After years of regulatory uncertainty, litigation, and multiple deadline extensions, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has permanently eliminated beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons…
Overview
This past July, Governor Whitmer of Michigan signed several bills which collectively increase the available tax credit awards for affordable housing development in the state of Michigan. For the 2027-year cycle, beginning January 1, 2027, the Michigan state housing development authority may…
The Indiana Consumer Data Protection Act (INCDPA), effective January 1, 2026, introduces new requirements for businesses that handle personal data of Indiana residents. If your company operates in Indiana or targets Indiana consumers, now is the time to ensure compliance with the INCDPA.
Uniform Commercial Code (“UCC”) Section 9-504 reads as follows:
§ 9-504. Indication of Collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
a description of the collateral pursuant to [UCC] Section 9-108; or
an…
In furtherance of Krieg DeVault’s continuing commitment to provide timely information and developments affecting secured lenders, set forth below are brief summaries of recently reported court cases providing guidance to secured lenders:
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial…
OVERVIEW
On August 24, 2023, the United States Court of Appeals for the Second Circuit (the “Second Circuit Court”) ruled that syndicated term loans are not considered to be “securities” – meaning syndicated loans are not subject to federal securities regulations or state-specific securities…
With the end date for the London Interbank Offered Rate (LIBOR) less than two months away (June 30, 2023), lenders and borrowers are busily revising their loan documents in anticipation of this deadline. Although a large proportion of legacy loans in the loan market still reference LIBOR, most new…
The New York Department of Financial Services (“NYDFS”) finalized the New York Commercial Finance Disclosure Law (“NYCFDL”) regulation on February 1, 2023. The NYCFDL disclosure rule (“NY Disclosure Rule”) is effective on August 1, 2023, and with few exceptions, closely tracks disclosure…
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule (Final Rule) implementing Section 6403 of the Corporate Transparency Act (CTA) (which was initially enacted on January 1, 2021 as part of the Defense Authorization Act for Fiscal Year 2021) that requires…
As noted in our prior Alerts, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which became law March 27, 2020, included various COVID-19 pandemic-related bankruptcy relief provisions which sunsetted on Saturday, March 27, 2021, but were extended by the “COVID-19 Bankruptcy…
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging…
