The Consumer Financial Protection Bureau (CFPB) ordered a Connecticut mortgage lender, 1st Alliance Lending, LLC (First Alliance), to pay an $83,000 civil money penalty for violating federal law by illegally splitting real estate settlement fees.
Urban Revitalization and Municipal Economic Development Incentives provide intriguing opportunities to urban minded developers and entrepreneurs.
Real estate law and real estate transactions in the United States have been subject to state regulations and county-level recordation requirements since the country’s founding. As such, every time a financial instrument containing mortgages is sold, various state laws require that the sale of each such mortgage (or deed of trust) be recorded in the local county courts in order to preserve certain rights. These requirements also trigger obligations to pay corresponding recording fees.
A recent lawsuit in Ohio provides a reminder about the importance of properly executed notary clauses and exercising caution when using “stand-alone signature pages.” The lawsuit involves two companies which failed to make payments on a multi-million dollar promissory note. Ultimately, the lender obtained a judgment for a loan default against the borrowing companies.
Your company and its employees may be subject to local occupational license fees and payroll taxes assessed by the counties and municipalities in which your company operates, even if it is not in the jurisdiction where your main office is located.
If you own or operate a business in Kentucky, make sure you have filed your Kentucky Annual Report. In a recent press release, the Kentucky Secretary of State’s office warns that tens of thousands of companies face dissolution if they don’t file their annual report by the deadline of October 31.
Since 2008, the commercial real estate market has been challenging for all involved. Although we are not completely past the turbulence, we are beginning to see more stability on the horizon.
The good news is that lenders are beginning to make commercial real estate loans again. The bad news—lending standards are strict. Only the most credit-worthy borrowers will qualify for these loans for the foreseeable future. Required Equity Contributions and Higher Interest Rates Your first hurdle is to determine how much equity you will contribute. In Read More
In today’s economic climate, a number of experienced and highly educated professionals are facing an unplanned career change. Many see this as an opportunity to pursue the dream of entrepreneurship by purchasing a small business. If you are one of these, make sure you do your homework. While you personally need to determine what type Read More
The $789 Billion American Recovery and Reinvestment Act (ARRA) will fund major public construction projects in both Kentucky and Ohio. Although this hopefully means an upturn in the beleaguered construction industry, protecting your payment remains of paramount importance in this economy. Under the ARRA, Ohio will receive $8.2 Billion in federal stimulus money. Approximately $1.7 Read More
Daily headlines continue to remind us that we are in an economic recession: Home Sales at All Time Low, Jobless Claims at 25 Year High, Auto Giant loses $10 Billion, Stocks Stumble, the list goes on and on. But for a person with entrepreneurial spirit (and some cash on hand), these headlines spell opportunity. Entrepreneurial Read More
If you’re in business, then you’re in a regulated business. Consequently, knowing the basics of the administrative process will not only keep you in compliance with the law, but can also provide your company with a sharp edge on the competition. From the simple licensing required to run a business to creative arguments necessary to Read More
In 2007, the American Institute of Architects (AIA) made several significant changes to its A201-1997 “General Conditions” commonly used in construction contracts across the U.S. These changes will likely affect contracts usually entered into between owners and contractors as well as contractors and subcontractors. Further, non-AIA contracts may be affected as well considering many use Read More
Are you starting or planning on growing your small business? The idea of operating a successful small business on a local, regional or even national basis is a thing of the past. International markets such as Asia, the European Union and the Mideast are no longer just for major multinational corporations. With the opening of Read More
If you are considering a development in Kentucky on real property owned by a government, you should hope that a city is the owner. Let’s say you’re contemplating a development in Northern Kentucky and you have three site options. Site 1 is owned by Kentucky (the “State Site”), Site 2 is owned by a County Read More