Newspaper article The Florida Times Union

Homeowners, Businesses Seek SBA Loans for Wind Damage

Newspaper article The Florida Times Union

Homeowners, Businesses Seek SBA Loans for Wind Damage

Article excerpt

The Small Business Administration has received 21 applications

for disaster loans to help pay for damage caused by the

windstorm that hit Jacksonville on May 27.

The SBA so far has approved 10 loans to homeowners totaling

$66,800 and three loans to business totaling $72,000, said Wes

Moore, deputy area director of the SBA's diaster loan program in

Atlanta. For more information call the SBA Helpline at

1-800-359-2227.

Public comment is being sought on whether the Homeownership

Equity Protection Act of 1994 and the 1995 amendments to the

Truth in Lending Act are doing what they were meant to do.

Deadline for consumers and businesses to submit comments to the

Division of Consumer and Community Affairs of the Federal

Reserve is July 18. The Fed has been asked by Congress to report

on the legislation.

The Homeowners Act is designed to protect elderly and

unsophisticated home equity borrowers from what the Fed terms "

abusive lenders" by expanding the information given to

consumers.

The Truth in Lending legislation is intended to make it easier

for consumers to compare the costs of loans offered by lenders.

It has been amended several times in recent years.

At hearings last month in Atlanta, Lynn Drysdale, a

Jacksonville attorney for Florida Legal Service Inc., testified

that the Homeowners Act needed to be strengthened. Florida Legal

Services is a non-profit group that serves low-income and

elderly homeowners.

Deborah Brennan Magri, vice president and counsel for

Jacksonville-based AT&T Universal Card Services, said that the

information about annual percentage rate charges on credit cards

required by Truth in Lending legislation was working fine and

should not be meddled with.

Terence G. Vane Jr., senior vice president and associate

general counsel for Jacksonville's EquiCredit Corp. said that

the Truth in Lending Act should be left alone for now.

Comments from consumers should refer to Docket No. R0969 and be

mailed to William W. Wiles, secretary, Board of Governors of the

Federal Reserve System, 20th Street and Constitution Ave. …

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