Questions & Answers About PAC

1. What is PAC?
The Political Action Committee is a voluntary, not for profit group, whose membership consists of brokers, lenders, and others with interest in the mortgage industry.

2. Why was PAC formed?
PAC was formed because the mortgage profession needs an organization through which its members can participate effectively in the political process.

3.Is PAC affiliated with a major political party?
No. The program and platform of the individual candidate determines whom the PAC supports - not the candidate's party affiliation.

4. Who directs the activities of the PAC?
A Board of Directors that is elected and serves without compensation.

5. When a member contributes to the PAC and has definite feelings as to which candidate(s) should be supported, how does he/she make those feelings known?
Members are encouraged to make recommendations to the Board of Directors and local Chapter Directors when they feel a particular candidate should be supported.

6. How is the membership money used?
Money received by the PAC is used to provide support to legislative candidates who fairly and objectively consider proposals which support the mortgage industry.

7. Who decides which candidates will be supported?
Decisions on which candidates receive support from PAC are entirely in the hands of the Board of Directors, and of course, the board is answerable to the general membership. The objective is to provide support for those candidates sympathetic to the mortgage industry.

8. Why is the need so great now?
During every legislative session, many bills are introduced which affect the mortgage industry. By supporting political candidates, who understand and believe in our industry, we can ensure the representation we need.

9. What is the relationship between the PAC and the Florida Association of Mortgage Brokers?
The PAC raises money through fundraisers and membership contributions. The PAC supports legislative candidates who are sympathetic to the mortgage profession. The FAMB PACs contribute money to Democrats, Republicans and Independent Candidates who support the goals of mortgage brokers.

10. What are the tax credits for political contribution?
Individuals may receive a tax credit for political contributions. Consult your accountant for further details.

11. What are the Association PACs?
The Florida Association of Mortgage Brokers has two PACs. The State PAC is called the Mortgage Brokers PAC and the Federal PAC is called the FAMB Federal PAC. Donations to the state PAC may come from either personal funds or corporate funds. Donations to the FEderal PAC must be in the form of personal checks. Corporations MAY NOT contribute to the Federal PAC. Cash donations cannot be accepted by either PAC. FAMB contributes to State candidates as well as Federal candidates. We ask that you designate which PAC you wish to contribute to.

 

 

Thanks to the efforts of your PAC contributions,
we have been able to support candidates that have
supported us on the following issues:

•   TIL Reform Act
  
•   Yield Spread Issues
  
•   Florida Chapter 494 rewrites
  
•   Home Ownership Equity Protection Act
  
•   RESPA reform

Federal law prohibits solicting contributions from outside the restricted class(our membership) and that such contributions will be returned to the donor.

You may join as a partner or contribute $25.00 up to $200.00 without belonging to the PAC partnership program.

We have two types of partnerships;
The Executive Clubcontributions of $99.00 or more
The Corporate Club contributions of $199.00 or more

You may split your contributions between the State and Federal PACs. Remember only personal funds can be utilized for the Federal contributions. If you do not want to join our partnership, you may contribute funds in any amount you elect to send.

All Members of our association are encouraged to contribute to our Political Action Committees. A voluntary assessment of $25.00 is included on all renewal invoices. You may become part of the PAC by contributing the $25.00 or more; you may also contribute to our "Partnerships for Fair Government" Program.

Why "Partnerships for Fair Government"?

Many times we are called upon to contribute to a congressman or state legislator. Rather than writing your individual checks several times during the year, why not join our partnership. Allow the contributions to your candidates to come from your Association's PAC. you can then tell those asking for contributions that you make an annual contributions to your PAC.

Once you join our Partnerships for Fair Government you will receive a plaque for display in your office signifying your commitment to the FAMB State and Federal PACs. Each year that you renew your pledge to the partnership, you will receive a "year" emblem to affix to your plaque.