The Corporate Transparency Act (“CTA”) has been a significant concern for community associations in 2024. The CTA requires corporate entities, including many condominium and homeowners associations, to report personal information for individuals exercising substantial control of these entities by the end of 2025. Individuals that qualify as beneficial owners under the Corporate Transparency Act would need to report names, dates…
Read More →
Imagine living in an exclusive, gated condominium community where security and privacy are top priorities. Whether your home is nestled in a suburban site condominium or perched in a sophisticated downtown high-rise, the added peace of mind a gated community provides is a major selling point for many. In fact, a recent study shows that homes in non-gated communities are…
Read More →
Successfully transitioning control of a condominium association from the developer to the co-owners is critical for the long-term success of any Michigan condominium. When a developer exits a condominium project, it often requests a release of liability from the co-owner controlled board of directors. An experienced developer has an inherent advantage in negotiating a release with a condominium association, as…
Read More →
The Michigan legislature recently enacted the Homeowners’ Energy Policy Act, 2024 PA 68, which imposes new requirements on Michigan homeowners associations with respect to installing solar panels and other energy-saving improvements. The Homeowners’ Energy Policy Act, MCL 559.301 et. seq. will prevent homeowners associations from completely banning solar panels and other energy-saving devices when it becomes effective on April 1,…
Read More →
As previously discussed in “Electric Vehicle Charging Stations: Keep your Condominium Association Current!” and “Outdated to upgraded: Time to modernize your condominium bylaws?”, there are numerous factors that a condominium association should consider when evaluating a modification request to install an electric vehicle charging station. Given that electric vehicles are becoming more ubiquitous around the country, states such as California,…
Read More →
On January 1, 2024, the Federal Crimes Enforcement Network (“FinCEN”) opened its online portal for corporate entities in the United States to begin compliance with the new reporting requirements under the Corporate Transparency Act (“CTA”). As discussed in our previous article, Navigating the CTA: A Guide for Condos and HOAs to comply with the Corporate Transparency Act, the CTA would…
Read More →
