The Paycheck Protection Program (“PPP”) was a program approved by Congress in 2020 to support American businesses through the coronavirus pandemic as a part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and later modified by the Paycheck Protection Program Flexibility Act in June of 2020. The […]
On July 15, 2021, the SBA issued its procedural notice regarding lender requests to the SBA for guaranty recovery of PPP loans. The PPP loan program has offered billions of dollars in assistance to small businesses across the country. However, many PPP borrowers have since begun defaulting on their loans. […]
When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the […]
Businesses throughout Florida should be aware of consumer statutes that provide remedies to consumers and impose liability to businesses, even for small technical violations. Two important statutes for all businesses to be aware of are the Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA). […]
Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. The debt is secured by personal property, but creditors are often faced with the same quandary: how to quickly take possession of […]
This year, through Senate Bill 1120 (SB 1120), Florida adopted its own version of the Telephone Consumer Protection Act, which has been referred to as Florida’s Mini-TCPA. Florida’s Mini-TCPA has striking similarities to the federal Telephone Consumer Protection Act (TCPA), 47 U.S.C. § 227, et. seq. Florida’s expansion of its […]
Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. How Does Florida’s New Summary Judgment Standard Differ From […]
Class action complaints are not a novel concept. Nevertheless, there appears to be an increase in class action complaints alleging violations of consumer protection laws such as Fair Debt Collection Practices Act (FDCPA), Florida’s Consumer Collections Practices Act (FCCPA), Fair Credit Reporting Act (FCRA), or Telephone Consumer Protection Act (TCPA). […]
When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Luckily, lenders can take a […]
In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the borrower fails […]