pignato v. great western bank - fl case

8/7/2019 Pignato v. Great Western Bank - FL case

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664 So.2d 1011, 20 Fla. L. Weekly D2338(Cite as: 664 So.2d 1011)

District Court of Appeal of Florida,Fourth District.

John F. PIGNATO and Lorelei E. Pignato, his wife,Appellants,

v.GREAT WESTERN BANK, Appellee.

No. 94-0661.

Oct. 18, 1995.Rehearing, Rehearing En Banc, and Certification of

Questions Denied Jan. 10, 1996.

In mortgagee's foreclosure action, mortgagors raisedaffirmative defense of violation of Truth in LendingAct (TILA) and sought to rescind transaction. TheCircuit Court, Palm Beach County, James T. Carlisle,J., ruled against mortgagors and ordered foreclosure.Mortgagors appealed. The District Court of Appeal,Warner, J., held that intangible tax was excludablefrom finance charge under TILA if mortgageeitemized and disclosed intangible tax to mortgagors.

Affirmed.

West Headnotes

[1] Consumer Credit 92B 52

92B Consumer Credit 92BIIFederal Regulation 92BII(B) Disclosure Requirements 92Bk52 k. Price, Balance, Rate, andCharges in General.Most Cited CasesIntangible tax paid by mortgagee to clerk of court torecord its mortgage is excludable from financecharge that must be disclosed under TILA, if

mortgagee itemizes and discloses that tax tocustomer. Truth in Lending Act, 103(u), 106(a),128, as amended, 15 U.S.C.A. 1602(u), 1605(a),1638; Truth in Lending Regulations, Regulation Z, 226.4(a, e), 15 U.S.C.A. foll. 1700; West's F.S.A. 199.135(1), 199.202,199.282(5).


92B Consumer Credit 92BIIFederal Regulation 92BII(B) Disclosure Requirements 92Bk50 k. In General. Most Cited CasesCongress passed TILA to insure meaningfuldisclosure of credit terms so that consumers coulddetermine reasonableness of lender's charge. Truth inLending Act, 102 et seq., as amended, 15 U.S.C.A. 1601 et seq.

[3] Administrative Law and Procedure 15A

413

15AAdministrative Law and Procedure 15AIV Powers and Proceedings ofAdministrative Agencies, Officers and Agents 15AIV(C) Rules and Regulations 15Ak412Construction 15Ak413 k. AdministrativeConstruction. Most Cited Cases

Consumer Credit 92B 32

92B Consumer Credit

92BIIFederal Regulation 92BII(A)In General 92Bk32 k. Truth in Lending, in General.Most Cited CasesAbsent some obvious repugnance to TILA, regulationpromulgated by Federal Reserve Board underexpansive authority delegated to Board by Congressshould be accepted by courts, as should Board'sinterpretation of its own regulations. Truth inLending Act, 102 et seq., as amended, 15 U.S.C.A. 1601 et seq.; Truth in Lending Regulations,Regulation Z, 226.1 et seq., 15 U.S.C.A. foll. 1700.


92B Consumer Credit 92BIIFederal Regulation 92BII(B) Disclosure Requirements 92Bk52 k. Price, Balance, Rate, andCharges in General.Most Cited Cases

2010 Thomson Reuters. No Claim to Orig. US Gov. Works.
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Finance charge that must be disclosed under TILAconsists of more than payment of interest, but

includes all sums that borrower must pay, directly orindirectly, to obtain credit. Truth in Lending Act, 103(u), 128, as amended, 15 U.S.C.A. 1602(u),1638; Truth in Lending Regulations, Regulation Z, 226.4,15 U.S.C.A. foll. 1700.


92B Consumer Credit 92BIIFederal Regulation 92BII(A)In General 92Bk32 k. Truth in Lending, in General.Most Cited CasesCreditors must strictly comply with TILA. Truth inLending Act, 102 et seq., as amended, 15 U.S.C.A. 1601 et seq.

[6] Consumer Credit 92B 61.1

92B Consumer Credit 92BIIFederal Regulation 92BII(C) Effect of Violation of Regulations 92Bk61 Civil Liabilities and Penalties forViolations 92Bk61.1 k. In General. Most Cited

CasesSingle violation of TILA gives rise to full liability forstatutory damages, which include actual damagesincurred by debtor plus civil penalty. Truth inLending Act, 130(a)(1), (a)(2)(A)(i), as amended,15 U.S.C.A. 1640(a)(1), (a)(2)(A)(i).


92B Consumer Credit 92BIIFederal Regulation 92BII(C) Effect of Violation of Regulations 92Bk60 k. In General; Validity of

Transactions. Most Cited CasesViolation of TILA may permit borrower to rescindloan transaction, including rescission of securityinterest that creditor has in borrower's principaldwelling. Truth in Lending Act, 125(a), asamended, 15 U.S.C.A. 1635(a).

[8] Mortgages 266 90

266 Mortgages 266II Recording and Registration 266k90 k. Necessity as Between Parties toInstrument.Most Cited Cases

Taxation 371 2218

371 Taxation 371III Property Taxes 371III(C) Liability of Private Persons andProperty in General 371k2218 k. Tax on Transfers andRegistration of Instruments.Most Cited Cases

(Formerly 371k105.5, 371k1051/2)Mortgage upon real property is not enforceable incourt, nor can mortgage be recorded, until intangibletax is paid and clerk of circuit court has noted itspayment on instrument or given other receipt for it.West's F.S.A. 199.282(5).

[9] Courts 106 97(6)

106 Courts 106II Establishment, Organization, and Procedure 106II(G)Rules of Decision 106k88Previous Decisions as Controlling

or as Precedents 106k97 Decisions of United StatesCourts as Authority in State Courts 106k97(6) k. Construction of StateConstitutions and Statutes.Most Cited CasesDistrict Court of Appeal was not bound by decisionof United States Court of Appeals for the EleventhCircuit, which concluded that Florida's intangible taxcould not be excluded from finance charge thatmust be disclosed under TILA, since that decisionconstrued Florida law, not federal law. Truth inLending Act, 103(u), 106(a), 128, as amended, 15U.S.C.A. 1602(u), 1605(a), 1638; Truth in

Lending Regulations, Regulation Z, 226.4(a, e), 15U.S.C.A. foll. 1700; West's F.S.A. 199.135(1),199.202,199.282(5).

[10] Courts 106 97(1)

106 Courts 106II Establishment, Organization, and Procedure

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106II(G)Rules of Decision 106k88Previous Decisions as Controlling

or as Precedents 106k97 Decisions of United StatesCourts as Authority in State Courts 106k97(1) k. In General. Most CitedCasesRulings of lower federal courts are not binding onstate courts, although they may be persuasive onpoint of law.

[11] Courts 106 91(1)

106 Courts 106II Establishment, Organization, and Procedure 106II(G)Rules of Decision 106k88Previous Decisions as Controllingor as Precedents 106k91 Decisions of Higher Court orCourt of Last Resort 106k91(1) k. Highest AppellateCourt. Most Cited Cases

Courts 106 97(1)

106 Courts 106II Establishment, Organization, and Procedure

106II(G)Rules of Decision 106k88Previous Decisions as Controllingor as Precedents 106k97 Decisions of United StatesCourts as Authority in State Courts 106k97(1) k. In General. Most CitedCasesOnly decisions of United States Supreme Court arebinding on state courts of Florida.


92B Consumer Credit

92BIIFederal Regulation 92BII(B) Disclosure Requirements 92Bk52 k. Price, Balance, Rate, andCharges in General.Most Cited CasesRevised commentary of Federal Reserve Board,which specifically mentioned intangible tax as chargeexcludable from finance charge that must bedisclosed under TILA, could be retroactively applied,

since it was apparent that revision was intended toclarify the law and did not make substantive change

in policy. Truth in Lending Act, 103(u), 106(a),128, as amended, 15 U.S.C.A. 1602(u), 1605(a),1638; Truth in Lending Regulations, Regulation Z, 226.4, 226.4(a), (c)(7)(iii), 15 U.S.C.A. foll. 1700.*1012 James A. Bonfiglio of James A. Bonfiglio,P.A., Boynton Beach, for appellants.

Steven Ellison of Broad and Cassell, West PalmBeach, for appellee.

WARNER, Judge.

[1] To forestall the foreclosure of their home, theappellants charged that in loaning money to them torefinance their residence, the appellee (hereinafterreferred to as the bank) did not include theintangible tax it paid to the Clerk of the Court torecord its mortgage as a finance charge required to*1013 be disclosed under the Federal Truth inLending Act (TILA). 15 U.S.C.A. 1601 et seq.(West 1982 & Supp.1995). The appellants claimedthat this was a violation of TILA, which allowedthem to rescind the transaction. The trial court ruledagainst the appellants and ordered foreclosure.Subsequent to the judgment, the Eleventh CircuitdecidedRodash v. AIB Mortgage Co., 16 F.3d 1142(11th Cir.1994), which supports the appellants'argument.FN1Disagreeing with Rodash, we hold thatthe intangible tax may be excluded from the financecharge under TILA, and we therefore affirm thefinal judgment of foreclosure.

FN1. Within two weeks after the renditionof the Rodash decision, the FloridaLegislature amended section 199.135,Florida Statutes, to assure that the statutorylanguage would permit the exclusion of theintangible tax from the TILA finance

charge. See Ch. 94-353, 68, at 2572,Laws of Fla. The bank has argued that weshould apply the amended statuteretroactively to this transaction, as it wasclearly the intent of the Legislature to clarifyexisting law. Because we decide that the taxwas excludable under the then existingstatute and regulations, we need not reach

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the question of retroactivity of the statutoryamendment.

Overview of Truth in Lending

[2] [3] [4] In 1968 Congress passed TILA to insuremeaningful disclosure of credit terms so thatconsumers could determine the reasonableness of alender's charge. E.g., Johnson v. McCrackin-SturmanFord, Inc., 527 F.2d 257 (3d Cir.1975) . In order toimplement TILA, Congress delegated expansiveauthority to the Federal Reserve Board whichpromulgated Regulation Z (Reg. Z). Reg. Z, 12C.F.R. Pt. 226 (1994). Absent some obviousrepugnance to the statute, Reg. Z should be acceptedby the courts, as should the Board's interpretation ofits own regulations. Anderson Bros. Ford v. Valencia, 452 U.S. 205, 219, 101 S.Ct. 2266, 2274,68 L.Ed.2d 783 (1981). The TILA statutes andregulations require the lender to provide theconsumer with information regarding the cost ofextending credit. This includes a disclosure statementwhich includes the amount to be financed; the annualpercentage rate on the loan; the method ofdetermining the finance charge and the balance uponwhich the finance charge will be imposed; theamount of the finance charge; the number ofpayments, due dates or periods scheduled to repay the

indebtedness; and the total of payments due over thelife of the loan. See15 U.S.C.A. 1638,1602(u). Insimple terms, the finance charge within thedefinition of TILA consists of more than the paymentof interest. It includes all sums that the borrowermust pay, directly or indirectly, to obtain credit. SeeReg. Z, 12 C.F.R. 226.4. However, certainpayments are permitted to be excluded from thefinance charge as will be discussed later.

TILA permits the borrower to rescind a loantransaction until midnight of the third business dayfollowing delivery of all of the disclosure materials

or the completion of the transaction, whicheveroccurs last. 15 U.S.C.A. 1635(a); Reg. Z, 12 C.F.R. 226.23(a). The right to rescind may extend up tothree years if the required notice or materialdisclosures are not delivered. Rodash, 16 F.3d at1145; Reg. Z,12 C.F.R. 226.23(a)(3).

[5] [6] [7] Creditors must strictly comply with TILA.

Rodash, 16 F.3d at 1144; In re Porter, 961 F.2d 1066,1078 (3d Cir.1992). A single violation of TILA gives

rise to full liability for statutory damages, whichinclude actual damages incurred by the debtor plus acivil penalty. 15 U.S.C.A. 1640(a)(1)-(2)(A)(i).Moreover, a violation may permit a borrower torescind a loan transaction, including a rescission ofthe security interest the creditor has in the borrower'sprincipal dwelling. 15 U.S.C.A. 1635(a).

The Facts

In 1991, the appellants executed a variable interestrate mortgage loan note in favor of the bank. Incompliance with TILA, the bank prepared variousdisclosure statements of credit terms and the lender'scharges for loaning the money. The bank disclosedand charged the appellants $532 intangible tax atclosing and included this tax in the amountfinanced but excluded the tax from the financecharge. The appellants contend that the intangibletax should have been included in the financecharge, and that due to its exclusion from thefinance charge, both the *1014 amount financedand Finance Charge are misstated by $532.

After the appellants defaulted in 1993, the bank filedsuit to foreclose on the mortgage. The appellants thenraised affirmative defenses to the foreclosure,including the TILA disclosure violation for whichthey demanded recoupment and rescission of the loanand mortgage. Ultimately, the trial court ruled againstall of their affirmative defenses and orderedforeclosure of the mortgage. It is from that finaljudgment this appeal is taken.

Rodash v. AIB Mortgage Co.

Subsequent to the trial court's order, but before thecase was heard in this court, the Eleventh Circuitaddressed in Rodash whether the inclusion of theFlorida intangible tax in the amount financed whileexcluding it from the finance charge is a materialviolation of TILA. The court first noted that TILAdefined finance charge as the sum of all charges,payable directly or indirectly by the person to whomthe credit is extended, and imposed directly orindirectly by the creditor as an incident to the

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extension of credit.15 U.S.C.A. 1605(a); Reg. Z,12 C.F.R. 226.4(a). It includes charges imposed on

the consumer by someone other than the creditor incertain circumstances. Therefore, the court concludedthat the intangible tax was a finance charge unlessexcludable under one of the exceptions in theregulations. Those exceptions are as follows:

(1) A tax imposed by a state ... on the credittransaction that is payable by the consumer (even ifthe tax is collected by the creditor) when thecharge is imposed on the consumer by someoneother than the creditor. F.R.B. Commentary on 12C.F.R. 226.4(a), Comment 3, reprinted in 12C.F.R. pt. 226, Supp. I;

(2) [c]harges for filing or recording securityagreements, mortgages, ... and similar documents.F.R.B. Commentary on 12 C.F.R. 226.4(e),Comment 12, reprinted in 12 C.F.R. Pt. 226, Supp.I; and

(3) [t]axes and fees prescribed by law that actuallyare or will be paid to public officials for ...perfecting ... a security interest. 12 C.F.R. 226.4(e)(1).

Rodash, 16 F.3d at 1148 . The intangible tax did notfall under the first exception, according to the court,because the tax is imposed on the creditor, not theconsumer, for holding the note which is an intangibleasset. As the intangible tax is not a recording fee, thecourt determined that the second exclusion did notapply. Finally, the court concluded that the thirdexclusion did not apply because the purpose of theintangible tax was most likely revenue enhancementand not perfection of a security interest, whichpertains to the proper recordation of the instrument.Id. at 1148-49.

Analysis

With all due respect to the Eleventh Circuit, webelieve that its reasoning is flawed with respect to itsinterpretation of the last exclusion as applied to theFlorida intangible tax. In fact, we believe that theEleventh Circuit's reasoning is contrary to theCommentary to Reg. Z when considered in light of

other taxes in Florida which are excludable. TheCommentary provides:

4(e) Certain security interest charges.

1. Examples. Examples of charges excludable fromthe finance charge under 226.4(e)(1) include:

Charges for filing or recording security agreements,mortgages, continuation statements, terminationstatements, and similar documents.

Stamps evidencing payment of taxes on property ifthe stamps are required to file a security agreement

on the property.

Only sums actually paid to public officials areexcludable under 226.4(e)(1).

Reg. Z, 12 C.F.R. Pt. 226, Supp. I, 226.4, cmt. 4(e)-1 (1994) (Official Staff Interpretations of RegulationZ).

The example of documentary stamps on securityagreements is instructive and should have informedthe analysis of the Eleventh Circuit. In Florida, adocumentary stamp tax is an excise tax on documents

which must be affixed prior to recordation. 201.01,Fla.Stat. (1993). The Clerk of the Circuit Court in thevarious counties collects the tax upon documentswhich must be recorded, but does so as an agent forthe Florida Department*1015 of Revenue, whichadministers the tax. 201.11(2), Fla.Stat. (1993).Documentary taxes thus form part of the generalrevenue of the state of Florida. Even though thepurpose of the stamp tax is revenue enhancement, theCommentary to Reg. Z permits exclusion of thestamp tax from the finance charge because it isnecessary to pay the tax in order to record, and thusperfect, the mortgage. Reg. Z, 12 C.F.R. Pt. 226,

Supp. I, 226.4, cmt. 4(e)-1 (1994).

[8] In the same manner, the intangible tax is requiredto be paid at the time of the recording. 199.135(1),Fla.Stat. (1993). Further, a mortgage upon realproperty situated in Florida is not enforceable in aFlorida court nor can a mortgage be recorded untilthe intangible tax is paid, and the Clerk of the Circuit

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Court has noted its payment on the instrument orgiven other receipt for it. 199.282(5), Fla.Stat.

(1993). Just like the documentary stamp tax, theintangible tax is collected by the Clerk of the CircuitCourt but administered by the Department ofRevenue and becomes part of the general revenuefund of the state. 199.202, Fla.Stat. (1993). Thepractical effect of the imposition of the intangible taxand the documentary stamp tax on the participants tothe mortgage transaction is identical. They are merelytwo more taxes collected by the government.Moreover, under Florida law, the two taxes aretreated similarly for purposes of computation ofusury interest. SeeBrannen v. Southeast Beach State Bank, 365 So.2d 422, 422 (Fla. 1st DCA 1978) .

The Eleventh Circuit cited no authority for itsdetermination that the purpose of the intangible taxprecluded its exclusion from the finance charge under12 C.F.R. section 226.4(e)(1). We cannot find anyauthority for this reasoning in the regulations. Theonly requirements of the regulations are that the tax is(1) prescribed by law; (2) paid to a public official; (3)for perfecting a security interest. Reg. Z,12 C.F.R. 226.4(e)(1). In both the case of the stamp tax and theintangible tax, each must be paid to perfect themortgage. Without payment, the mortgage will not berecorded and the security interest will not be

perfected. See 199.282(5), Fla.Stat. (1993). It makesno sense to consider one tax as excludable and theother one as part of the finance charge when bothmeet the same test.

[9] [10] [11] In addition, the bank has supplied assupplemental authority an opinion of the AttorneyGeneral of Florida from 1972 determining that theintangible tax was a recording tax. It states inpertinent part:

On January 13, 1970, the Cabinet of the State ofFlorida, sitting as the Department of Revenue, by

resolution construed the tax on notes, bonds, orother obligations for payment of money which aresecured by mortgage, deed of trust, or other liensupon real property in Florida to be a recordationtax. While the tax in question is included in theintangible tax chapter of the statutes, the nature ofa tax is determined by its operation and practicaleffect rather than by the name applied to it by the

legislature. United States v. Lee, (Fla.1943), 13So.2d 919. Thus, the tax in question may be

considered a recordation tax if that is its operationand effect even though denominated an intangibletax.

Op.Att'y.Gen.Fla. 072-374 (1972). Thus, the Rodashcourt's interpretation of our intangible tax law isdirectly contrary to the interpretation of the stateofficers who are bound to enforce it. We do notconsider ourselves bound by the Eleventh Circuit'sdecision, because it construes Florida law, notFederal law. The rulings of lower federal courts arenot binding on state courts, although they may bepersuasive on a point of law. State v. Dwyer, 332

So.2d 333, 335 (Fla.1976). Only decisions of theUnited States Supreme Court are binding on the statecourts of Florida. Board of County Comm'rs v.Dexterhouse, 348 So.2d 916, 918 (Fla. 2d DCA1977), aff'd,364 So.2d 449 (Fla.1978). While inWylie v. Investment Management and Research Inc.,

629 So.2d 898, 900 (Fla. 4th DCA 1993), weindicated that according unusual weight to a decisionon an issue rendered by a federal circuit in which thestate is located is an appropriate method for decidingfederal questions where there is no Supreme Courtauthority, nothing in Wylie indicates that we are dutybound to follow a federal circuit precedent,

particularly when it construes Florida law.

*1016[12] Although we have analyzed the applicablestatutes and Commentary of the Federal ReserveBoard as they appeared in the Rodash opinion, thebank has brought to our attention revisions to theOfficial Commentary which support our view. Therevisions were effective April 1, 1995. The Boardviews them as clarifying its previous Commentary,stating:

[The revised commentary] applies and interprets therequirements of Regulation Z. The revisions clarify

regulatory provisions and provide further guidanceon issues of general interest....

Reg. Z,60 Fed.Reg. 16,771, 16,771 (1995) (emphasissupplied). The revisions specifically mentionintangible taxes as an excludable charge. See id. at16,777( 226.4, cmt. 4(a)-7(iii) (formerly cmt. 4(a)-6) & 226.4, cmt. 4(e)-1(i) (Examples are charges

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