http://creditmanagementassociation.org/forums/tags/finance-charges Sponsored by Credit Management Association en-US Tue, 07 Feb 2012 12:26:59 +0000 http://bbpress.org/?v=1.0.2 q http://creditmanagementassociation.org/forums/search.php http://creditmanagementassociation.org/forums/topic/89#post-441 Thu, 18 Feb 2010 18:38:54 +0000 F Scott Wilson 441@http://creditmanagementassociation.org/forums/ <p>Guy--</p> <p>Generally, people purchase the plot itself, but since it can't be freely sold after the passing of the owner, since he/she is presumably interred there, I'm not sure that it's an actual sale, or a permanent license to use the space. Certainly, the cemetery is responsible for the upkeep of the grounds. I don't think the cemetery would be acting as the contractor for the client; more like an agent, I think. It would *not* affect where a lien is filed, since that is always in the county where the property is, at least in the case of real property, which is unlikely to be moved from one county to another. </p> http://creditmanagementassociation.org/forums/topic/89#post-440 Thu, 18 Feb 2010 17:48:02 +0000 Guy Nishida 440@http://creditmanagementassociation.org/forums/ <p>Scott,</p> <p>I still think your question is fun. In that spirit: in the case of a cemetery plot, who owns the plot? Is it the cemetery or an individual? Is the improvement considered for the benefit of the cemetery or the individual plot? Is the cemetery acting as a contractor for the plot owner, presumably obligated at the time of the plot's sale? Having never purchased a plot I don't know if you own the land or just rights to use/occupy it under certain conditions. Or do you actually get some sort of deed to sub-divided property. Technically, does this affect where you file a lien? </p> http://creditmanagementassociation.org/forums/topic/89#post-431 Tue, 16 Feb 2010 18:22:09 +0000 Guy Nishida 431@http://creditmanagementassociation.org/forums/ <p>Scott,</p> <p>Sounds like a fun technical question. I know nothing of lien laws but I was wondering if the vaults are treated as taxable improvements and depreciable under real property guidelines versus, say a car or a computer used in a business. Would that impact whether or not they were considered improvements to real property for lien purposes? Also, if the laborers fabricating them could file a lien, that would seem to bolster your downstream position to be in the same boat. </p> http://creditmanagementassociation.org/forums/topic/89#post-429 Tue, 16 Feb 2010 16:46:06 +0000 F Scott Wilson 429@http://creditmanagementassociation.org/forums/ <p>We are already planning to pre-lien, and are working on a joint check agreement with the cemetery and our customer, to ensure we're paid at the same time our customer gets their money.</p> <p>Thanks for your input on this. </p> http://creditmanagementassociation.org/forums/topic/89#post-424 Sat, 13 Feb 2010 00:38:15 +0000 ajackson 424@http://creditmanagementassociation.org/forums/ <p>Hi Scott,</p> <p>This is simply one of those cases that can be argued. I would file a prelim and in the event you don't receive payment, I would go forward with a mechanics lien. The cement and underground vaults are attached to real property and more than likely considered property improvement. If you have any other questions, please feel free to contact me at (702) 259-2622 ext 4334 or email me at <a href="mailto:ajackson@emailcma.org">ajackson@emailcma.org</a> </p> http://creditmanagementassociation.org/forums/topic/89#post-418 Thu, 11 Feb 2010 16:41:24 +0000 F Scott Wilson 418@http://creditmanagementassociation.org/forums/ <p>I have a customer who is going to be performing work on-site, and will take delivery of our materials (cement), again on-site. Usually, that's a slam dunk for us being able to protect our security interests, since we know exactly where the product is being delivered and can show that we have provided materials for improvements.</p> <p>But wait, there's more....</p> <p>Our customer will be working for a local cemetery, and fabricating coffins. I suspect these are actually vaults, placed in the ground, into which a coffin is lowered, and a lid placed on top, keeping out dirt, bugs, and so forth.</p> <p>Here is my question. Would concrete vaults be considered a property improvement, and would we have lien rights? </p> http://creditmanagementassociation.org/forums/topic/73#post-340 Fri, 29 Jan 2010 19:06:52 +0000 Michael Dennis 340@http://creditmanagementassociation.org/forums/ <p>I agree with Scott. If these fees are referred to as penalties for late payment rather than interest charges, it will make the creditor's intentions clearer and - in my opinion - will reduce the risk of some form of legal action substantially.</p> <p>I hope this helps.</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic/73#post-299 Mon, 11 Jan 2010 16:27:38 +0000 F Scott Wilson 299@http://creditmanagementassociation.org/forums/ <p>In my experience, finance charges and late fees are *not* considered interest, as such, due to the fact that interest is the cost for borrowing money, while late fees and the like are for late payments on goods or services. I don't like to refer to late fees or finance charges as interest, because that implies the right to get payment of interest from my employer, in the case of, for instance, a credit balance or overpayment.</p> <p>Dina, I would suggest that the finance charges for past due balances be referred to as anything *but* interest, in order to avoid muddying the waters. </p> http://creditmanagementassociation.org/forums/topic/73#post-293 Fri, 08 Jan 2010 20:44:07 +0000 DMarc CBA 293@http://creditmanagementassociation.org/forums/ <p>Although some rogue judge could always make the scope broader than intended... this appears to apply primarily to those in the business of loaning money such as a bank or financial institution, payday loan type industry. Did the customer fill out paperwork applying for a specific loan? </p> http://creditmanagementassociation.org/forums/topic/73#post-292 Fri, 08 Jan 2010 19:37:12 +0000 Christine 292@http://creditmanagementassociation.org/forums/ <p>Here's some information...</p> <p><a href="http://www.corp.ca.gov/FSD/lender.asp" rel="nofollow">http://www.corp.ca.gov/FSD/lender.asp</a> </p> http://creditmanagementassociation.org/forums/topic/73#post-291 Fri, 08 Jan 2010 19:31:49 +0000 Dina Amadril 291@http://creditmanagementassociation.org/forums/ <p>From a CMA member:</p> <p>We charge finance charges (interest) on past due balances/accounts. Since we charge an (interest) penalty, do we need to get a California finance lenders license? </p>