Showing 56 posts in Current Developments / Legislation.
Good news! The Ohio legislature has offered financial institutions some legal protections in the form of the Ohio Data Protection Act (the “Act”). However, you must be proactive. It will be good for your business and may help in future litigation. Read More ›
Deal lawyers often seek to insure an outcome using multiple approaches simultaneously; this is colloquially labeled a “belt and suspenders” approach. Ohio’s Sixth Appellate District recently reminded us of the danger of over lawyering in an effort to secure a legal position. Read More ›
Internal Revenue Service liens attach to all a taxpayer’s “property and rights to property, whether real or personal, belonging to such person.” 26 U.S.C. Section 6321. A taxpayer’s “property” is determined by relevant state law, but federal law determines lien priority. Read More ›
Ohio Revised Code Section 1336.07 is Ohio’s codification of the “Remedies” section of the Uniform Fraudulent Transfer Act (“UFTA”). The first and primary remedy listed in O.R.C. Section 1336.07 (and the UFTA) is “avoidance of the transfer” that is improper under the statute. Read More ›
It Begins: The First ICO-Related Securities Litigation Has Been Filed - and There are Lessons in it for Those Hoping to File Their Own ICO
On October 25, Plaintiff, Andrew Baker filed a proposed class action against Dynamic Ledger Solutions, Inc. (“DLS”) and several other related entities (“Defendants”) regarding an initial coin offering (“ICO”) for tokens known as “Tezzies.” While time and the courts will determine the merits of the class action, given the increasing popularity of ICOs, there are lessons to be learned from the accusations, both for aspiring ICOs and potential investors. Read More ›
On October 12, 2017, The West Virginia Supreme Court issued a decision in State of West Virginia ex rel. v. Copper Beech Townhome Communities Twenty-Six, LLC, No. 17-0228, holding that the West Virginia Consumer Credit Protection Act (“WVCCPA”) does not apply to relationships between a landlord and tenant under a lease for residential real property. In reaching its decision, the Court noted that “in the forty-three years since the [WV]CCPA was enacted, this case is the first occasion in which any party has asserted before this Court that the Act applies to and regulates the landlord-tenant relationship.” The Court reasoned: Read More ›
Most businesses must deal with federal, state, and local laws and regulations from time to time. Operators of Bitcoin ATMs are no different. For such operators, the primary regulations arise out of the federal Bank Secrecy Act (the “BSA”), as discussed below, and the state-level money transmitter laws are discussed in another article. Read More ›
Depending on the state where the Bitcoin ATM operator sets up the business, the operator may – or may not – need to comply with that state’s laws, regulations and/or licensing. For operators, the primary state-level matters of concern are typically its state or states of operation’s money transmitter laws. Read More ›
New Cybersecurity Regs Will Not be Limited to New York: Extra-Territorial Application for the Insurer and its 3rd Parties
August 28, 2017 marks the first of several rapidly approaching implementation deadlines for “covered entities” subject to the new cybersecurity regulations promulgated in March by the New York Department of Financial Services (“NYDFS”). With a few limited scope exemptions based on size, revenue, assets, and structure, 23 NYCRR Part 500 establishes minimum cybersecurity requirements for approximately 4,500 DFS regulated licensees, and the sweeping new rules will de facto extend to third-party service providers and authorized users beyond the Empire State’s borders. Read More ›
The first states to officially begin regulating blockchain technology and business did so in 2014, when a guidance document from the Texas Department of Banking excluding blockchain activity from the state’s money transmitter laws kicked off a chain of similar opinions in other jurisdictions. Since then, at least 26 states—ranging from Alaska to West Virginia—have either introduced or enacted legislation regulating blockchain in some manner. The past seven months have seen the marked growth of legislative activity in the blockchain space, and at least sixteen bills have been enacted or proposed so far this year.
 Texas Department of Banking, Supervisory Memorandum 1037, Regulatory Treatment of Virtual Currencies Under the Texas Money Services Act (April 3, 2014), available at http://www.dob.texas.gov/public/uploads/files/consumer-information/sm1037.pdf.
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Courtney Rogers Perrin practices in the Nashville office as a member of the Firm’s Electronic Payments and Blockchain practice groups. She assists clients with regulatory compliance, contract negotiations, acquisitions and fund formation relating to credit card processing and fintech enterprises, including smart contracts and virtual currency matters.