On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) issued a new interim final rule (new IFR) significantly limiting the scope of reporting required under the...more
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) significantly limited the scope of reporting required under the Corporate Transparency Act (CTA)....more
On March 3, 2025, a Michigan federal district court in Small Business Association of Michigan v Yellen, Case No. 1:24-cv-413 (W.D Mich 2025) (SBAM), held that the CTA’s reporting rule is unconstitutional under the Fourth...more
On March 2, 2025, the United States Department of Treasury announced that it will not enforce fines or penalties based on the existing deadlines for reporting beneficial ownership information under the CTA beneficial...more
On February 27, 2025, the U.S. Financial Crimes Enforcement Network (FinCEN) announced that it intends to issue an interim final rule by March 21, 2025, with extended beneficial ownership information reporting deadlines. It...more
On January 23, 2025, the United States Supreme Court (SCOTUS) reversed the U.S. district court’s preliminary injunction staying the Corporate Transparency Act (CTA) and the implementing Reporting Rule in Texas Top Cop Shop v...more
On February 19, 2025, the Financial Crime Enforcement Network (FinCEN) published an updated alert stating that, in view of the Smith district court’s decision lifting its nationwide stay of the CTA reporting rule, “beneficial...more
Late in the day on December 26, 2024, the United States Court of Appeals for the Fifth Circuit reinstated a nationwide injunction staying enforcement of the Corporate Transparency Act (CTA) and its reporting rules and...more
12/30/2024
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Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reinstatement ,
Reporting Requirements ,
Stays ,
Time Extensions ,
Vacated
On December 23, 2024, in Texas Top Cop Shop, Inc. v. Merrick Garland, Civil Action No.4:24-CV-478 (5th Cir. 2024), the Fifth Circuit Court of Appeals lifted a nationwide preliminary injunction and stay of the U.S. Corporate...more
12/27/2024
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Beneficial Owner ,
Business Entities ,
Compliance ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays ,
Time Extensions
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction temporarily enjoining the Corporate Transparency Act (CTA), 31 U.S.C. §5336 and its implementing...more
On March 1, 2024, an Alabama federal court declared the Corporate Transparency Act (CTA) unconstitutional—but only enjoined its enforcement as to the specific litigants.
As described in our prior alerts, the CTA...more
Following the COVID‑19 pandemic, many parties and jurisdictions grappled with how shutdown orders affected their private contract rights. Our commentary from March 2020 is still a good starting point for evaluating these...more
On October 19, the Fifth Circuit Court of Appeals vacated the Consumer Financial Protection Bureau’s (CFPB) 2017 Payday Lending Rule. Although the holding is narrow, its rationale suggests—at least according to one court—that...more
The Michigan Uniform Assignment of Rents Act (“MUARA”), which takes effect on September 22, 2022, strengthens both the right to obtain a receiver and the power of the receiver to collect past due rent. The MUARA also confirms...more
The Michigan Uniform Assignment of Rents Act (MUARA) will take effect on September 22, 2022, and has important implications for a tenant's rights. If a tenant's landlord defaults on its loan, to whom must the tenant pay rent,...more
Secured lenders whose commercial loans are in default often face a serious question: should they allow a commercial property’s expenses to be paid, potentially increasing their losses? Or should they minimize their immediate...more
On June 24, 2022, Michigan passed the Michigan Uniform Assignment of Rents Act (MUARA). When it did, Michigan became the first state with a Uniform Assignment of Rents Act that expands the definition of "rents" to include...more
Previously, we alerted you that Michigan had passed its version of the Uniform Assignment of Rents Act (MUARA). Among other things, this law clarifies that an assignment of rents is not extinguished by a foreclosure sale...more
In May 2017, we highlighted the Sixth Circuit’s opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property’s rents transferred to a lender when (1) a commercial loan is secured by a...more
The United States Supreme Court nullified a nationwide residential eviction moratorium that has been in place for nearly a year. Alabama Association of Realtors v. U.S. Department of Health and Human Services, 594 U.S. ----...more
8/30/2021
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Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Jurisdiction ,
Landlords ,
Moratorium ,
Public Health Service Act ,
Regulatory Authority ,
Relief Measures ,
Rent ,
Rental Property ,
Residential Leases ,
SCOTUS ,
Tenants
Last September, the Centers for Disease Control and Prevention (CDC) ordered a nationwide eviction moratorium on residential properties. 85 Fed. Reg. 55,292 (Sept. 4, 2020). On May 5, 2021, the United States District Court...more
5/24/2021
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Administrative Interpretation ,
Appeals ,
Centers for Disease Control and Prevention (CDC) ,
Chevron Deference ,
Coronavirus/COVID-19 ,
Eviction ,
Landlords ,
Moratorium ,
Rental Property ,
Stays ,
Tenants
The Michigan Court of Appeals recently held that assessments on a property under a development agreement between a city and the property's former owner did not survive a tax foreclosure and therefore were not liens against...more
Some states feature statutes of frauds that protect lenders, but not all such statutes of frauds protect all lenders, and some offer more protection than others. Just as critically, many people now communicate predominantly...more
The short answer is that an agreement is enforceable against a bank when the agreement is in writing and signed by the bank. But, the answer really depends on the jurisdiction involved....more
On March 23, 2020, Michigan joined the growing ranks of states issuing shelter in place orders, designed to slow the spread of COVID-19. Michigan, like other states, recognizes exceptions to this mandate for essential...more