Lallis and Higgins Blog

Federal Agencies Require Escrow for Flood Insurance Beginning January 2016

Joseph Coupal - Wednesday, July 01, 2015

Five federal financial agencies finalized a rule requiring lenders to escrow flood insurance premiums for homes in flood zones, and exempting homeowners from a requirement to buy flood insurance for detached structures.

Here are some highlights from this amendment that was passed this week:
- Banks & Mortgage services must escrow for flood insurance premiums on mortgages made, amended, renewed or extended after
   1/1/2016 for special flood hazard areas.
- Lenders are required to offer clients with pre-existing loans by 6/30/2016 the option to escrow.
- This rule only applies to residential home and mobile home mortgages
- Limited exceptions may apply for situations including condo's, home equity, commercial credit, and financial institutions with small-
   bank exceptions

The rule is from federal agencies with financial oversight responsibilities: the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the National Credit Union Administration. The rule implements provisions of the 2014 Homeowner Flood Insurance Affordability Act, which was designed to address concerns resulting in some of the provisions included in the Biggert-Waters flood insurance reform law of 2012.

The agencies also clarified that under Biggert-Waters, financial institutions have the authority to charge borrowers for the cost of lender-placed flood insurance coverage starting on the date the borrower’s coverage lapses or becomes insufficient. You can find the complete publication on the new rule here.

Massachusetts Registry of Motor Vehicles Fees

Joseph Coupal - Saturday, December 27, 2014

REGISTRATION FEES effective July 1, 2014

TYPE REGISTRATION REG FEE SPECIAL FEE TOTALFEE RENEW FEE
A=Annual Renewal
PASSENGER
PAN ***Passenger Normal ................$60.00 .....................................$60.00............$60.00
PAR ***Passenger Reserved..............$60.00 ..............$40.00............$100.00..........$100.00
PAV Passenger Vanity ........................$30.00...............$50.00............$80.00............$80.00
PAY Year of Manufacture ....................$30.00...............$20.00............$50.00............$50.00

LICENSES / IDENTIFICATION CARDS
Class A (5 Year License) ...................................................................................................................................$75.00
Class B (5 Year License)....................................................................................................................................$75.00
Class C (5 Year License)....................................................................................................................................$75.00
Class D (5 Year License)....................................................................................................................................$50.00

Class M (5 Year License) [Motorcycle only]....................................................................................................................$50.00
Duplicate License...............................................................................................................................................................$25.00
Duplicate Permit.................................................................................................................................................................$15.00

OTHER REGISTRATION FEES

Amend Registration .........................................................................................................................................$25.00
Duplicate Registration......................................................................................................................................$25.00
*Reducible Load Permit (Overweight Permits)...............................................................................................$50.00 minimum
*Reducible Load Permit Amend......................................................................................................................$20.00
IFTA Permit.........................................................................................................................................................$20.00
IRP Trip Permit (Per 72 Hours).........................................................................................................................$15.00
IRP and IFTA Permit (Combination)................................................................................................................$35.00
Moped Registration [Up to 2 Yrs] ($30 on or after November 1)....................................................................$40.00
Registration Gift Transfer Fee..........................................................................................................................$25.00
Registration Reinstatement..............................................................................................................................$100.00
Replacement Plate..............................................................................................................................................$10.00
Swap Plate.................................................................................................................................varies depending on plate type
Transfer Registration.........................................................................................................................................................$25.00

Complete list of fees

Halloween can be bring some scary claims

Joseph Coupal - Friday, October 31, 2014

Egg Heads. Rest assure you have coverage in place to help repair any damage to your car and paint on the car due to an egg, or any other substance that may cause damage from a vandal. Comprehensive coverage will help you repair any damage done by goblins if you didn't realized in time you've fallen victim to a bad joke.

Flying Pumpkins! You can lean on comprehensive coverage if it's a decoration, or an actual pumpkin that strikes your car.   This is covered whether its the wind or an actual trick-or-treater that causes the damage.

Raccoons, Deer, Bears, and Cats oh my! Animals get spooked with so many pirates, princesses and monster trick-or-treating - so if you happen to strike an animal while driving you can count on your comprehensive coverage to help your damaged car get repaired.    Collision coverage would fall into place if you swerve out of the way of an animal and hit a car, tree or other structure.

Be safe, and have a happy Halloween!