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Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

Waterfall Distributions for Investors – Bruce E. Methven

Managers who are organizing an investment funds....more

California Corrects Homeowner Bill Of Rights Summary

On January 1, the California Department of Corporations reissued Release No. 65-FS regarding implementation of key parts of the Homeowner Bill of Rights that established new foreclosure requirements. ...more

Corporate E-Review: OSFI and Federal Government Changes to Corporate Governance Guidelines, Credit and Debit Card Code of Conduct,...

OSFI Releases Revisions to its Draft Corporate Governance Guideline: The Ongoing Evolution of Governance Practices Corporate governance has become an increased area of focus for regulators in the financial services...more

Proposition 218’s Ban On Tax Increases Without Voter Approval Does Not Apply To Annexations

In Citizens Association of Sunset Beach v. Orange County Local Agency Formation Commission (--- Cal.Rptr.3d ----, Cal.App. 4 Dist., October 5, 2012), a California Court of Appeal considered whether Proposition 218’s ban on...more

Sutherland Salt Shaker - Vol. 3, No. 4 - September 2012

In This Issue: - Oregon DOR Out of Luck on SOL - SALT PET OF THE MONTH - To Be or Not to Be ASP: South Carolina’s Treatment of Bundled Services - Administrative Convenience Justifies Inequality in Tax Forgiveness...more

UPDATE: Sifting Through the Ashes: The Demise of Redevelopment Agencies and the Scramble to Figure Out the Next Step By Brian D....

INTRODUCTION - Faced with a multi-billion dollar budget deficit, Governor Jerry Brown targeted the dissolution of redevelopment agencies (“RDAs”) as a means to lower the deficit and redirect RDA assets to other areas of state...more

A New LLC Act for New Miami (and the Rest of Florida)

This is the first in a series of blog posts on the new Florida Limited Liability Company Act. Future posts will discuss issues relating to the Act and its ramifications on Miami (and Florida) businesses. The Need To...more

The Continued Wind Down of Redevelopment: Two Key Opportunities for Public-Private Partnerships

As we previously reported, the Redevelopment Dissolution Act (AB x1 26) dissolved all California redevelopment agencies as of February 1, 2012, and provided a complex scheme to wind down the affairs of the dissolved...more

Tax Changes in the Pennsylvania Budget

The General Assembly recently enacted several laws that make various changes to Pennsylvania taxes. These changes present traps for the unwary as well as planning opportunities for businesses and individuals seeking to reduce...more

Sifting Through The Ashes: Who Owns The Assets Of A Former Redevelopment Agency And Related Title Concerns By Brian D. Shaffer*

I. INTRODUCTION - In California Redevelopment Assn. v. Matosantos, 53 Cal. 4th 231, 135 Cal. Rptr. 3d 683, 267 P.3d 580 (2011) (“Matosantos”), the California Supreme Court confirmed the death of redevelopment agencies...more

Act Fast to Capture Benefit of Current Gift Tax Exemption

Bay Area families that have yet to take advantage of the current gift tax exemption are running out of time. As of midnight on December 31, 2012, the $5 million exemption disappears and will be replaced by a $1 million...more

Spotlight on Anti-Money Laundering (Part 2 of 3): Establishing an AML Compliance Program at a Non-Bank Residential Mortgage...

As reported in Part 1 of this series, all non-bank residential mortgage lenders and originators (RMLOs) have until August 13, 2012 to establish an Anti-Money Laundering (AML) program as part of the new rule....more

The Rules of Operational Risk

IN THIS ARTICLE Framework Controlling Credit Risk Four Basic Rules Six Even More Basic Rules Articles and Newsletters __________________________________________ Framework First and foremost, compliance decisions...more

Maryland Indemnity Deeds of Trust – A Closed Loophole?

Dinsmore’s Commercial Finance Practice Group frequently handles mortgage transactions where the mortgaged property is located in Maryland. One popular finance mechanism in Maryland has been the indemnity deed of trust or...more

Will Demoting the DFI, DOC and DRE Matter?

The Governor’s Reorganization Plan would demote the Department of Corporations and the Department of Financial Institutions to the status of divisions within the new Department of Business Oversight. The new DBO would report...more

Federal Reserve Offers Policy Guidance for REO Rental Programs

On April 5, the FRB released a policy statement that reiterates its general policy that banking organizations should make good faith efforts to dispose of foreclosed properties, also known as REO properties, as soon as...more

Fannie Mae Provides Guidance Regarding Chicago Vacant Property Ordinance and Payment of Homeowners’ Association Dues and Condo...

On April 11, Fannie Mae published Servicing Guide Lender Letter LL-2012-04, which follows up on a previous notice regarding the City of Chicago’s (the City) vacant property ordinance. Effective May 1, 2012, servicers will be...more

Orrick's Financial Industry Week In Review - April 9, 2012

In This Issue: Orrick Alerts on JOBS Act · JOBS Act – Implications for Issuers and Financial Institutions · JOBS Act Eases Restrictions on Rule 144A and Private Offerings – ABS Considerations · JOBS Act –...more

Proposed Changes to the Georgia Land Conservation Tax Credit Act (O.C.G.A. § 48-7-29.12)

In April 2006, the state of Georgia passed the Georgia Land Conservation Tax Credit Act, creating a new state income tax credit (not deduction) for land conservation. The purpose of the law was to provide a financial...more

Virginia Supreme Court Opinion Affecting Local Government Law: March 2, 2012

Today, the Virginia Supreme Court issued one opinion affecting the practice of Virginia local government law.  The following summary comes from the Virginia Supreme Court website: 102409 City of Richmond v....more

Mortgage Prepayment under the Interest Act - More Exempt Entities

On January 1, 2012, the Prescribed Entities and Classes of Mortgages and Hypothecs Regulations (the “Regulations”) under the Interest Act (Canada) (the “Act”) came into force. The Regulations...more

Court Rules to Eliminate California Redevelopment Agencies

The Ruling - As 2011 drew to a close, the California Supreme Court struck a fatal blow for California’s redevelopment agencies. In upholding Assembly Bill X1 26 and striking down Assembly Bill X1 27 in California...more

Ally Financial Ready to Fight AGs? Is the Announced Foreclosure Settlement Done or Not?

In today's Housing Wire, there's news that a deal has been reached in the Big Bank - AG Settlement of ForeclosureGate issues and the numbers seem to jive with the earlier reporting in the New York Times by Gretchen Morgenson...more

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