Levies are court orders that must be obeyed if your credit union is to avoid severe penalties for noncompliance. How should you and your credit union respond when you receive one?
In this webinar attorney Dan Loritz will answer these questions:
- What are the most common forms of levies seen by credit unions?
- Must the debtor be the primary owner in order to freeze the account?
- Are IRAs automatically exempt from a levy?
- If a member does not have enough money in the share account to satisfy the levy, can you still retain par value to maintain the membership?
- Are future deposits also included in the levy?
Meet the presenter
As Managing Partner of Okun Loritz LLP, attorney Dan Loritz assists the firm’s clients with bond/insurance claims, business and consumer deposit and lending documentation, contract review and negotiation, regulatory compliance, employment law and personnel issues, and privacy matters.
Dan is a frequent speaker at credit union industry events concerning legal and compliance topics and is the author of numerous publications. Prior to practicing law, Dan worked as a personal banking officer at a major California bank. He is a member of the State Bar of California and the Financial Institutions Committee of the State Bar of California.