<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
8-K
_____________________________
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 1997
EQCC HOME EQUITY LOAN TRUST 1997-B
--------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
Delaware 333-20675 59-3466219
-------------- --------------- ------------------
(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
Not Applicable
-----------------------------------------------------------
(Former name or former address, if changed since last report)
Total Number of Pages 11
Exhibit Index Located at Page 5
Page 1 of 11
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-2-
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 1996-1 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates and Class R
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 total settlement amount of $352,000 in full
compromise and settlement of all claims of plaintiff and class members. By
reaching agreement in principle to settle the case, EquiCredit does not admit
to any wrongdoing and in fact specifically denies any liability or wrongdoing
whatsoever.
<PAGE>
- 3 -
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 1997-B
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
October 15, 1997 BY: /s/ JOHN D. EVANS, JR.
-----------------------
John D. Evans, Jr.
Senior Vice President
<PAGE>
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INDEX TO EXHIBITS
Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
------- ------------------------------------- -------------
99 -- Trustee's Remittance Report in
respect of the August Remittance Date. 7
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
-7-
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-B
PYMT PER FROM DATE
PYMT PER TO DATE October 15, 1997
<TABLE>
<CAPTION>
PER $1,000 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 ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 CLASS A-6
28,390,000.00 18,290,000.00 31,700,000.00 17,270,000.00 24,800,000.00 12,750,000.00
-------------- -------------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1
PRINCIPAL
BALANCE
(Beginning) 28,390,000.00 1000.00000000
CLASS A-2
PRINCIPAL
BALANCE
(Beginning) 18,290,000.00 1000.00000000
CLASS A-3
PRINCIPAL
BALANCE
(Beginning) 31,700,000.00 1000.00000000
CLASS A-4
PRINCIPAL
BALANCE
(Beginning) 17,270,000.00 1000.00000000
CLASS A-5
PRINCIPAL
BALANCE
(Beginning) 24,800,000.00 1000.00000000
CLASS A-6
PRINCIPAL
BALANCE
(Beginning) 12,750,000.00 1000.00000000
CLASS A-7
PRINCIPAL
BALANCE
(Beginning) 14,800,000.00
CLASS A-8
PRINCIPAL
BALANCE
(Beginning) 27,000,000.00
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Beginning) 148,002,910.27 5213.20571574 8092.01258994 4668.86152271 8569.94269079 5967.85928508 11608.07139373
Variable
Rate POOL
PRINCIPAL
BALANCE
(Beginning) 27,002,350.49
Total POOL
PRINCIPAL
BALANCE
(Beginning) 175,005,260.76 6164.32760690 9568.35761400 5520.67068644 10133.48354140 7056.66374032 13725.90280471
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-7 CLASS A-8
14,800,000.00 27,000,000.00
--------------- ---------------
<S> <C> <C>
CLASS A-1
PRINCIPAL
BALANCE
(Beginning)
CLASS A-2
PRINCIPAL
BALANCE
(Beginning)
CLASS A-3
PRINCIPAL
BALANCE
(Beginning
CLASS A-4
PRINCIPAL
BALANCE
(Beginning
CLASS A-5
PRINCIPAL
BALANCE
(Beginning
CLASS A-6
PRINCIPAL
BALANCE
(Beginning
CLASS A-7
PRINCIPAL
BALANCE
(Beginning 1000.00000000
CLASS A-8
PRINCIPAL
BALANCE
(Beginning) 1000.00000000
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Beginning) 10000.19663986
Variable
Rate POOL
PRINCIPAL
BALANCE
(Beginning) 1000.08705519
Total POOL
PRINCIPAL
BALANCE
(Beginning) 11824.67978108 6481.67632444
</TABLE>
<TABLE>
<CAPTION>
PER $1,000 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 ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 CLASS A-6
28,390,000.00 18,290,000.00 31,700,000.00 17,270,000.00 24,800,000.00 12,750,000.00
-------------- -------------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
ENDING CLASS
A-1
PRINCIPAL
BALANCE 27,361,694.48 963.77930539
ENDING CLASS
A-2
PRINCIPAL
BALANCE 18,290,000.00 1000.00000000
ENDING CLASS
A-3
PRINCIPAL
BALANCE 31,700,000.00 1000.00000000
ENDING CLASS
A-4
PRINCIPAL
BALANCE 17,270,000.00 1000.00000000
ENDING CLASS
A-5
PRINCIPAL
BALANCE 24,800,000.00 1000.00000000
ENDING CLASS
A-6
PRINCIPAL
BALANCE 12,750,000.00 1000.00000000
ENDING CLASS
A-7
PRINCIPAL
BALANCE 14,800,000.00
ENDING CLASS
A-8
PRINCIPAL
BALANCE 26,006,501.18
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Ending) 146,971,694.48 5176.88251074 8035.63119081 4636.33105615 8510.23129589 5926.27800323 11527.19172392
Variable
Rate POOL
PRINCIPAL
BALANCE
(Ending) 26,006,501.18
Total POOL
PRINCIPAL
BALANCE
(Ending) 172,978,195.66 6092.92693413 9457.52846692 5456.72541514 10016.10860799 6974.92724435 13566.91730667
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-7 CLASS A-8
14,800,000.00 27,000,000.00
--------------- ---------------
<S> <C> <C>
ENDING CLASS
A-1
PRINCIPAL
BALANCE
ENDING CLASS
A-2
PRINCIPAL
BALANCE
ENDING CLASS
A-3
PRINCIPAL
BALANCE
ENDING CLASS
A-4
PRINCIPAL
BALANCE
ENDING CLASS
A-5
PRINCIPAL
BALANCE
ENDING CLASS
A-6
PRINCIPAL
BALANCE
ENDING CLASS
A-7
PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS
A-8
PRINCIPAL
BALANCE 963.20374741
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Ending) 9930.51989730
Variable
Rate POOL
PRINCIPAL
BALANCE
(Ending) 963.20374741
Total POOL
PRINCIPAL
BALANCE
(Ending) 11687.71592297 6406.59983926
</TABLE>
