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August 30, 2015

FLORIDA DECEPTIVE AND UNFAIR TRADE PRACTICES ACT PREEMPTED.

House for Sale Sign and Street View.05.10.15

 

"By its express terms," said the Court, the Florida Deceptive and Unfair Trade Practices Act "'does not apply to ... [b]anks and loan associations regulated by federal agencies.'"  Wilson v. Everbank, N.A., 77 F. Supp. 3d 1202, (S.D. Fla. 2015), quoting Fla. Stat. Section 501.212(4)(c).  The Court accordingly granted a federally regulated savings and loan association's motion to dismiss a FDUTPA claim with prejudice in that lender force-placed insurance practices case.

However, the Court entertained a cornucopia of claims allegedly arising under Florida, New York, or Illinois law, some of which it left standing, including claims based on the Truth-in-Lending Act, and alleged breaches of contract and of the implied covenant of good faith and fair dealing.

Please Read The Disclaimer.  Copyright 2015 by Dennis J. Wall, author of "Lender Force-Placed Insurance Practices" (American Bar Association 2015).  Listen to the author's most recent Thomson Reuters Legal Current podcast.  All Rights Reserved.

Related articles
Federal Loan Modification Program Another Profit Center for Predatory Lending.
Only Homeowners Are Barred From Negotiating in Mortgages.

Posted by on August 30, 2015 at 01:46 PM in Consumer Protection, Force Placed Insurance, Fraud, Unfair and Deceptive Practices |

Tags: bank, deceptive, federal, Florida, practices, preemption, regulated, savings and loan association, trade, unfair

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