<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 1997-3
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(Exact name of registrant as specified in governing instruments)
Delaware 333-20675 59-3465422
--------------- ---------------- -------------------
(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
<PAGE>
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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
1996-1 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]
<PAGE>
-4-
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 1997-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
October 15, 1997 BY: /s/ JOHN D. EVANS, JR.
---------------------------
John D. Evans, Jr.
Senior Vice President
<PAGE>
-5-
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>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
PYMT PER FROM DATE 0
PYMT PER TO DATE Oct. 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
55,000,000.00 94,400,000.00 86,800,000.00 78,100,000.00 21,700,000.00 55,500,000.00
-------------- ------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1
PRINCIPAL
BALANCE
(Beginning) 55,000,000.00 1000.00000000
CLASS A-2
PRINCIPAL
BALANCE
(Beginning) 94,400,000.00 1000.00000000
CLASS A-3
PRINCIPAL
BALANCE
(Beginning) 86,800,000.00 1000.00000000
CLASS A-4
PRINCIPAL
BALANCE
(Beginning) 78,100,000.00 1000.00000000
CLASS A-5
PRINCIPAL
BALANCE
(Beginning) 21,700,000.00 1000.00000000
CLASS A-6
PRINCIPAL
BALANCE
(Beginning) 55,500,000.00 1000.00000000
CLASS A-7
PRINCIPAL
BALANCE
(Beginning) 33,500,000.00
CLASS A-8
PRINCIPAL
BALANCE
(Beginning) 41,000,000.00
CLASS A-9
PRINCIPAL
BALANCE
(Beginning) 34,000,000.00
CLASS A-10
PRINCIPAL
BALANCE
(Beginning) 148,425,000.00
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Beginning) 500,001,804.04 9090.94189164 5296.62928008 5760.38944747 6402.07175467 23041.55778986 9009.04151423
Variable
Rate POOL
PRINCIPAL
BALANCE
(Beginning) 148,425,147.06
Total POOL
PRINCIPAL
BALANCE
(Beginning) 648,426,951.10 11789.58092909 6868.92956674 7470.35657949 8302.52178105 29881.42631797 11683.36848829
ENDING CLASS
A-1
PRINCIPAL
</TABLE>
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-7 CLASS A-8 CLASS A-9 CLASS A-10
33,500,000.00 41,000,000.00 34,000,000.00 148,425,000.00
-------------- -------------- -------------- -------------
<S> <C> <C> <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
CLASS A-9
PRINCIPAL
BALANCE
(Beginning) 1000.00000000
CLASS A-10
PRINCIPAL
BALANCE
(Beginning) 1000.00000000
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Beginning) 14925.42698627 12195.16595220 14705.93541294
Variable
Rate POOL
PRINCIPAL
BALANCE
(Beginning) 1000.00099080
Total POOL
PRINCIPAL
BALANCE
(Beginning) 19356.02839104 15815.29149024 19071.38091471 4368.71787839
ENDING CLASS
A-1
PRINCIPAL
</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
55,000,000.00 94,400,000.00 86,800,000.00 78,100,000.00 21,700,000.00 55,500,000.00
-------------- ------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE 49,907,453.37 907.40824309
ENDING CLASS
A-2
PRINCIPAL
BALANCE 94,400,000.00 1000.00000000
ENDING CLASS
A-3
PRINCIPAL
BALANCE 86,800,000.00 1000.00000000
ENDING CLASS
A-4
PRINCIPAL
BALANCE 78,100,000.00 1000.00000000
ENDING CLASS
A-5
PRINCIPAL
BALANCE 21,700,000.00 1000.00000000
ENDING CLASS
A-6
PRINCIPAL
BALANCE 55,500,000.00 1000.00000000
ENDING CLASS
A-7
PRINCIPAL
BALANCE 33,500,000.00
ENDING CLASS
A-8
PRINCIPAL
BALANCE 41,000,000.00
ENDING CLASS
A-9
PRINCIPAL
BALANCE 34,000,000.00
ENDING CLASS
A-10
PRINCIPAL
BALANCE 146,791,910.94
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Ending) 494,907,453.37 8998.31733400 5242.66370095 5701.69877154 6336.84319296 22806.79508618 8917.25141207
Variable
Rate POOL
PRINCIPAL
BALANCE
(Ending) 146,791,910.94
Total POOL
PRINCIPAL
BALANCE
(Ending) 641,699,364.31 11667.26116927 6797.66275752 7392.84981924 8216.38110512 29571.39927696 11562.15070829
</TABLE>
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-7 CLASS A-8 CLASS A-9 CLASS A-10
33,500,000.00 41,000,000.00 34,000,000.00 148,425,000.00
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
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 1000.00000000
ENDING CLASS
A-9
PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS
A-10
PRINCIPAL
BALANCE 988.99721031
Fixed Rate
POOL
PRINCIPAL
BALANCE
(Ending) 14773.35681701 12070.91349683 14556.10156971
Variable
Rate POOL
PRINCIPAL
BALANCE
(Ending) 988.99721031
Total POOL
PRINCIPAL
BALANCE
(Ending) 19155.20490478 15651.20400756 18873.51071500 4323.39137147
</TABLE>
