CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        "New Requirements Regarding Flood Insurance in Massachusetts"

        On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division of Banks can be found below.

        As of November 20, 2014, lenders/creditors are prohibited from requiring that a purchaser or owner of residential property with 1-4 units, purchase flood insurance that:

        • Contains coverage exceeding the outstanding principal mortgage balance of the loan secured as of the beginning of the year for which the flood insurance policy shall be in effect;

        • Includes coverage for contents; or

        • Includes a deductible of less than $5,000.

        The Act requires that a notice containing statutory prescribed language be given to the purchaser or property owner at the time the purchaser or owner is notified of the need to purchase or pay for flood insurance.

        Although the new law clearly impacts residential mortgage lenders, the law also applies to commercial lenders where residential property is taken as collateral to secure a loan or guaranty of a principal.

        Lenders should review their form of notes, mortgages and other documents to ensure that they do not contain language which would be in violation of the law, such as provisions requiring the procurement of flood insurance covering contents.

        An Act Further Regulating Flood Insurance

        Frequently Asked Questions on Chapter 177 of the Acts of 2014, An Act Further Regulating Flood Insurance