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|Foreign Fund Was Engaged in a Trade or Business in the United States as a Result of Lending and Underwriting Activities|
Jeffrey D. Hochberg, Donald L. Korb, Eric M. Lopata, Andrew P. Solomon, David C. Spitzer; Sullivan & Cromwell LLP;
March 27, 2015, previously published on January 26, 2015On January 2, 2015, the Internal Revenue Service (the “IRS”) released Advice Memorandum 201501013 (the “Advice Memorandum”) from the Office of Chief Counsel. The Advice Memorandum concludes that a partnership was engaged in a U.S. trade or business through lending and...
|Managing Risks in Vendor Relationships|
Alan B. Clark; Williams Mullen;
March 24, 2015, previously published on March 5, 2015For years, banks have relied on third party vendors to provide specialized products or services, or have used outsourcing as a way to reduce internal operating costs. In the wake of the financial crisis, however, regulators have become increasingly concerned about the risks associated with such...
|Military Lending Act: Let's Just Throw that Baby Out with the Bath Water|
Maurice L. Shevin; Sirote & Permutt, P.C.;
March 23, 2015, previously published on January 13, 2015The CFPB has joined in the fray over the expansion of the Military Lending Act's application to traditional installment lending.
|Nevada Supreme Court Clarifies That 'Consideration Paid' by Successor Note-Holders Can Limit Recovery in Deficiency Actions|
Leslie S. Godfrey, Kara B. Hendricks, Michael R. Hogue; Greenberg Traurig, LLP;
March 19, 2015, previously published on March 10, 2015In late 2013, the Nevada Supreme Court issued a 5-2 decision in Sandpointe Apartments v. Eighth Judicial Dist. Ct. which found that 2011 amendments modifying Nevada’s anti-deficiency protections created limitations on the amount a note-purchaser could recover as part of a deficiency judgment....
|Federal Law Friday: You Better Safeguard My Identity From The Bad Guys!|
Maurice L. Shevin; Sirote & Permutt, P.C.;
March 19, 2015, previously published on December 5, 2014In our Federal Law Friday series, each week we review a different Federal law or regulation that should be covered by a finance company’s policies, procedures and compliance management system. This week, we review the Red Flags Rule.
|What You Should Know When Financing a Business Acquisition|
Alison W. Rind; Lerch Early Brewer Chartered;
March 9, 2015, previously published on February 12, 2015Whether a purchaser is an employee, minority owner of a small business, or merely seeking a new business opportunity, financing options for the purchase and sale of businesses have always been an obstacle. While existing owners may seek to retire or begin new business ventures, the lack of...
|Prepayment Premium Language: A Trap for the Unwary Lender|
Arnold D. Spevack; Lerch Early Brewer Chartered;
March 9, 2015, previously published on February 12, 2015A recent Maryland U.S. District Court decision in Key Tidewater Ventures LLC, et al v. PNC Bank highlighted some of the pitfalls a lender faces when modifying loan documents. Subsequent to entering into a loan modification agreement with borrowers, a lender had difficulty enforcing a prepayment...
|No safe havens|
Maurice Martin; Withers Bergman LLP;
March 4, 2015, previously published on February 13, 2015Drones! These are the latest method used by the tax authority of Argentina to identify mansions on “empty” plots and swimming pools not declared on tax returns.
|Bad Checks: Know Your Options|
David Brown; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 05, 2015From a business perspective, there's not much worse than believing you've resolved a troubled account, only to receive a notice of no sufficient funds ("NSF") from your bank after depositing payment. Suddenly, the account that you thought you resolved is a problem again. Additionally, you...
|What’s in Store for 2015 Regarding CFPB Regulations? Answer: enforcement.|
Matthew G. Burg; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 30, 2015In 2014, the new consumer mortgage rules made by the Consumer Financial Protection Bureau (“CFPB”) took effect. Generally, the CFPB implemented laws to protect consumers from negative actions by mortgage servicers and to provide consumers more transparency in working with servicers and...