New Louisiana Document Fee

Effective August 15, 2004, Act 89 will raise the upper limit on the document fee allowed on non-real estate consumer loans in Louisiana from $5.00 to $20.00. We mailed a letter to our Louisiana IvyTek Finance customers July 9th with instructions on how to change the fee on our system. If you did not receive these instructions please let us know either via e-mail at sales@ivytek.com or by calling 800-596-9792.

Fair and Accurate Credit Transaction Act
(FACT ACT)

Required as of July 16, 2004, section 217 of the FACT Act requires all creditors who, in the ordinary course of business, furnish information to a nationwide consumer reporting agency and furnish negative information to such an agency, to provide a clear and conspicuous notice about furnishing such negative information, in writing, to the customer.

The notice may be provided to a customer prior to furnishing negative information, or within 30 days after furnishing such information. No additional notice about the same transaction need be sent to the customer.

Language for the notice has been approved by the the Federal Reserve Board.

For the prior notice:

We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

For subsequent notice:

We have told a credit bureau about a late payment, missed payment or other default on your account. This information may be reflected in your credit report.

The notice may not be included in the initial Truth-in-Lending disclosures.

Happy 4th of July

I apologize for not getting the news bytes updated sooner. Unfortunately, while I was on the road my new computer hard drive crashed. It is still not functional, however now that I am back in the office I am able to use my old computer which still has a copy of all my files and programs.

I am proud to announce I have completed the new IvyTek Newsletter format. We now have have eight pages of useful information. I will still be working to improve the format over the next several editions. Due to the above mentioned computer crash it may take some time to get the latest edition on-line. The hard copy edition was mailed in early June. If you would like a copy e-mail us at sales@ivytek.com.   We would be happy to supply you with the latest edition.

Mike and Sandy are currently attending the Mississippi Finance Association Convention in Destin, Fla. They were the hit of the Mississippi Check Cashers Convention in June where they both participated in the entertainment by being hypnotized. In August, they will be back in Destin for the Louisiana Finance Assn. Convention. Dan and I will be attending the Missouri Pawnbrokers Convention, August 21 in Kansas City, MO before heading west to visit customers during the month of September.