– Legal Insights –
When a professional forms, operates, or transfers a firm, compliance requires more than simply following the laws governing corporations, limited liability companies, or limited liability partnerships. If the firm provides certain professional services, it may also be subject to the Minnesota Professional Firms Act (“MPFA”), codified at Minn. Stat. ch....
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The Financial Conduct Authority (“FCA”) in the UK has announced that it will no longer require banks to submit London Interbank Offered Rate (“LIBOR”) quotes after 2021. This change requires careful review and action for lenders, borrowers and investors. LIBOR’s significance in the industry is demonstrated by its prevalence –...
People who make a disability claim in the U.S. will have stronger protections when a new rule goes into effect April 1, 2018. Late last year, the Department of Labor released a final rule to strengthen the claims and appeals requirements for plans that provide disability benefits. A big reason...
A Minnesota federal judge recently issued an order that has big potential implications for Minnesota homeowners who had part of their claim denied by a matching exclusion. Specifically, customers of American Family should be aware of this order, especially those covered by a Gold Star Policy. The Order was issued...
Super Bowl LII hosted in Minnesota will impact just about every area of our economy, including real estate. In a prior article, I discussed issues surrounding short-term rental of homes to accommodate the influx of members of the media, spectators, team members and staff to the Twin Cities. As kickoff...
While 2017 has brought great fortune and growth in the real estate market, the year has unfortunately also seen several management companies’ theft/embezzlement from their association clients. To be clear, these incidents were isolated. By far, most management companies take the manager’s fiduciary role very seriously, and have multiple checks...
If you are a landlord of residential rental property in the state of Minnesota, you may be subject to a rent escrow action to remedy alleged “violation(s)” at your property. What is a rent escrow action? A rent escrow action is a Minnesota statutory provision that permits a residential tenant...
The Office of the Comptroller of the Currency (OCC) shared several updates over the past six weeks that require the attention of financial institution leaders. In fact, some changes go into effect as soon as December 1, 2017. On September 28, the Committee on Bank Supervision (CBS) for the OCC...
The history of non-compete agreements might be described as a pendulum. The past five years have seen a significant movement in employer attempts to broaden noncompete agreements and limit employee protections. A decision this year from the Federal Circuit, as well as other recent developments, suggests, however, that the pendulum...
Real estate agents often question what rights and remedies they may have against the seller in the event of a non-disclosure claim. In many home sales, the buyer, seller and agent sign an arbitration agreement requiring that claims go through arbitration rather than litigation. Many buyers, sellers and real estate...
Most association governing documents contain provisions requiring the association to establish and maintain one or more reserve accounts that are used to set aside funds for the future maintenance or replacement of components of the property that the association is obligated to maintain, repair and replace. Legal Requirements for Reserves...