Page 6 July 18, 2013 TORRANCE TRIBUNE Finance Ted Lieu from front page Credit Access for Stay-at-Home his pending bill SB 118 would require the Lieu also discussed the Local Control Spouses and Partners Expanded to dedicate resources towards in-demand districts more flexibility to spend money byFunding Formula (LCFF) that gave schoolCalifornia Workforce Investment Board occupations that have an economic impact on removing categorical funding and replacing By Jason Alderman Fast forward to October 2012, when the State, train those workers accordingly, and it with block grants. But when first proposed, One of the pitfalls of Congress the CFPB released a proposal that provide annual reports to identify industries the LCFF took monies away from some passing complicated, sweeping was expected to ease credit rules for facing shortages of skilled workers or those school districts—including many in the legislation is that sometimes stay-at-home spouses or partners. with growth potential. Passed last year, the South Bay—in order to provide additional provisions designed to protect one After six months of public review, the Senator’s SB 1402 was one of 20 bills listed funding for disadvantaged districts. After group unexpectedly create hardships CFPB issued a formal amendment to as a “job creator” by the California Chamber months of negotiations, Governor Brown for others. That’s what happened with the ability-to-pay rule that essentially of Commerce. The bill preserved and made increased base grants for all school districts 2009’s Credit Card Accountability says credit card applicants who are at various improvements to the Economic and by $537 per pupil and implemented an Responsibility Disclosure (CARD) least 21 can factor in a third party’s Workforce Development Program in the economic recovery payment to help districts Act, which was hailed as legislation that income or assets when applying for credit card community college system. that still fall short in receiving adequate funding. would protect consumers from misleading accounts if there’s a reasonable expectation Another bill, SB 209, aims to stop “Every school district will get more money credit practices. they’ll be able to access those funds to make the Franchise Tax Board (FTB) from next year than they did this year,” said Lieu. Among other things, the CARD Act requires payments. (This includes income of a spouse retroactively penalizing people who legally The Senator also announced that he helped that people under 21 must have an adult co- or partner, although the rule applies to all claimed a certain tax incentive provided to secure a two-year delay in implementing an signer in order to open a credit account unless applicants, regardless of marital status.) entrepreneurs/investors in California start- inadvertent provision of the LCFF that wiped they can prove their ability to repay their account Speaking of unintended consequences, up small businesses. A 2012 appellate court out funding for two Regional Occupational balance. This provision was designed to prevent however, remember that even though having ruling found elements of the incentive to be Centers, including one in Torrance. Lieu hopes young adults from assuming more debt than at least one credit card or loan in your own unconstitutional, prompting the FTB to seek the delay will buy enough time to resolve the they can afford and then being unable to pay name can help you build a strong credit history, back taxes on capital gains from thousands issue and preserve those facilities. it off, thereby ruining their credit standing. it’s important to carefully manage all credit of individuals who had sold qualified small Asked if some of the State’s surplus could So far, so good. accounts on which you’re named – whether as business stock—with the amounts assessed in be earmarked towards economic development Then, in 2011 the Federal Reserve finalized an individual, cosigner or authorized user – to some cases as high as $500,000 plus penalties to invite businesses back to California, Lieu rules around the CARD Act’s “ability to prevent damage to your credit score. and interest. Lieu said that some people may pointed out that another bill (SB 500) would pay” provision. It stated that credit card Having a poor credit score can cost a small no longer have the ability to pay these taxes increase the tax credit on research and issuers generally could only consider an fortune over a lifetime. You’ll pay higher rates anymore and that the bill will ensure that development expenses from 15 to 20 percent. applicant’s independent income or assets and have a harder time qualifying for mortgages, agencies “won’t go after you for doing what “Nissan left, but came back and opened an before issuing a new card or increasing a credit car loans and credit cards. To maintain – or was right at the time you did it.” R & D facility in Northern California,” said limit, not his or her access to the household’s improve – your credit score: Lieu additionally hopes to reform Proposition Lieu. “Samsung opened a huge campus in San overall income. Always pay all bills on time. 65—the initiative passed in 1986 that requires Jose in R & D. It’s one area we can compete An unintended consequence soon emerged: Never exceed credit limits. businesses to provide a “clear and reasonable” in and we should incentivize.” As a result of the ability-to-pay rule, many Try to keep your credit utilization ratio (the warning before knowingly exposing anyone At the same time, Lieu emphasized that in spouses or partners over age 21 who don’t percentage of available credit you’re using) to any chemicals known to cause cancer or looking how to spend its surplus, the State work outside the home suddenly found they below 30 percent. reproductive toxicity. Despite the inherent “went all in on education and some on health” were unable to open separate credit accounts Don’t automatically close older, unused merits of the proposition, Lieu pointed out while also making sure to stabilize its financial in their own name, regardless of whether or accounts; 15 percent of your score is based that “warnings something can kill you” situation. “We made a lot of deep and painful not they had access to their working spouse/ on credit history. have become virtually meaningless because cuts,” he said of the sacrifices that helped partner’s income. Each time you open a new account there’s they are everywhere. He hopes his reform balance the State’s coffers. On that note, a Establishing one’s own credit history is crucial a slight impact on your score, so avoid doing can reduce lawsuit abuse, while making number of programs won’t be restored. “We to gaining favorable interest rates and access to so in the months before a major purchase like warning signs more sensible and administration will pay down more debt and bring back credit, especially when non-working spouses a home or car. more efficient. education to levels before the recession.” • get divorced or their spouse dies unexpectedly. Bottom line: Make sure you have credit in Thus many consumers (and their Congressional your own name, in case you ever need to open Toastmasters from page 2 representatives) were upset. Their displeasure a new account based on your own credit history. reached the ears of the Consumer Financial Just make sure you don’t overextend yourself started the Toastmasters group, members and resources, which are a big part of Protection Bureau (CFPB). or mismanage credit you currently have. • practiced speaking skills in a supportive, the organization’s success and growth. informal atmosphere and the popularity of Headquartered in Rancho Santa Margarita, Police from page 3 and even other states. By 1930, the club had today there are 13,500 clubs and morecountries 116 members in 280,000 thanthe club soon spread into other communities July 2 Burglary-Residential: 3600 BLOCK established a federation that would assist around the world. Despite its global reach Theft: 2600 BLOCK PACIFIC COAST REDONDO BEACH BLVD Suspect(s) removes in coordinating activities and provide a and impact, the influence of Toastmasters is HWY Suspect(s) takes property out of screen, enters open window, makes entry, but standard program. When speaking clubs in felt first in the communities where each club victim’s purse. flees when confronted by victim/ no loss. • New Westminster, British Columbia, Canada meets, such as in Torrance. Go from residency to a residence it became Toastmasters International. being able to channel nervous energy and to“To me it was pretty easy--it was aboutexpressed interest in joining the organization, Explore an exciting home financing opportunity for new doctors “For me, it is comfort in topics and comfort be able to continue to talk past the points in the size of the audience,” Morris said. where you would have seized up,” Morris “It has taken me the whole time in the said. “Nobody wants to see you speak into If you are a medical doctor and have completed your club to develop to where I am. You don’t a pie chart.”Examine the benefits residency within the past 3 years, you may be able to just get better all of a sudden. You must Persons interested can learn more about — loan establish your practice. take advantage of an opportunity to buy a home as you — loan establish your practice. take advantage of an opportunity to buy a home as you Go from residency to a residence continue at it.” org/Members/MembersFunctionalCategories/the Toastmasters at: http://www.toastmasters.The impact of the Toastmasters hasUp to $850,000. amounts • Higher Up to $850,000. amounts • Higher Go from residency to a residence In order to be eligible for this program, you must agree In order to be eligible for this program, you must agree Explore an exciting home financing opportunity for new doctors evolved because of its educational programs AboutTI/History.aspx • to meet with one of our bankers, giving you the chance • Low down payment ——payment• Low to work with an experienced professional. 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Theresidency within the past 3 years, you may be able to Contact me today for more information.take advantage of an opportunity to buy a home as youresidency within the past 3 years, you may be able to take advantage of an opportunity to buy a home as you In order to be eligible for this program, you must agree • Higher loan loan.amounts — personally in Jesus Christ, and Christ has believe in it, in all these new scientific dis-——.amountsamountsloanUp to $850,000.• Higher• HigherUp to $850,000.Liz WordenHome Mortgage Consultantestablish your practice.establish your practice.science these days? Everyone is so quick toto reveal Himself and has revealed Himself—amountsloanadjustable-rate mortgages• Highertake advantage of an opportunity to buy a home as you to work with an experienced professional. • Low down payment — if in fact you are truly seeking Him. 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To deny God all go crazy.’ He shook his head, ‘If miraclesrequired.476064 Contact me today for more information. options — Fixed-rate and without giving serious consideration to the had chemical equations then everyone wouldfinancing Contact me today for more information. options — — Fixed-rate and whole counsel of the Word, where He said believe.” As Jesus said time and again, heFixed-rate andfinancing—options• Flexibleoptionsadjustable-rate mortgagesLiz Wordenwho has ears to hear, let him hear.He would meet with us, is insufficient..adjustable-rate mortgagesadjustable-rate mortgages(ARMs) availableLiz Worden.Email: pastor@stjohnses.com •I think the words of author Cecilia Ahern..(ARMs) available(ARMs) available310-265-9574Liz WordenHome Mortgage ConsultantHome Mortgage ConsultantPhone: Home Mortgage Consultant Cell:Phone: 310-265-9574310-487-8957 elizabeth.worden@wellsfargo.com from page 5Sports310-265-9574310-487-8957310-487-8957Phone:Cell:http://www.wfhm.com/elizabeth-wordenCell:http://www.wfhm.com/elizabeth-wordenPhone:Cell: http://www.wfhm.com/elizabeth-worden NMLSR ID 476064elizabeth.worden@wellsfargo.com NMLSR ID 476064 his team, Puig only related his gratification. headlines for the right reasons, the supportelizabeth.worden@wellsfargo.com NMLSR ID 476064476064 “This month has been unforgettable,” he said. and awards will undoubtedly continue for “I’m grateful that this has happened in my the youngster. While it is only in its infancy life. I’m happy for myself, my teammates at the moment, the polarizing character of and all the fans of Los Angeles. They’ve all Yasiel Puig has rejuvenated Los Angeles’ Information is accurate as of date of printing and is subject to change without supported me in this month. I’m really happy ballclub and enlivened what many believe to notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2011 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. with all of the fans out there.” be a “boring” sport. Yasiel Puig has become As long as Puig continues to make the reason to watch baseball. • 106459 -106459 - REV 4/13 REV 4/13
Torrance 07_18_13
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