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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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8-K
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 15, 1997
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EQCC HOME EQUITY LOAN TRUST 1996-3
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(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-3392265
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
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(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
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Not Applicable
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(Former name or former address, if changed since last report)
Total Number of Pages 10
Exhibit Index Located at Page 5
Page 1 of 10
sec96-2
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Items 1 through 4, Item 6, and Item 8 are not included
because they are not applicable.
Item 5. OTHER EVENTS.
(a) Merger. On September 26, 1994, EquiCredit
Corporation (the "Company") entered into an Agreement
and Plan of Merger (the "Merger Agreement") with
Barnett Banks, Inc. ("Barnett Banks") and a Delaware
corporation to be formed as wholly-owned subsidiary of
Barnett Banks (the "Merger Subsidiary"). The
transaction was consummated on January 27, 1995.
(b) On August 15, 1996, (the "August Remittance Date")
a scheduled distribution was made from EQCC Home Equity
Loan Trust 1996-2 to holders of Class A-1 Certificates,
Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates and Class A-5 Certificates. The
information contained in the Trustee's Remittance
Report in respect of the August Remittance Date,
attached hereto as Exhibit 99, is hereby incorporated
by reference.
(c) On February 19, 1996, a class action complaint was
filed in the U.S. District Court for the Northern
District of Georgia by Elizabeth D. Washington on
behalf of herself and others similarly situated,
against EquiCredit Corporation of Ga., an affiliate of
EquiCredit Corporation of America. Plaintiff purports
to represent a class (the "Class") consisting of all
persons who obtained "federally regulated mortgage
loans" from February 16, 1995 to February 16, 1996 on
which a fee or yield spread premium ("YSP") was paid to
a mortgage broker. The action is brought pursuant to
the Real Estate Settlement Procedures Act ("RESPA")
alleging that EquiCredit violated RESPA by paying a YSP
to Funding Center of Georgia, Inc. ("FCG"), failing to
disclose such YSP on the Good Faith Estimate of
settlement costs, and failing to provide a Good Faith
Estimate and HUD "Special Information Booklet" within
three days of receipt of loan application. Plaintiff
seeks judgment equal to three times the amount of all
YSP paid by EquiCredit to FCG and other brokers, as
well as court costs and litigation expenses, attorney
fees and such other relief which may be granted by the
court. Management of EquiCredit denies that the
Company has violated any law, rule, or regulation as
asserted in the Plaintiff's Complaint. The parties have
agreed in principle to settle the action and a
settlement agreement is being negotiated and will be
presented to the court for approval. The agreement
contemplates payment by EquiCredit of the settleamount
of $352,000 in full compromise and settlement of all
claims of plainiff and class members. By reaching
agreement in priciple to settle the case, EquiCredit
does not admit to any wrongdoing and in fact
specifically denies any liability or wrongdoing
whatsoever.
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As of October 1, 1993, Old Stone Credit Corporation is
n/k/a EquiCredit Corporation of America.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements - Not Applicable
(b) Pro Forma Financial Information - Not Applicable
(c) EXHIBITS
(Exhibit numbers conform to Item 601 of
Regulation S-K):
99 Trustee's Remittance Report in respect of the
August Remittance Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
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Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf the undersigned hereto duly authorized.
EQCC HOME EQUITY LOAN TRUST 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
June 15, 1997 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Executive Vice President
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INDEX TO EXHIBITS
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Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
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99 -- Trustee's Remittance Report in
respect of the August Remittance Date. 7
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance
Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE May 15, 1997
AS TRUSTEE PYMT PER TO DATE June 15, 1997
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
12,945,000.00 45,164,000.00 58,109,000.00 113,126,000.00 30,202,000.00
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<S> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning). 4,089,915.32 315.94556354
CLASS A-2 PRINCIPAL BALANCE (Beginning). 33,318,939.12 737.73224504
CLASS A-3 PRINCIPAL BALANCE (Beginning). 37,408,854.45 643.77040467
CLASS A-4 PRINCIPAL BALANCE (Beginning). 113,126,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning). 30,202,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning). 46,956,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning). 20,092,000.00
Total POOL PRINCIPAL BALANCE (Beginning) 285,193,708.87 22031.18647122 6314.62467607 4907.90942659 2521.02707485 9442.87493775
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS......... 165
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 7,247,802.32 559.89202935 160.47742273 124.72770690 64.06840443 239.97756175
TOTAL AMOUNT OF CURTAILMENTS RECEIVED... 28,688.47 2.21618154 0.63520658 0.49370098 0.25359749* 0.94988643
MONTHLY PAYMENTS RECEIVED............... 441,089.15 34.07409424 9.76638805 7.59072003 3.89909614 14.60463380
ENDING CLASS A-1 PRINCIPAL BALANCE...... 3,123,916.90 241.32227887
ENDING CLASS A-2 PRINCIPAL BALANCE...... 30,426,147.57 673.68141805
ENDING CLASS A-3 PRINCIPAL BALANCE...... 33,550,064.48 577.36434072
ENDING CLASS A-4 PRINCIPAL BALANCE...... 113,126,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE...... 30,202,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE...... 46,956,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE...... 20,092,000.00
Total POOL PRINCIPAL BALANCE (Ending)... 277,476,128.93 21435.00416609 6143.74565871 4775.09729870 2452.80597679 9187.34285577
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