SHELL-SHOCKED – Under a new law aimed at ending the U.S.’s notorious reputation as a haven for so-called “shell” companies, tens of millions of businesses will be required to report ownership information for the first time or risk potentially hefty fines and even jail time for noncompliance. The law is set to take effect Jan. 1, but there’s one big problem: hardly anyone, including advisers like CPAs and lawyers, knows about it, according to a new Wolters Kluwer survey. “Across the board, there just hasn’t been the kind of campaign necessary to raise awareness of this,” Ross Aronowitz, vice president of the CT Corporation Law Firm segment at Wolters Kluwer, told Law.com’s Hugo Guzman.
ON THE RADAR – Golden Pear Funding II LLC, Golden Pear Funding Opco and Daniel Amsellem were slapped with a consumer class action Oct. 9 in New Jersey Superior Court for Essex County. The court case, which arises from the defendants business of providing loans to personal injury litigation victims, was brought by the Kim Law Firm. The suit accuses the defendants of failing to obtain a license to engage in business as a consumer lender or sales finance company as required by the New Jersey Consumer Finance Licensing Act. Counsel have not yet appeared for the defendants. The case is ESXL006568-23, Canales Maria Vs Golden Pear Funding II Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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