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134 results found

Article

Venable LLP | USA | 16 May 2011

IRS denies 501(c)(3) status to bankruptcy counseling agency

On April 29, 2011, the Internal Revenue Service ("IRS") issued Private Letter Ruling ("PLR") 201117036 denying recognition of tax-exempt status under Section 501(c)(3) of the Internal Revenue Code ("Code") to a nonprofit credit counseling agency ("CCA") because its primary activity would have been the provision of pre-bankruptcy certification and post-bankruptcy counseling for fees.

Article

Foley Hoag LLP | USA | 21 Apr 2011

Massachusetts secretary of state proposes new regulations for investment advisers in response to Dodd-Frank Act

The Massachusetts Securities Division, under the direction of Secretary Galvin, has proposed new regulations relating to the regulation of investment advisers, including hedge fund managers.

Article

Hogan Lovells | USA | 6 Jan 2011

SEC proposes rules to require registration of "municipal advisors"; municipal advisors defined broadly to potentially include appointed board members of municipal entities and conduit borrowers, employees of conduit borrowers, banks, underwriters, lawyers

On December 20, 2010, the Securities and Exchange Commission (SEC or Commission) voted to propose Rules 15Ba1-1 through 15Ba1-7 (collectively, the Proposed Rules) to, among other things, establish a permanent registration regime with the Commission for municipal advisors and impose certain record-keeping requirements on such advisors.

Article

Venable LLP | USA | 23 Aug 2010

Appeals court decision opens door to more credit repair class action litigation against credit counseling agencies

The United States Court of Appeals for the First Circuit recently found in Zimmerman v. Puccio that a tax-exempt, nonprofit credit counseling agency operated as a “credit repair organization” within the meaning of the Credit Repair Organizations Act (“CROA”), 15 U.S.C. 1679-1679j, and that certain principals of the organization were personally liable under CROA.

Article

Foley Hoag LLP | USA | 31 Jul 2009

Massachusetts and federal statutory limitations on liability for charitable organizations and their directors or trustees, employees and volunteers

This memorandum provides a summary analysis of the extent to which charitable organizations, their officers, directors or trustees, employees, and volunteers are exposed to liability under Massachusetts and federal law.

Article

Venable LLP | USA | 16 Oct 2008

A legal issues primer for credit counseling agencies, debt management plan providers, and debt settlement companies

In order to thoroughly understand their legal requirements and pitfalls, credit counseling agencies, debt management plan providers, and debt settlement companies must first have a basic understanding of the federal and state laws that apply to the activities of their companies.

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