NEW LAWS FOR RESIDENTIAL ASSOCIATIONS December 31, 2024 31 USC 5336 – Corporate Transparency Act Registration is NOW OPTIONAL? The Corporate Transparency Act (“CTA”) was enacted in 2021 to combat tax fraud, money laundering and terrorism financing. Under the CTA, each community association must file a Beneficial Ownership Information Report (“BOIR”) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) providing... Read More
Recently the United States Supreme Court granted a stay of the injunction previously granted by the Fifth Circuit Court of Appeals, which injunction nullified the (BOIR) registration requirement of the Corporate Transparency Act (the “CTA”). This new ruling reinstates the filing requirement under the CTA and allows the original appeal to be fully reviewed by the Fifth Circuit Court of... Read More
It’s been quite a roller coaster ride monitoring the ongoing litigation concerning the Corporate Transparency Act (“CTA”). As of today, December 30, 2024, the CTA compliance requirement has been halted again, which means you presently do not need to comply with the CTA’s requirement for reporting your association’s beneficial ownership information. Briefly, on December 3, 2024, the US District Court for the Eastern... Read More
Dear Managers and Directors, Yesterday, Dec. 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction blocking the U.S. Department of Treasury’s enforcement of the Corporate Transparency Act. See Texas Top Cop Shop, Inc., et al. v. Garland, et al. (“Texas”). In his opinion, Judge Amos L. Mazzant III ruled that “…reporting companies need not comply with the CTA’s... Read More
More Inspectors. SB 326 (the “Balcony Bill”) passed almost five (5!) years ago, requiring associations with residential buildings that have three or more units to have their wooden “exterior elevated elements” inspected by a licensed architect or structural engineer prior to January 1, 2025. Many associations have not completed this work, some citing inadequate availability of these inspection professionals. California’s... Read More
Just days ago, a $997 million dollar settlement was proposed to the Court on behalf of the victims of the collapse of the Champlain Towers South building, which occurred on June 24, 2021. The judge expressed surprise and admiration at the speed the proposed settlement was reached. As you may guess, a wide swath of parties will contribute to the settlement.... Read More
THANK YOU! On behalf of all of us at Community Legal Advisors Inc., thank you for trusting our firm with your community association’s legal needs. We prepare this Summary to help you understand the newly enacted or interpreted laws, and how to best apply them on Monday morning. To stay current with issues affecting community associations, please go to our... Read More
SUMMARY OF NEW LEGISLATION AND CASE LAW Mark T. Guithues, Esq. Laurie F. Masotto, Esq. Michael J. Alti, Esq. Mark Allen Wilson, Esq. Jeffrey W. Speights, Esq. Tracy Linkowski, Esq. January 2020 Thank you for trusting our firm with your community association’s legal needs. Because of you, CLA is growing! Please join us in welcoming Laurie Masotto Esq, with 25 years’ experience as a HOA attorney; Tracy Linkowski... Read More
