and is a frequent speaker at credit union board planning sessions and industry conferences. Johnston’s mission is to demystify economics and the markets. He is the author of DJ’s Economix, a daily and long-term analysis and commentary on financial markets and the economy.In 2017 the Fed raised interest rates three times. With more hikes expected this year, what impact do the Fed’s actions have on mortgages?Those three increases didn’t affect mortgage rates until the very end of the year when the tax reform bill passed. When it comes to this year, it all hinges on how the bond market assesses the economic outlook. I would expect the Fed to raise rates three times again this year, but if the economy stumbles, midyear rates would stop going up and possibly even start going back down.But the flip side of that, if inflation does go up more than expected this year the bond market would then have to make a big adjustment because the yield curve has flattened a lot over the last few years. It’s started steepening in January, but it still is nowhere near a normal yield curve. When the economy is doing well, inflation moves higher. You could see longer-term mortgage rates go up. That’s why it’s so unclear right now what the path is going to be this year. Right now, everything points to a stronger economy and rising inflation. We should end up with something in the order of three more rate increases by the Fed and a similar move in the long-term rates. A 10-year note, which is about a 2.8 percent bond interest-rate basis points today should be about 3.5 percent by the end of the year. This would probably tack on 75 basis points to your mortgage rates.Do you predict Jerome Powell differing in his stance from the path Janet Yellen set forth?When Powell was first nominated, we thought he was a Yellen clone because whenever she spoke, he would basically say the same thing. But we’ve found that this doesn’t mean anything now that he’s the chairman. In the last couple of speeches Yellen made before stepping down, she was very positive on the economy, more so than in her entire four years. When Powell testified before Congress, the prediction was that he would be a little more subdued. But in fact, he was as optimistic, if not more so than Yellen. That caught people by surprise. The thought that he might not want to be as aggressive at raising rates went out the window.What other economic factors should we be watching to predict the health of the housing market this year?First and foremost, continue watching the jobs numbers. That’s your easiest and best way to gauge how the economy is doing. Second, I would put in the inflation numbers. Especially over the next three months, or four months, because year-over-year we could see a fairly significant rise because of some low numbers last year that will be dropping off that year over year equation. Third, it’s important to look at how the bond market processes all of this information. Last is continuing to watch the Fed.The only homeowners that have to worry a lot about the Fed are those with adjustable rate mortgages. Especially those tied to Libor, which has gone up substantially over the last couple of years. With jobs and inflation being the most critical factors for you, what are these areas currently telling us?Right now jobs numbers have been surprisingly strong. A lot of times you’ll run into a hiccup around the first of the year, but the numbers have been off the charts. There was strength through broad sectors, and the tax cuts to businesses bode well for capital spending and hiring. Barring any train wreck that might be caused by a trade war, we should see continued good gains in jobs. Despite this many industries are having trouble finding people to hire. That will constrain job growth somewhat.The inflation rate has been steady, around 1.8 on the core CPI number. However, over the next four months, the low numbers from last year will be dropping off that. The next one we get should reflect a .1 drop off from last year. Even if you get only a .2 increase, you’ll see a .3 increase in the year-over-year rate. The bond market is not going to like seeing that, even though they should be aware it’s a possibility. Previous: RoundPoint Moves Headquarters Next: Your Guide to Where Default Servicing Is Headed Business Economy Fed HOUSING Inflation Interest rates markets mortgage Mortgage Rates Rates 2018-05-25 Rachel Williams May 25, 2018 2,252 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Print Features About Author: Rachel Williams Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demystifying the Economics of Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Examining the Enforcement of TILA

first_img Previous: California’s Role in the National Housing Recovery Next: Fed Chair Jerome Powell, Clarifies His Stance Demand Propels Home Prices Upward 2 days ago Examining the Enforcement of TILA in Daily Dose, Featured, News, Servicing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Jesinoski and Hoang mortgage rescission TILA 2019-01-03 Donna Joseph Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Examining the Enforcement of TILA The Best Markets For Residential Property Investors 2 days ago About Author: Robert Finlay  Print This Post About Author: Michael S. Kelley Data Provider Black Knight to Acquire Top of Mind 2 days ago Robert Finlay is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Finlay has focused his legal career on consumer credit, business, and real estate litigation and has extensive experience with trials, mediations, arbitrations, and appeals. Finlay is at the forefront of the mortgage banking industry, handling all aspects of the ever-changing default servicing and mortgage banking litigation arena, including compliance issues for servicers, lenders, investors, title companies, and foreclosure trustees.center_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago For years, mortgage lenders defended TILA rescission actions by arguing that the notice of rescission or action was untimely and/or barred by applicable statute of limitation. In 2015, the U.S. Supreme Court dealt lender’s efforts a severe blow when it held that the notice of rescission could be issued at any time within three years after the loan closed, not file suit to rescind within three years, as the industry had argued (Jesinoski v. Countrywide Home Loans, Inc.,135 S. Ct. 790 (2015). Just recently on December 6, 2018, the Ninth Circuit issued an opinion that further weakened the lenders’ position (Hoang v. Bank of America, N.A., __ F.3d __, Case No. 17-35993, 2018 WL 6367268 (9th Cir. 2018)). Specifically, the Ninth Circuit expanded the time for a borrower to sue to enforce rescission of a loan if a lender fails to wind up the loan after a notice of rescission.Under the Truth in Lending Action (TILA), borrowers have the right to rescind certain loans within three business days after consummation of the loan. 15 U.S.C. § 1635(a). However, if the lender fails to make the required disclosures under TILA, the deadline for borrowers to rescind the loan expands to three years from the consummation of the loan. 15 U.S.C. § 1635(f). In its’ 2015 Jesinoski decision the Supreme Court held that under TILA, a borrower only has to notify a lender of his or her intent to rescind within three years.  The borrower is not required to bring suit within the three years to effectuate the rescission. A simple notice is all that is required. The Supreme Court explained, “so long as the borrower notifies within three years after the transaction is consummated, his rescission is timely. The statute does not also require him to sue within three years.” Jesinoski, 135 S. Ct. at 792.Under TILA, if a borrower provides notice within the three years, a creditor must take steps to “wind up”  the loan within 20 days of the notice. 15 U.S.C. § 1635(b). However, as is often the case, what if the lender fails to act to wind up the loan as required by TILA?  In Hoang v. Bank of America, N.A., __ F.3d __, Case No. 17-35993, 2018 WL 6367268 (9th Cir. 2018), the Ninth Circuit answered the following question: “when a borrower effectively rescinds a loan under TILA, but no steps are taken to wind up the loan, when must suit be brought to enforce that rescission?” Id. at *3.In Hoang, the district court ruled that a claim to enforce rescission is governed by the one-year statute of limitations for TILA damages claim. On appeal, the Ninth Circuit rejected the district court’s application of the one-year statute of limitations that applies to TILA damage claims.  The Ninth Circuit reasoned, “TILA provides for both legal damages and equitable relief but only includes a statute of limitations for legal damages relief. The statute does not suggest that the statute of limitations for legal damages relief is also applicable to claims for equitable remedies. If Congress intended that statute to apply, Congress surely knew how to draft the statute accordingly.” Id. at *4.Because TILA does not provide a statute of limitations for rescission enforcement claims, case law requires federal courts to borrow a limitations period from analogous state law. In Hoang, the Ninth Circuit looked to its host state, Washington, as a guide. The Ninth Circuit ultimately used Washington’s six-year statute of limitations for contract actions. The Court reasoned, under Washington’s general contract law, the statute of limitations sets forth a six-year limitation period for an “action upon a contract in writing, or liability express or implied arising out of a written agreement.” The loan agreement between Hoang and the Bank is a contract in writing. An action to rescind that loan (under TILA or otherwise) arises out of that written agreement. Because TILA rescissions necessarily require a contract to be rescinded, contract law provides the best analogy and we adopt the general contract law statute of limitations.Id. at *4 (citation omitted). In summary, the Ninth Circuit concluded that “[a]pplication of Washington’s longer six-year contract statute of limitations would actually further TILA’s purpose, which is to protect consumers from predatory lending practices and promote the informed use of credit.” Id.Therefore, under Jesinoski and Hoang, a borrower has up to three years to provide notice of rescission of the loan. If the lender fails to wind up the loan, the borrower has another six years to bring an action to enforce the rescission. Thus, a borrower can have to up nine years from consummation of the loan to enforce rescission under TILA. Although this is a decision by the Ninth Circuit, which applied Washington state law, borrowers will certainly rely on Hoang and argue that the Ninth Circuit’s reasoning should apply to their specific case. The statute of limitations to enforce a rescission claim may be shorter or longer than six years depending on the breach of contract statute of limitations for each specific state.There are several take-away from the decisions in Jesinoski and Hoang. First, a lender/servicer should quickly and carefully review any notice of rescission or even an indication of rescission from the borrower.  Second, if a borrower properly rescinds the loan under TILA, the lender/servicer has 20 days to “wind up” the loan. Third, if there is a question about whether the lender provided the required TILA disclosures or if the borrower timely and properly gave notice of his or her intent to rescind, the lender should consider immediately filing a declaratory relief action to resolve those disputes at that time instead of waiting years for the borrower to file an action to enforce the rescission. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago ——————————————————-[1] 15 U.S.C. § 1635(b) states:When an obligor exercises his right to rescind under subsection (a), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the obligor, the obligor may retain possession of it. Upon the performance of the creditor’s obligations under this section, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. Servicers Navigate the Post-Pandemic World 2 days ago January 3, 2019 2,856 Views Tagged with: Jesinoski and Hoang mortgage rescission TILA Michael S. Kelley is a Senior Associate at Wright, Finlay & Zak LLP (WFZ) where he focuses primarily on mortgage banking litigation. Prior to joining WFZ, Kelley worked for two firms in Southern Nevada. His practice prior to joining WFZ included a variety of commercial and business litigation matters ranging from small court disputes to multi-million dollar disputes and their subsequent appeals. Sign up for DS News Daily Subscribelast_img read more

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Donegal activist calls on people to oppose G8 Summit

first_imgNews WhatsApp Facebook Twitter Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Google+ WhatsApp A Donegal based independent activist has called for widespread international opposition to the G8 summit which is planned to take place next year in County Fermanagh.Criticising the event, Michael Mac GiollaEasbuig said it was important there was mass opposition to the summit and he said such events were the starting point for many of today’s global problems….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/11/mhic1pm.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHORcenter_img Google+ Guidelines for reopening of hospitality sector published Donegal activist calls on people to oppose G8 Summit By News Highland – November 21, 2012 Three factors driving Donegal housing market – Robinson NPHET ‘positive’ on easing restrictions – Donnelly Twitter Pinterest Previous articleDonegal tourism can gain from G8 summit in FermanaghNext articleTwo men arrested in relation to David Black murder News Highland Pinterestlast_img read more

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North West to benefit from two major European funds

first_img Twitter 365 additional cases of Covid-19 in Republic Further drop in people receiving PUP in Donegal Previous articleFinn Harps and Derry City end season with victoriesNext articleCouncil’s get active drive admin By admin – October 29, 2016 Google+ Pinterest Man arrested on suspicion of drugs and criminal property offences in Derry Pinterest 75 positive cases of Covid confirmed in North Facebook Facebookcenter_img Gardai continue to investigate Kilmacrennan fire WhatsApp Main Evening News, Sport and Obituaries Tuesday May 25th RELATED ARTICLESMORE FROM AUTHOR Twitter North West to benefit from two major European funds Google+ Donegal, Derry and Tyrone are amongst the counties to benefit after it was confirmed that two major European funds will start released cash soon, despite Brexit.It has been confirmed that “letters of offer” for the PEACE IV and INTERREG VA programmes will begin being issued from next week.Most of the money in both funds – totalling hundreds of millions in Euro – comes from the EU, but the Irish and UK governments also contribute.Minister Joe McHugh expects good news on a number of local projects:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/10/INTEREGjoeWeb.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Homepage BannerNews WhatsApplast_img read more

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Hot air balloon makes hard landing, one woman seriously hurt: Police

first_imgMICHELANGELOBOY/iStock(LAS VEGAS) — A hot air balloon made a hard landing near Las Vegas on Thursday, seriously hurting one person, officials said.The pilot and four passengers were ejected from the basket when the balloon made the hard landing, Las Vegas Police Sgt. Jeff Dean said.  After impact, it continued to drag along the ground for about a half mile and the other four people were ejected, the FAA said.One woman was airlifted to a hospital with very serious injuries, but is expected to survive, Dean said. The hot air balloon had nine people on board during the incident in Goodsprings, Nevada, the Federal Aviation Administration (FAA) said.The other eight people were taken to hospitals with minor injuries, Dean said.The cause of the hard landing is under investigation, according to the FAA. Copyright © 2019, ABC Radio. All rights reserved.last_img read more

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Morphology of juvenile instars of Ameronothridae (Acari: Oribatida)

first_imgJuvenile instars of four species of the oribatid mite family Ameronothridae— Alaskozetes antarcticus intermedius, Ameronothrus lineatus, Halozetes crozetensis and Pseudantarcticola georgiae—are described and illustrated in detail. Known juvenile instars of the family are compared, new diagnoses are given when possible, and identification keys to genera of known nymphs and larvae are presented.last_img

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