Doing Business in Florida Blog

Client Alert: Federal Trade Commission Proposes New Rule for Nationwide Ban on Noncompete Clauses in Labor Contracts

January 9, 2023
Leonard K. Samuels and Nikki Branch  |  Labor and Employment , Noncompete

On January 5, 2023, the Federal Trade Commission (commonly known as the “FTC”) issued a Notice of Proposed Rulemaking to ban the use of noncompete clauses by employers nationwide. True to their name, noncompete clauses block workers from working for competitors, or starting a new competing business, after employment ends for a set period.

LIBOR Being Replaced with Secured Overnight Financing Rate

January 6, 2023
Jeffrey R. Margolis  |  LIBOR, Mortgages , Interest Rates, Real Estate

LIBOR, formerly known as the London Interbank Offered Rate, was the key benchmark for setting interest rates charged on adjustable-rate loans, mortgages, and corporate debt for more than 40 years. However, LIBOR is being replaced by the Secured Overnight Financing Rate (SOFR) which is considered a more accurate and more secure pricing benchmark. 

Joint Alert: Our Response to the 2022 Insurance Reforms

December 21, 2022
Insurance Reforms , Insurance

Client Alert - FinCEN Issues Final Rule on Company Applicant - Beneficial Ownership Reporting Under the Corporate Transparency Act

October 7, 2022
Mark Wisniewski  |  Financial Crimes Enforcement Network

On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued a much-anticipated final rule (“Final Rule”) implementing the Corporate Transparency Act’s (“CT Act”) beneficial ownership information (“BOI”) reporting provisions. The purpose of the Final Rule is to assist FinCEN, law enforcement, and other stakeholders within the national security apparatus in interdicting criminal actors that seek to launder illegal source proceeds and/or to hide assets utilizing the U.S. financial system and/or U.S. (and foreign) corporate entities. 

Subject to certain exceptions for corporate entities that are expressly exempt from the beneficial ownership information reporting requirements imposed by the CT Act, the Final Rule will require most corporate entities created in or registered to do business in the United States to prepare and submit BOI reports (“BOI Reports”) to FinCEN identifying two categories of individuals: (1) the ‘beneficial owners’ of the entity; and (2) the ‘company applicants’ of the entity.  The Final Rule provides guidance on who must file a BOI Report, what information must be reported, and when a BOI Report is due.
 

We Mourn the Loss of Our Colleague Ricardo A. Gonzalez

October 3, 2022

With profound sadness, we announce the loss of our colleague and dear friend, Ricardo A. Gonzalez. Rick was an exceptional lawyer specializing in complex commercial litigation and regulatory defense and compliance. Rick passed away on September 25, 2022.

2021 American Land Title Association Forms

September 28, 2022
Jeffrey R. Margolis  |  2021 American Land Title Association Forms, Real Estate

The Florida Office of Insurance Regulation (OIR) has approved the 2021 American Land Title Association (ALTA) forms for use in Florida.  OIR has approved use of the new ALTA 2021 Policy forms starting October 3, 2022.  The new forms include a new Commitment, Loan and Owner’s Policies, Short Form Residential Loan Policies, as well as the following Endorsements.

 

Client Alert: Updated Social Media Rules in California

September 21, 2022
Heidi Howard Tandy  |  Assembly Bill 587, California Legislative Information

Businesses with a presence in or customers who are residents of California and who have revenue over $100 million per year will soon be required to file semiannual reports with that state’s Attorney General, self-reporting their content moderation policies on hate speech, extremism, and disinformation. 

New Requirements for Residential Landlords

July 18, 2022
Jeffrey R. Margolis

Effective July 1, 2022, landlords of transient or non-transient apartments in Florida are required to perform background checks on all employees and licensees.  Such background checks, which are a condition to employment, are required to be performed by a consumer reporting agency in accordance with the Fair Credit Reporting Act, and must include screening of criminal history records and sexual predator and sexual offender registries of all fifty (50) states and the District of Columbia.  If the background screening of a prospective employee reveals that the prospective employee has been convicted or found guilty of, or entered a plea of nolo contendere, regardless of adjudication, of certain criminal offenses, the landlord may find the prospective employee ineligible for employment.  

Does it Pay to Use Joint Checks in Construction?

June 15, 2022

Using joint checks is an important tool in the construction industry. Joint checks can affect all parties to a construction project. However, joint checks, can create a host of problems. This blog discusses the benefits of joint checks, the legal consequences that can result from joint checks, and how to address potential issues.

Governor Signs New Condominium Legislation Requiring Inspections and Reserves

May 31, 2022
Jeffrey R. Margolis

Senate Bill 4D, which requires regular building inspections and requires condominium associations to maintain reserves, unanimously passed both the Florida House and Florida Senate on May 24th and 25th respectively. Governor DeSantis signed the bill on May 26th.

Client Alert: Biden FY 2023 Budget Plan Extends for Corporate, High-Net-Worth Individuals Tax Hikes

May 9, 2022

On March 28, 2022, the White House released its Fiscal Year 2023 Budget (the “FY23 Budget”), and concurrently, the U.S. Treasury released the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals (commonly known as the “Green Book”). 

Bright Outlook for Southeast Multifamily Investment and Development

April 5, 2022
Jeffrey R. Margolis  |  Real Estate, Multifamily, Real Estate Develpment

Despite inflation, rising interest rates, increased construction costs, and supply chain issues, investors, developers, and lenders all agree that the outlook for Southeast multifamily investment and development is bright. The Southeast Multifamily Forum provided the latest market data, analytics, and analysis of the Southeast multifamily market. Data presented at the Southeast Multifamily Forum on the Southeast multifamily real estate market, opportunities, challenges, and trends is highlighted below.