News & Analysis as of

Flurry of FCRA Complaints Recently Filed in Nevada Courts

Approximately 50 cases have been filed recently in Nevada state and federal courts against furnishers of information and credit reporting agencies (CRAs) for alleged Fair Credit Reporting Act (FCRA) violations. It appears...more

Worthless Debt Deduction – A Cautionary Tale

For partnership, individuals and other types of taxpayers that are not in the business of making loans, the main avenue for tax relief when a loan goes bad is Section 166 – the bad debt deduction. In order to claim this...more

FOS feeds back on complaints obligations for NFP

FOS has published its feedback statement to responses on its consultation on amendments to its standard terms affecting businesses subject to the voluntary jurisdiction (see FReD 21 August 2015). The responses received were...more

Big Changes Coming to Michigan’s Garnishment Laws

On October 1, 2015, thanks to recent changes in the law, there will be several big changes to Michigan's periodic garnishment process. Some changes will benefit creditors who are owed money, some will benefit debtors, and...more

Convertible Equity: The Founder’s Alternative to Convertible Debt

Convertible debt (a loan that converts into equity upon the closing of a round of financing or other conversion event) has long been the preferred investment vehicle of early-stage investors, particularly angel investors, as...more

Property Surrender: Surrender Means Surrender – Really

In re Failla, 529 B.R. 786 (Bankr. S.D. Fla. 2014) – Individual chapter 7 debtors filed a statement of intention electing to surrender their real estate. The mortgagee contended that they had failed to do so and filed a...more

Alabama Bankruptcy Court Holds That Filing Proof of Claim for Time-Barred Debt Cannot Give Rise to FDCPA Claim or Sanctions

In Jenkins v. Midland Credit Management, Inc., the U.S. Bankruptcy Court for the Northern District of Alabama held that the filing of a proof of claim based on a time-barred debt cannot give rise to a claim for damages under...more

Italy Significantly Amends Debt Restructuring and Bankruptcy Proceedings

Material changes to the Italian bankruptcy law will likely result in increased interest of investors in the distressed market. The Italian legislators passed significant amendments to the legal framework applicable to...more

Agency CMBS – the perfect pill for a large loan CMBS pricing headache!

The recent below par pricing of two Goldman Sachs arranged CMBS deals demonstrate the potential perils of CMBS as a distribution tool for CRE debt. Indeed, these two deals bring into stark focus the pricing quandary that...more

Startup Entrepreneurs Should Plan for Success But Prepare for Failure: Do You Have a Plan B?

When a startup participant (i.e., company founder, investor, officer, director) prepares a business plan for success, they would be wise to consider their options under a Plan B in the event of failure....more

Federal Court Declares Georgia’s Statutory Garnishment Process Unconstitutional

On September 8, 2015, United States District Judge Marvin H. Shoob declared Georgia’s statutory garnishment process unconstitutional in Strickland v. Alexander, No. 1:12-CV-02735-MHS (N.D. Ga. Sept. 8, 2015) (granting summary...more

Massachusetts Denies ‘True Debt’ Treatment for Cash Management Obligations

The Massachusetts Appellate Tax Board (“ATB”) has once again issued a Findings of Fact and Report upholding a Department assessment on the basis that a taxpayer’s intercompany obligations under a cash management system were...more

Application of the FDCPA is limited by the 11th Circuit

Recently, in Davidson v. Capital One Bank (USA), N.A., 2015 U.S. App. LEXIS 14714 (11th Cir. Aug. 21, 2015), the 11th Circuit held that banks do not qualify as “debt collectors” under the Federal Debt Collection Practices Act...more

Crowdfunding 101: The Four Types You Need To Know

This post was originally written by Dylan Rochon, 2015 Foley & Lardner LLP Startup Connector. The term “crowdfunding” is closely associated with websites such as and These sites provide a...more

Financial Services Weekly News - September 2015

Regulatory Developments - California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” - The California Department of...more

FTC Dallas debt collection program draws a crowd

The FTC has announced that it is moving its second “Debt Collection Dialogue,” scheduled to be held in Dallas, Texas on September 29, 2015, to a larger venue. The FTC is moving to the larger venue because the number of...more

Further Crackdown on Offshore Corporations

In their continued effort to crackdown on offshore activity, the IRS and Treasury released proposed regulations yesterday that target debt held by foreign partnerships. These regulations provide that debt held by foreign...more

Is it Illegal for a Debt Collector to Call Your Cell Phone?

Struggling with overwhelming debt problems is stressful – and a big source of that stress is the unending debt collection telephone calls. And now that we all have a cell phone with us pretty much 24 hours a day debt...more

Eleventh Circuit Says Merely Acquiring Debt in Default is Not Enough to Qualify As "Debt Collector" Under FDCPA

In Davidson v. Capital One Bank (USA), N.A., the Eleventh Circuit affirmed a district court’s dismissal of an amended complaint against Capital One Bank (USA), N.A. (“Capital One”) for alleged violations of the Fair Debt...more

Sixth Circuit Weighs in on TCPA “Prior Express Consent”

The U.S. Court of Appeals for the Sixth Circuit recently addressed both the timing and scope of “prior express consent” under the Telephone Consumer Protection Act (“TCPA”). The plaintiff in Stephen M. Hill v. Homeward...more

Finally, a SOL Decision Focused On Unjust Enrichment and Inequitable Results

This week, the First District Court of Appeals joined the Fourth District Court of Appeals in holding that Florida’s five-year statute of limitation (SOL), under Fla. Stat. § 95.11(2)(c), did not bar the lender’s second...more

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

FTC refunds consumers for telemarketing scam

The FTC recently announced that it is sending more than $969,000 to 10,387 customers who were bilked out of their funds through a telemarketing scam operated by Innovative Wealth Builders (IWB)....more

Look Before You Leap – What Every High School Senior (and their parents) Needs to Know About Student Loans

Anytime a conversation turns to student loans many people begin to offer their opinions. These opinions vary from, on one hand, the internet trolls and their comments on any article dealing with student loans, telling people...more

New Hampshire Passes Legislation to Regulate the Offering of Guaranteed Asset Protection Waivers

On July 6, Governor Maggie Hassan (D-NH) signed into law Senate Bill 119/Chapter 207 to regulate the offering of GAP waivers. The act also amends the terms of Consumer Guarantee Contracts to limit the consumer’s ability to...more

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