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Assembly Bills 2149 and 2150 would regulate the use of words or phrases that suggest special expertise in the finances of the elderly.
Under these bills, insurance agents and financial planners would be prohibited from claiming to be a “Senior Financial Expert” or similar title without undergoing state-recognized training on the subject.
“They use these titles to gain seniors’ trust,” said Berg, D-Eureka. “We want to make sure those titles actually mean something.”
Nothing says “trust me” to an older person like the words “Certified Senior Advisor” written in gold letters on a business card.
But too often that trust is not deserved. Too often older people are convinced to buy long-term investment instruments such as annuities that are ill-suited to their needs, but which pay lucrative commissions to the sales agents. And all too often the people who sell these products have little or no legitimate training in managing the finances of older adults.
Elder financial abuse is one of the fastest growing segments of crime. Nearly a quarter million older Californians fall prey to some sort of swindle or abuse each year.
A recent New York Times investigation found that the number of “certified” senior experts in the sales force has increased 78 percent in the last five years. Some of these agents are, of course, legitimate experts, but many either obtain their “credentials” through dubious means, or simply invent a title themselves.
“There are a lot of good people out there doing business with seniors,” said Berg, who chairs the Assembly Committee on Aging and Long-Term Care. “This regulation will help the good actors as much as it will hinder the bad ones.”
The bills are sponsored by the California Alliance for Retired Americans and the Congress of California Seniors. The Gray Panthers of California and the Older Women’s League are also in support.
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The number of commercial buildings and manufacturing plants to earn the Energy Star for superior energy efficiency is up by more than 25 percent in the past year, and the amount of carbon dioxide emissions reduced has reached an all-time high of more than 25 billion pounds.
"From a historic office tower in the Big Apple to a small manufacturing plant in America's heartland – the Environmental Protection Agency is pleased to see so many organizations offering high-efficiency Energy Star buildings and facilities," said Robert J. Meyers, principal deputy assistant administrator for the EPA's Office of Air & Radiation.
Nearly 4,100 buildings and manufacturing plants have earned the EPA's Energy Star through the end of 2007, with the addition of more than 1,400 in 2007 alone. They include about 1,500 office buildings, 1,300 supermarkets, 820 K-12 schools and 250 hotels.
Here in Lake County, the Lucerne Elementary School is included on a list of Energy Star qualified buildings.
Also, more than 185 banks, financial centers, hospitals, courthouses, warehouses, dormitories and – for the first time – big-box retail buildings earned the Energy Star. More than 35 manufacturing plants such as cement, auto assembly, corn refining, and – for the first time – petroleum refining are also being recognized.
In total, these award-winning commercial buildings and manufacturing plants have saved nearly $1.5 billion annually in lower energy bills and prevented carbon dioxide emissions equal to the emissions associated with electricity use of more than 1.5 million American homes for a year, relative to typical buildings.
Commercial buildings that have earned the Energy Star use nearly 40 percent less energy than average buildings and emit 35 percent less carbon dioxide into the atmosphere, offering a significantly smaller carbon footprint. About 500 Energy Star buildings use 50 percent less energy than average buildings. Many of these buildings excel due to good energy management practices such as routine energy efficiency benchmarking.
Energy use in commercial buildings and manufacturing plants accounts for nearly half of the total U.S. greenhouse gas emissions and nearly 50 percent of energy consumption nationwide.
For more than a decade, EPA has worked with businesses and organizations to reduce greenhouse gas emissions through strategic energy management practices. Today, there are Energy Star-qualified facilities in every state across the country. To qualify for the Energy Star, a building or manufacturing plant must score in the top 25 percent using EPA's National Energy Performance Rating System.
Energy Star was introduced by EPA in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through energy efficiency. In 2006, Americans, with the help of Energy Star, saved about $14 billion on their energy bills and prevented greenhouse gas emissions equivalent to those from 25 million vehicles.
To learn more about Energy Star buildings and facilities: www.energystar.gov/buildings.
To find Energy Star buildings and industrial facilities in your area: www.energystar.gov/LabeledList.
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“It is hard to believe we've been open two years, it has been a whirlwind of toys and games and kids,” said Jennifer Nunn, co-owner of Funtopia.
Added her business partner and husband, Jason Curtis, "But what better reason for having a party!"
To celebrate their two-year anniversary, and to thank the community for supporting their selection of unique toys and games, Funtopia is throwing a party and sale on Saturday, Feb. 23rd, starting at 10 a.m.
And to mark the occasion, the couple will be unveiling a new sign.
“We moved to our new location at 21208 Calistoga St., right in downtown Middletown, 10 months year ago and we've had a temporary sign ever since,” said Curtis. “At our anniversary, though, we will be unveiling our new, hand-painted sign.”
“It is really special," added Nunn. “It was painted by a local artist and friend of ours, JoAnn Robinson. It captures the spirit and whimsy of our toy store and we are excited to unveil it at 1 p.m. for the public to see.”
In addition to the sale – offering between 25 and 50 percent off a large selection of great toys – but they'll also have popcorn and balloons for everyone.
There's also the new “Book Nook” – a newly created space to hold the store's selection of children's books.
"Over the last two years we’ve enjoyed becoming part of the community, working with the schools, and meeting the kids and parents of Lake County,” said Nunn. “We moved here because of the beauty but we've stayed because of the people. And we hope that everyone enjoys our party as much as we've enjoyed becoming part of the community!”
Funtopia, located at 21208 Calistoga St., in Middletown, California, is a locally owned independent toy store, specializing in unique toys and games that enhance play and creativity for children of all ages. Open Tuesday through Sunday, they are the perfect place to find that special birthday gift and have it wrapped for free.
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SB 1055 was approved 8-0 on Feb. 13 by the Senate Committee on Revenue and Taxation. Machado and Wiggins are both members of the committee.
Under existing law, mortgage debt that is forgiven by a lender is taxable to the borrower as ordinary income (not capital gains) in the year in which the debt is forgiven.
For example, if $50,000 in principal of a $450,000 mortgage is written off by the lender as part of a loan modification or a short sale, the borrower would have to increase his or her adjusted gross income by $50,000 that year. These tax law rules can be a heavy burden for borrowers already having trouble meeting their financial obligations.
The Machado bill will allow a borrower whose lender agrees to forgive some or all of their mortgage debt to exclude that forgiven debt from their income for state income tax purposes. SB 1055 will help borrowers whose lenders agree to a short sale, a short payoff, a loan modification, or a loan refinance in which some or all of the borrower’s original debt obligation is forgiven.
It may also help borrowers who lose their homes to foreclosure, if the borrower refinanced his or her mortgage, and if their lender cannot recover the full amount it is owed on the mortgage debt through the foreclosure sale.
SB 1055 will be effective for debt forgiven in 2007 or 2008, and will only apply to debt forgiven on owner-occupied homes.
“The effects of the home mortgage crisis will continue to be felt for some time,” Wiggins said last Wednesday. “I am glad to support Senator Machado’s badly-needed legislation, which will offer real and immediate relief to qualifying California taxpayers.”
Wiggins represents California’s 2nd Senate District, which includes portions or all of six counties: Humboldt, Lake, Mendocino, Napa, Solano and Sonoma.
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