SUPERPRIORITY LIENS: YEP. THE DEVIL IS IN THE DETAILS.
THE NEVADA SUPREME COURT RESOLVES FOR HOW LONG AND FOR HOW MUCH AN HOA SUPERPRIORITY LIEN WILL IMPACT YOUR RECORDED DEED OF TRUST
Horizons At Seven Hills Homeowners Association v. IKON Holdings, LLC (132 Nev. Advance Opinion 35) (April 28, 2016)
Alan B. Rabkin, Ph.D., J.D., LL.M. (Tax), LL.M. (European Law), B.A., CRCM
Of Counsel, Holland & Hart, LLP
So let’s set the stage. You have a housing development that is managed by an HOA. They charge the usual assessments for co
mmon area maintenance and HOA operations. They recorded the document that created the HOA (often called ‘CC&R’s’). It’s the core, guiding document for an HOA by law. Thereafter a homeowner buys a home subject to the same CC&R’s and the HOA governance. Years later, the same homeowner defaults on the loan payments then due to an out-of-the-area residential mortgage lender. Recall, during the financial crisis, almost every loan default brought about an equivalent HOA assessment default if the property was subject to CC&R’s. So we also have an HOA assessment default almost by definition.
FDIC Publishes a Bank Customer's Guide to Cybersecurity
Consumers increasingly rely on computers and the Internet for everything from shopping and communicating to banking and bill paying. While the benefits of faster and more convenient "cyber" services are clear, the strategies for preventing online fraud and theft may not be as well-known by many bank customers. That is why the FDIC has produced a special edition of the agency's quarterly FDIC Consumer News (Winter 2016) entitled "A Bank Customer's Guide to Cybersecurity." Here is a brief overview of the articles and other features in this special issue.
Consumer complaints to the FTC increased in 2015
by Colleen Tressler, Consumer Education Specialist, FTC
The FTC received more than 3 million complaints in 2015. That’s up from 2.5 million in 2014. Some of the increase can be attributed to the fact that more people know to complain to the FTC about bad business practices, frauds and scams. Technology helped, too — more complaints are reaching the FTC through the convenience of mobile apps. The top three complaint categories are still debt collection, identity theft, and imposter scams. The FTC took aggressive action in 2015 to help address each area and will continue to make each a high priority in 2016. Read more.
Federal Banking Agencies Expand Number of Banks and Savings Associations Qualifying for 18-Month Examination Cycle
WASHINGTON—February 19, 2016 Federal banking agencies today increased the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while still maintaining safety and soundness protections.
Coming to the Smith Center on March 7, 2016
Join Southern Nevada business leaders and executive decision makers for a one-of-a-kind event, aimed at involving the business community in efforts to improve Nevada's K-12 education system. Business + Education (BE) Engaged Conference 2016: Accelerating a New Nevada, will include experts and panel discussions, focused on four areas of need in our public schools, which are directly tied to student success in the classroom. Register through LVGEA and the Smith Center.
Senator Heller Calls for Answers
Feb. 12, 2016 Senator Heller along with his other Republicans colleagues on the Senate Banking Committee sent the
attached letter to the FDIC, NCUA, Fed, and OCC pushing for answers on what outdated, unnecessary or unduly burdensome regulations on banks and credit unions have been identified by these regulators though their current EGRPRA process.
Congress passed the EGRPRA law which requires that regulations prescribed by financial agencies must be reviewed at least once every 10 years in order to identify outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions. The second ever EGRPRA review is currently underway and their last outreach meeting was in December. This is a unique opportunity to lift unnecessary regulatory burdens.