New “Foreign Principals” Law, ALTA Fraud Flyer & More
Dear Members,
Fund Assembly 2023 is now behind us. It was a great event, as usual, and I am consistently amazed at the talent, knowledge and creativity of our people - both staff and Members - who have a part in making Fund Assembly so special. Mark your calendars for next year's Fund Assembly: May 16-18, 2024, Signia by Hilton at Bonnet Creek, Orlando, Florida.
Legislative update. Many bills made it through the legislature and are either in the hands of the Governor for his consideration or are in the "queue" to go to him. One bill has already been signed into law that requires your attention. This expansive new law goes into effect July 1 and restricts ownership of certain types of Florida property by "foreign principals" associated with 7 named countries. We have several resources for you to help you gain an understanding of the new requirements. Here is a link to our recent webinar on this new law. https://www.thefund.com/ondemand/legal-education/fl-sb-264.aspx Here's a link to an Alert we recently sent out. https://www.thefund.com/updates/alert-legislative-update-re-foreign-interests.aspx And here is a link to the Spanish version of the Alert. https://www.thefund.com/updates/alert-legislative-update-re-foreign-interests-es.aspx This may be helpful for your Spanish-speaking clients.
Fraud never goes away. Fraud is definitely still with us and you must continue to be very diligent and alert to the potential for it. ALTA has a new flyer on seller fraud, which I believe is excellent. Here is a link to the flyer on our website. https://www.thefund.com/information-center/pdf/security/alta-seller-impersonation-handout.aspx
Apologies needed. Recently, I congratulated members of our Fund legal staff that serve on various committees of The Florida Bar and I left one important person off the list! Jackie Marzan, our Director of Underwriting, serves on the very important Real Estate Board Certification Committee. Kudos to Jackie for her contribution to the profession!
Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
and General Counsel
05/26/2023