Subject: File No. S7-06-04
From: Neal A. Thomas CLU ChFC
Affiliation: NAIFA SPFP

March 14, 2005

I bought a new Buick over a year ago and nothing was disclosed to me. I have no idea what the dealer made nor do I care. I cant help but wonder why we are required to disclose so much. It seems that our industry is being needlessly required to submit forms.

I am concerned about delivery of product to the consumer. When I see forms that are required but seem to not help in that process I am concerned. How does what we do help in the process of delivering good and fair products to the consumer? That seems to be the main question to me. Do additional forms help with that process?

In real estate loans many requirements are necessary. Quite frankly I think they are totally ineffective. If you give most people too many forms they pay less attention to them. Volume is counter productive.

I think too much disclosure causes people not to act. We are concerned about the low savings rate in this country, yet we impede the process.