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Category: Board Duties

New Information on the Corporate Transparency Act and Community Associations

Saturday, April, 20th, 2024 at 10:53 pm by Richard S. Ekimoto, Esq.

By Richard S. Ekimoto, Esq. A couple of days ago, on April 18, 2024, FinCen updated its FAQ to add two provisions about community associations. It states: C.10. Are homeowners associations reporting companies?It depends. Homeowners associations (HOAs) can take different corporate forms.As with any entity, if an HOA was not created by the filing of a document with asecretary of state or similar office, then it is not a domestic reporting company. Anincorporated HOA or [Read More...]

Second Take on the Corporate Transparency Act

Monday, January, 29th, 2024 at 6:46 pm by Richard S. Ekimoto, Esq.

By Richard S. Ekimoto, Esq. Last week, I posted information about the Corporate Transparency Act. The Corporate Transparency Act (“CTA”) is a federal law adopted in 2021 which requires Reporting Companies to file information with FinCen about its Beneficial Owners. In my post, I stated that most of the exemptions for Reporting Companies would probably not apply to community associations. I wanted to provide you with a second take from a good friend of mine, [Read More...]

Community Associations and the Corporate Transparency Act

Friday, January, 19th, 2024 at 1:03 am by Richard S. Ekimoto, Esq.

By Richard S. Ekimoto, Esq. Background about the CTA The Corporate Transparency Act (“CTA”) is a federal law that adopted in 2021. The Financial Crimes Enforcement Network (“FinCen”) in the U.S. Department of the Treasury promulgated regulations implementing the Beneficial Ownership Information (“BOI”) Reporting requirements for all covered entities. The regulations are codified as 31 CFR 1010.380 (“BOI Reporting Regulation”). The CTA and the BOI Reporting Regulation were adopted because: Illicit actors frequently use corporate [Read More...]

Hawaii Supreme Court Upholds Right of Condominium Association to Vacate Residents for Maintenance

Wednesday, November, 16th, 2022 at 8:17 pm by Richard S. Ekimoto, Esq.

Most people involved with condominium associations understand that sometimes it is necessary to undertake repairs and maintenance of the common elements which might displace residents. For some reason, there have been a few recent instances where residents have challenged the right of an association to force the owners to vacate their units for this purpose. These cases have been complicated by the fact that very few condominium declarations and bylaws have provisions expressly authorizing the [Read More...]

Authorized Signatories for Association Contracts

Wednesday, September, 12th, 2018 at 6:43 pm by Jill M. Tsuchitori, Esq.

It can be a scramble to find the appropriate person to sign a contract or document when deadlines loom and deals need to be finalized.   Yet  board members should take care to ensure that properly authorized persons are signing their documents.  Although a resident manager may have the most knowledge about the maintenance needs for the irrigation system, she probably is not the best person to sign the contract with the maintenance service. How do [Read More...]