Legislation

Geraci LLP is dedicated to keeping our clients and friends apprised of the latest legislation relevant to the non-conventional lending industry. Please reach out if you have any questions about lending legislation.



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IRS Extends Opportunity Zone Fund Benefits in Light of Ongoing Pandemic

In the January 19, 2021 IRS Notice 2021-10, the regulatory agency extended relief to Opportunity Zone Funds due to ongoing concerns stemming from the coronavirus.

  • Read a Geraci-authored summary of IRS Notice 2021-10
  • Read the IRS Notice 2021-10 in full

IRS Extends Opportunity Zone Fund Benefits in Light of Ongoing Pandemic

The framework for securities offering exemptions is undergoing major changes beginning March 15 that will ideally make capital formation more accessible for small businesses and entrepreneurs, while retaining protections for investors.

  • Read a summary of the Federal Securities Exemptions
  • Read the final rule published in the Federal Register

AAPL Opposes New York’s Bill to Require Licensing to Transact Any Commercial Financial Product

New York is proposing a law via Assembly Bill A1420 and corresponding Senate Bill S1061 that will require private lenders and other persons to obtain a license before providing certain loans and other financial products to businesses located in New York.

  • Read a summary of the changes proposed by New York Assembly Bill A1420 / Senate Bill S1061.
  • Sign AAPL’s petition opposing the bills.

Section 1071 of the Dodd-Frank Act: A New Regulatory Chapter for Lenders

The Consumer Financial Protection Bureau (“CFPB”) is finally prepared to begin writing regulations implementing Section 1071 of the Dodd-Frank Act, which could usher in a new regulatory chapter for small busines lenders and result in significant new reporting requirements, fair lending examinations and possible enforcement actions.

  • Read a summary of Section 1071
  • Read a detailed outline of Section 1071 written by Geraci

New York Commercial Finance Disclosure Bill (S05470) Sent to Gov. Cuomo’s Desk

The New York legislature delivered a bill to Governor Cuomo for his signature on December 11, 2020 that would require Private Lenders who make certain “Commercial Financing Transactions” to provide a wide range of loan disclosures to commercial borrowers. These loan disclosures are substantially similar to many consumer disclosures provided by lenders for consumer loans that are covered by the Truth-in-Lending Act (TILA) and its implementing Regulation Z.

  • Read a summary of S05470.
  • Read a detailed outline of S05470 written by AAPL and Geraci.

California Assembly Bill 3088 (AB 3088)

AB 3088 was signed into law by California Governor Newsom on August 31, 2020. The law is intended to forestall public harm by temporarily preventing unpaid rental debt from serving as a cause of action for eviction or foreclosure during the COVID pandemic emergency. This Summary is limited to discussing the impact of the Act on mortgages, including foreclosure rights

  • Watch the webinar: AB 3088 & SB 1079 Fundamentally Modified Foreclosures in California – What Lenders Need to Know
  • Read a summary of AB 3088.
  • Read a detailed outline of AB 3088 written by AAPL and Geraci.

California Senate Bill 1079 (SB 1079)

SB 1079 was signed into law by California Governor Newsom on September 28, 2020 and goes into effect on January 1, 2021. Its goal is to reduce the number of California’s vacant homes and give a first right of refusal to buy a foreclosed property to tenants, buyer’s intending to occupy the property as a primary residence, local governments intending to use the property as affordable housing, and certain other eligible buyers. SB 1079 would also increase the fines that cities and counties can charge to a person who acquires a vacant residential property through foreclosure if that person does not properly maintain that property.

  • Watch the webinar: AB 3088 & SB 1079 Fundamentally Modified Foreclosures in California – What Lenders Need to Know
  • Read a summary of SB 1079.
  • Read a detailed outline of SB 1079 written by AAPL and Geraci.
  • Read about the practical implications of SB 1079 for mortgage lenders.