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THE INTERSTATE LAND SALES FULL DISCLOSURE ACT: RESIDENTIAL DEVELOPERS BEWARE!
A little used 1968 statute has come into its own in the economic struggles of 2009. The statute requires the developer of projects containing in excess of one hundred (100) units to register the project with the Department of Housing and Urban Development (“HUD”) and to provide all prospective purchasers of units with a federal property report which contains detailed disclosures regarding the developer and the property. Developers are now discovering that their failure to observe simple statutory formalities during the robust market of two to three years ago can lead to an increasing numbers of purchasers who have rights to terminate their contracts. The statute also imposes separate anti-fraud provisions on developments containing in excess of twenty-five (25) units.
COBRA CHANGES IN THE STIMULUS ACT OF 2009
The American Recovery and Reinvestment Act of 2009 does not just deal with job creation but also requires that employers assist employees who are involuntarily terminated by paying a portion of that employee’s continued health insurance coverage under COBRA. This portion of the 2009 stimulus package requires that employers pay 65% of the premiums for COBRA continuation coverage for the former employee insured under the company plan when terminated and qualified beneficiaries, such as a spouse or dependent child. If the employer files IRS Form 941, the amounts paid by the employer are eligible for a credit against certain employment taxes.
WHEN AN “OFFICIAL NOTICE” IS NOT WHAT IT SEEMS
Government databases are available to the public and for public use. Unfortunately, those databases are also available to individuals who are seeking to make a quick profit through the misuse of that public information. Companies such as these may use the database information to send “official” notices under a company name that makes them seem like the “real deal” but they are not.
WELCOME MICHAEL L. WEISSMAN
Levin Ginsburg is pleased to announce that Michael L. Weissman has joined the firm in an of counsel position. Mike’s practice is devoted to financial and business transactions. He has a wealth of experience in the legal and business aspects of secured and unsecured lending for all types of credit facilities. Mike has published numerous articles devoted to banking and commercial finance. Mike has also authored a book entitled, Lender Liability: How to Protect Yourself Against Unwarranted Lawsuits. Mike graduated from Northwestern University, received his MBA from the Wharton Graduate Division of the University of Pennsylvania, was a Fulbright Scholar at the University of Sydney Faculty of Law, Sydney, Australia, and earned his JD from the Harvard Law School. For more about Mike, click here.