COMMUNITY BRIEFS
BBB warns about fake currency

Ford

Your Better Business Bureau warns that counterfeit bills are again circulating in Northwest Florida. Criminals are washing or bleaching five-dollar bills and reprinting them with $100 bills because many of the security features are similar on the two bills. A number of local banks and merchants have reported receiving the counterfeit $100 bills.

Using a counterfeit detector pen does not identify the $100 bills as counterfeit because the paper is legitimate. However, the washed bills are easy to detect. If you hold the bills up to the light you can see the watermark of Lincoln instead of Franklin on the washed bills.

If you have questions about the counterfeit bills or would like more information on the changes made to the new $5 bills, visit www.federalreserve.gov or start with bbb.org.

Rep. Clay Ford's bill penalizes 'churning'

Legislation increasing penalties for unfair or deceptive practices during the sale of annuities won unanimous approval from the House Jobs and Entrepreneurship Council today. House Bill (HB) 1003, the John and Patricia Seibel Act, sponsored b y Representative Clay Ford (RGulf Breeze), increases fines and penalties for the unlawful practices of twisting and churning accounts and willfully submitting a false signature.

HB 1003 prohibits an agent from using designations or titles that falsely imply that he or she has special financial knowledge or training. The bill requires that the insurance agent obtain specified personal and financial information from the consumer relevant to the suitability of the recommendation and that they have an objectively reasonable basis for making a recommendation to a senior consumer.

The bill also increases the "free look" period from 10 days to 14 days after purchase of annuities for the consumer to obtain a refund. Additionally, in a transaction involving the surrender or replacement of investment products, agent must provide the consumer with specific information concerning the differences between the annuity being recommended for purchase and an existing annuity that would be surrendered or replaced. HB 1003 also authorizes the Office of Insurance Regulation to order an insurer to rescind an annuity and provide a full refund when a senior consumer is harmed by a violation of this bill.

HB 1003 will now head to the House Floor.