| Volume 35 Number 9 |
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The People’s Lawyer’s Tip of the Day
Under the law, a store may charge no more than $30 for a bounced check. There is no limit for how much a bank may charge. Shop around for a bank that charges a reasonable fee, and get "overdraft protection" to avoid high fees for a bounced check. Click here for more.
State Governors Resist Stimulus Money
State Governors are waging a war with the Federal Government over the use of stimulus funding. Some states insist if they accept the money, they will not have funding to sustain the programs in the long run. Some states have requested waivers to use the stimulus money for paying off debt. Some states, like Alaska, are only accepting a small percentage of the federal funding. In Texas, Gov. Rick Perry said his state's employers can't afford higher unemployment insurance taxes for continued benefits. Is there any way for states to receive the money after the Governor rejects the funding? Click here for more.
Deficit Reaches $1.85 Trillion
For the first time since World War II, the federal deficit will reach a record share of gross domestic product, representing 12% to 14% of the total. The increase is primarily due to the economic crises and the government's response. How will the increase change the American economy? Click here for more.
AIG Hands Out $218 Million in Bonuses
After receiving $180 billion in federal bailout funds, insurance giant AIG paid out over $218 million in bonuses. The bonuses include 73 individuals receiving over $1 million, and 5 individuals receiving more than $4 million. The move enraged the public, resulting in congress taking action to reclaim the bonus money. Click here for more.
Your Money
Calculate your estate tax liability. Click here for more.
For the Lawyers
TILA applies to interest rate increases. The Ninth Circuit has held that the notice requirements in the Truth in Lending Act and Regulation Z apply to discretionary interest rate increases that occur because of consumer default. Click here for more.