On October 24, a court denied a motion by CAI (Community Associations Institute) to delay compliance deadlines for community associations facing burdensome requirements under a new act until a full court hearing.
Community associations remain required to file their Beneficial Ownership Information Reports by January 1, 2025 or face potentially hefty fines.
Despite the setback, CAI remains committed to seeking an exemption for all community associations through possible appeals, regulatory lobbying with the U.S. Department of Treasury, and urging Congress to pass legislation to exempt or delay these requirements. CAI also encourages its members to support this cause, though significant developments are unlikely before the upcoming presidential election.
View a recorded webinar on this topic and access links to complete your filing on Condoly.