Do you sell Recreation Vehicles? If you answered yes, how much do you know about the SAFE Act? Hopefully, quite a bit!
Here are some brief highlights, and you can see some commentary from RV Daily Report here:
- Signed into legislation in 2008 and will become effective potentially on July 10, 2010.
- Intent is to enhance consumer protection by implementing a nationwide standardized mortgage licensing system which
includes a formal registration process to track anyone involved in any aspect of residential financing. The intent was to minimize instances where consumers are being lead to loans they could not afford.
- Applies to loans for dwellings, which under current interpretations includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. It also includes all structures or other property belonging to the dwelling unit. A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities.
- Fines for making an unlicensed loan - $25,000 per incident - OUCH!!!
So just as the industry starts to rebound....no one can afford a $25,000 per incident fine. I just urge everyone to get up to speed quickly with the requirements and how they affect you!
I encourage anyone with feedback about this subject to please chime in. I would love to hear your thoughts.
Sharon Robbins is the National RV Manager for Manheim Specialty Auctions
Everywhere you look these days, there seem to be headlines, articles, and blogs about FEMA trailers. So what's all the talk 
about FEMA trailers? Are they being sold in big huge lots for just a few hundred dollars apiece? Is the Government suspending the sales of these units temporarily? Could these units be heading to Haiti as part of the relief effort? What about the claims of excessive formaldehyde levels in these units? Here are just a few references for more information about these topics:
FEMA suspends auctions for 2 weeks
Homeland Security calls for end to FEMA auctions
Send FEMA units to Haiti
FEMA trailers exhibit unsafe levels of formaldehyde gas
Sharon Robbins is the National RV Manager for Manheim Specialty Auctions. Sharon has been with Manheim since 1998.