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A heads-up for those providing or brokering commercial financings and their lawyers: consumer-like disclosures are making their way into the commercial realm, writes Patricia Lane. Nine states have enacted state commercial loan disclosure requirements.

Financial abuse of adults at risk and older adults is high and growing. Time is of the essence when these crimes come to light, to preserve evidence and prevent continued victimization. Read about traditional guardianships for adults and spendthrift guardianships, which can be a middle ground between doing nothing for victims of financial abuse and imposing remedies that deprive victims of all autonomy.

It appears that 2025 is a year of sweeping policy changes in the U.S. Evan Lin discusses what estate planning attorneys should keep in mind for their clients this year.

How to find filings on EDGAR, the U.S. Securities and Exchange Commission's database.

Failure to understand when a FinCEN report is required could subject the lawyer (and potentially the lawyer's firm) to civil penalties of up to $108,489 for a pattern of negligent activity. For willful violations, the lawyer could be subject to imprisonment up to 5 years, a fine of up to $250,000, or both.

There are a lot of scams out there to induce the lawyer to deposit a payment and quickly send funds out by wire transfer from a trust account. Will a lawyer who falls for one face disciplinary action?

The Office of Management and Budget (OMB) recently issued a final rule revising the Uniform Guidance that took effect Oct. 1, 2024. Heidi Rattner discusses the recent revisions, which are intended to broaden access by underserved populations.

What is the economic outlook for the rest of 2024 and into 2025? Lanre Abiola discusses current and possibly future trends for business and corporations, including law firms.

As academic years end and summer arrives, many families may explore what the educational future holds for their children and grandchildren. As with anything else, proper planning is key.

The 2023-24 Wisconsin legislative session was a busy and successful one for the State Bar and its lobbying sections. This Rotunda Report gives a brief summary of section positions and accomplishments.

Recent changes in the trust account rules allow lawyers to expand client payment options and pass along the fees to clients. Tim Pierce explains what you need to know before charging clients fees for electronic payments.

What's it like to work at the Wisconsin Department of Financial Institutions (DFI)? Lindsay Fedler discusses what her tasks are as a staff attorney – and has some advice for business and corporate attorneys.

As tension hangs over the fall session of Wisconsin's legislature, these are the issues that the State Bar and its practice sections will be monitoring.

As of July 1, 2023, lawyers can now accept credit card and electronic payments. A free CLE program from the Office of Lawyer Regulation helps you learn more about the trust account amendments to SCR 20:1.15 and trust account management generally. Register by Sept. 18, 2023.

On March 30, 2023, the Wisconsin Supreme Court amended the lawyer trust account rule, SCR 20:1.15, removing prohibitions on electronic transactions and providing lawyers greater flexibility in handling client funds. The newly amended SCR 20:1.15 becomes effective July 1, 2023, and represents a major change in the regulation of lawyer trust accounts in Wisconsin.

Lawyers advising businesses in search of seed money from "small" investors (individuals and entities with relatively low amounts at their disposal) must be aware of federal and Wisconsin laws regarding crowdfunding.

Accepting electronic payments is now easier for Wisconsin lawyers. Find out more about the new rule on accepting electronic payments to your trust account.

The State Bar's fifteen practice sections that participate in the lobbying program are gearing up to make a big impact in the 2023 legislative session.

In a new iteration of a common trust account scam, the criminal poses as a business representative seeking to collect on a settlement relating to software copyright infringement. Find out how to avoid becoming a victim of this scam.

Accepting electronic payments would become easier for Wisconsin lawyers under the terms of a rule petition filed with the state supreme court by the Office of Lawyer Regulation.

Lawyers with student loan debt often make mistakes when approaching their debt says Stanley Tate, a lawyer who specializes in student loan debt relief. He will provide a plenary address at the upcoming Wisconsin Solo and Small-Firm Conference.

It can seem daunting when a client needs help in the area of securities law, if this area is new to you. Law Librarian Elizabeth Manriquez provides a list of resources and how to stay current in this rapidly changing area of law.

A company that repossessed a car from an apartment building garage violated the Wisconsin Consumer Act (WCA), the Wisconsin Supreme Court has ruled.

Legislation proposed in Wisconsin's Assembly and Senate can have an unexpected impact on your clients' payable on death (POD) designations. Jeff Goldman discusses the proposed bills, what that may mean for your clients' estate plans, and how to avoid unforeseen results.

To offer securities or investment advice, broker-dealer agents have long been subject to continuing education requirements, but investment adviser representatives are not. That could change in 2022 or 2023. Deborah Fabritz discusses proposed educational requirements for investment adviser representatives.

As the end of the London Interbank Offered Rate draws near, market participants should consider available alternative reference rates. The Bloomberg Short-Term Bank Yield Index (BSBY) is emerging as a contender. Patricia Lane, Louis Wahl IV, and Corrie Osborne discuss two possible replacements: the Secured Overnight Financing Rate and BSBY.

Analysis shows that there are fewer Chapter 12 farm bankruptcies filed this year. But does that actually mean bankruptcies are down? David Krekeler discusses the issue – and the new form of Chapter 11 known as Sub V.

Joint accounts at financial institutions might be used to transfer assets at death in ways that account creators did not intend. Learn how to determine whether a joint account holder interfered with a decedent's estate planning goals by inappropriate use of the joint account.

The amount of solar energy being constructed in Wisconsin is increasing, thanks primarily to two factors: the rapidly declining costs of manufacturing solar panels and the availability of federal tax incentives.

Signed into law in December, the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, changes many requirements for employer-provided retirement plans, IRAs, and other tax-favored savings accounts. Britany Morrison discusses the tax implications of a few key provisions in the Act, which are now in effect.

When helping clients navigate the complexities of selling or refinancing an existing home or purchasing a new home during a divorce, it's important to understand the ever-changing real property landscape and the client's circumstances. Here's how to guide clients through this emotional and potentially discouraging transaction.

The Tax Cuts and Jobs Act of 2017 gives taxpayers an opportunity to defer capital gain from the sale of assets by investing in economically distressed areas in Wisconsin and across the U.S. Peter J. White discusses the requirements of investing in Qualified Opportunity Zones.

Spring is planting time in Wisconsin, but not all farmers have enough operating capital to cover planting costs. J. David Krekeler discusses the financing options for spring planting.

In 2021, the London Interbank Offered Rate – the benchmark reference rate that underpinned hundreds of trillions of dollars of finance contracts for three decades – will no longer be used. Patricia Lane and Louis Wahl IV discuss the cessation of what has been called “the world’s most important number,” and offer recommendations for addressing its cessation in credit agreements, securities, and other finance contracts.

Learn what "blockchain" and "cryptocurrency" mean, where they began, how transactions work, and how this currency is valued in divorces, bankruptcies, and other legal matters.

An employee embezzled $34 million from Koss Corporation over 10 years, drawing on Koss’s bank accounts at Park Bank. Recently, the Wisconsin Supreme Court ruled Park Bank is not liable despite claims it failed detect the fraud.

The Wisconsin Supreme Court has ruled that a circuit court properly awarded attorney fees as an equitable remedy to a defendant who prevailed against a mortgage servicer that acted in bad faith and induced a mortgage default.

An employee embezzled about $34 million from her employer through banking transactions. The employer sued the bank, asserting a violation of the Wisconsin Uniform Fiduciaries Act, but a state appeals court recently upheld dismissal of the case.

Robert Zernzach deposited $200,000 into a P.O.D. (payable on death) bank account, naming two beneficiaries on the bank account agreement. Recently, a state appeals court ruled that a handwritten note did not change the P.O.D. beneficiary.

Every year, many Wisconsin residents contact the state with complaints about negative consumer experiences. This article sketches out the state’s consumer protection apparatus, identifies the most common types of complaints, and suggests best practices for consumers to work out disagreements with businesses.

The sheer scope and complexity of consumer law is daunting for consumers and practitioners. Consumer protection provisions are scattered among many different statutes and administrative code chapters, but the responsibility for enforcing them rests among several administrative agencies, often with overlapping jurisdiction. Here is an overview of Wisconsin consumer protection laws, and the regulatory agencies responsible for them.

To determine if communications with debtors comply with the law, Brandon Bowlin says lawyers should understand the Fair Debt Collection Practices Act and the least sophisticated consumer standard.

After numerous delays, the U.S. Department of Labor has now partially implemented a new fiduciary rule for financial professionals providing investment services to retirement plans. Drew Parrish discusses the new fiduciary rule, its implementation status, and how the rule will apply.

Don’t avoid representing clients with claims against brokers or firms because of negative stories about compulsory alternative-dispute resolution. The securities industry’s arbitration process under the Financial Industry Regulatory Authority (FINRA) levels the playing field between large brokerage firms and individual investors.

Where do you go when you need statistics on personal income, a Federal Reserve Bulletin from 2005, or the unemployment rate for August 2010? Know the difference between FRED and FRASER? Learn about these eight website powerhouse sources for economic data research.

Amendments to the Rules of Professional Conduct for Attorneys bring the rules governing lawyers’ handling of trust property more in line with modern banking practices. The new rule took effect on July 1, 2016.

Is your business client hoping to raise some capital? In this article, Milwaukee attorneys Scott Brunner and Mitchell Lindstrom discuss new rules on equity crowdfunding.

Andrew Oettinger and Christopher Flowers provide tips to help clients through the process of buying and selling zombie properties.

Get help with the new state and federal rules on equity crowdfunding – in addition to all the laws and regulations for starting, merging, or buying a business – in the newly revised Securities, Mergers, and Acquisitions in Wisconsin from State Bar of Wisconsin PINNACLE^®.

Real-life vacant houses don’t shelter ghosts or poltergeists, but the problems they cause can be as daunting to vanquish as any fictional apparition. A recent supreme court case illuminates the effect of zombie properties on homeowners, lenders, and surrounding communities. Although the decision offers some resolutions, many questions remain.

June 4, 2014 – A U.S. person or entity must disclose foreign bank accounts by June 30 every year if the account or accounts exceeded $10,000 during the year. In this article, Madison attorney Frederic Behrens discusses why reporting foreign bank accounts just became very important.

Help the State Bar of Wisconsin send a bill to the governor’s desk, which would return first-time, nonviolent 17-year-old offenders to juvenile court jurisdiction.

Do your clients include borrowers, lenders, or businesses that rely on the services of the Mortgage Electronic Registration System (MERS)? If so, you may want to keep your eye on a case that is headed to the Wisconsin Supreme Court.

One Wisconsin couple escaped, another did not in a pair of recent mortgage fraud rulings relating to loans peddled by the same scamming mortgage broker, accepted by the same unethical bank, and obtained with false statements.

The State Bar of Wisconsin is set to host the National Mock Trial competition next spring, and organizers of the event are pleased to announce that they have received the largest donation to date – $25,000 – from the Wisconsin Law Foundation.

Assembly Bill 40 – more commonly referred to as the “budget bill” – passed through both legislative houses last week with only a few technical changes to the governor’s original proposal. Now the bill heads to Gov. Walker, so he can sign the bill into law.

March 6, 2013 – Investor abuse is at an all-time high, and the elderly are most at risk. In this video, attorney Jeff Salas discusses how financial abuse occurs, reveals the tell-tale signs of investment harm, and explains how investors can bring claims for harm caused by inappropriate investment sales.

Investor abuse is at an all-time high and elderly investors and retirees are especially vulnerable. For investors who lose money due to stockbroker misconduct, there are options for recovery through the Financial Industry Regulatory Authority or state and federal courts.

Jan. 16, 2013 – In this article, Oshkosh attorney Robert Mathers explains major tax provisions of the American Taxpayer Relief Act of 2012, also known as the "fiscal cliff" legislation, and how the law creates challenges for estate planners.

Aug. 1, 2012 – Lawyers should take note that the Wisconsin Department of Financial Institutions plans to enforce provisions that will impact the permanent notary public status of attorneys whose law licenses are ever suspended or revoked. This article explains the rules.

Wisconsin's new power of attorney for finances provides more guidance for agents and protection for principals. Still, some uncertainties remain as to the meaning and effect of the law that created the new POA.

Oct. 5, 2011 – Gov. Scott Walker called the Wisconsin Legislature into special session on Sept. 29 to consider a number of bills, including four tort reform measures. Learn what's in store for this special session.

July 13, 2011 – Even though Steven Kilian returned his Mercedes Benz, and received a refund of about $21,000, the lender continued to hound him for his monthly lease payments. That is, until he was forced to file a lawsuit asking them to stop under Wisconsin’s Lemon Law.

May 18, 2011 – A client seeking legal representation to enforce a collaborative divorce agreement seems legitimate enough, but lawyers should be aware of a scam that nearly duped a local attorney out of approximately $250,000.

This is the second of a two-part series to familiarize nonbankruptcy lawyers with basic bankruptcy law concepts and practices. This part focuses on specific aspects of Chapter 7 and Chapter 13 proceedings and provides practice hints. Part 1 appeared in the March Wisconsin Lawyer.

Recent revelations concerning unreliable mortgage-processing methods nationwide have cast a negative light on industry practices but also opened the door to new defenses for homeowners and their lawyers involved in foreclosure actions. This article is a basic key for finding potential mortgage-document mistakes and using this information to help clients keep their homes.

Although the Act of God defense – that a defendant is insulated from liability for personal injury or property damages caused by a natural cause – is rarely used, it may become more common in the future if predictions of catastrophic weather events caused by global warming prove true.

March 17, 2011 – After the brother defaulted on a separate mortgage loan, a Wisconsin appeals court recently applied the doctrine of equitable subrogation to uphold a foreclosure judgment against his sister’s interest in a home they both owned.

Part one of this two-part series on bankruptcy law introduces concepts and practice tips so that nonbankruptcy lawyers may identify situations in which it is appropriate to consult with a bankruptcy attorney on the lawyer's own behalf or on behalf of prospective or current clients.

If a foreclosure involves a federal interest, the requirements of 28 U.S.C. § 2410 apply, preempting any conflicting state statutes. This overview helps attorneys navigate the federal process and avoid the common mistakes and problems that can slow down or derail a state foreclosure proceeding.

Wisconsin’s new uniform power of attorney for finances and property law, which becomes effective Sept. 1, 2010, provides clarity regarding POAs, encourages acceptance of POAs while protecting those who accept them, protects the principal in several important ways, offers guidance to agents, and provides a statutory form.

Secret offshore accounts – especially Swiss bank accounts – have a certain cachet, having become synonymous with glamour, financial sophistication, and international intrigue. Following the U.S. Justice Department’s 2009 settlement with the United Bank of Switzerland, increased state and federal enforcement efforts against such accounts might dampen their allure.

Feb. 1, 2010 – The Wisconsin Court of Appeals urged the state supreme court to revisit its 2004 decision that prevents creditors from suing officers and directors for their mismanagement of an insolvent corporation.

Nov. 6, 2009 – Anti-identity theft rules originally scheduled to go into effect on May 1 have been delayed again at the request of members of Congress, says the Federal Trade Commission.

Oct. 27, 2009 – Following the U.S. House of Representative’s 400-to-zero vote in favor of a bill to exclude some lawyers from the Federal Trade Commission’s anti-identity theft rules, the legislation heads to the Senate.

Oct. 20, 2009 – The Alternative Dispute Resolution Section submitted testimony to lawmakers considering a bill to grant distressed homeowners a right to mediation in foreclosure. The section sought to ensure the mediator remains neutral in whatever procedure lawmakers adopt.

The Wisconsin Uniform Securities Act (WUSA), which became effective on Jan. 1, 2009, clarifies what is a security, modifies how securities professionals are regulated in Wisconsin, and significantly expands the Division of Securities’ enforcement powers. Attorneys representing Wisconsin-based businesses need to be aware of these and other key issues resulting from the adoption of the WUSA.

Tenants whose landlords are in foreclosure might lose their security deposits and any prepaid rent, face eviction with 24 hours’ notice, and grapple with prospective landlords who refuse to rent to them because they were removed from a residential property because of a mortgage foreclosure. Wisconsin’s new Residential Tenants in Foreclosure Act and recent federal legislation now offer some protections to residential tenants.

April 15, 2009 – The next time you plan to attend a State Bar seminar, you can add it to your electronic calendar when you register by using WisBar’s new “Add to My Calendar” feature. Once you have registered, click the “Add to My Calendar” hyperlink. You will receive an email notification of your event with instructions on how to save the event to your electronic calendar. The feature works for Outlook and Google users.

April 15, 2009 – Today, our country is experiencing one of the most troubling economic periods since the Great Depression, and the legal profession is not immune from the effects. These difficult times make finding cost-effective ways to connect with paying clients more important than ever.

Changes to the trust account rules will require banks to pay an interest rate on IOLTA trust accounts similar to that paid to similarly situated business accounts held by the bank.

The American Recovery and Reinvestment Act of 2009 makes more than 300 changes to the Internal Revenue Code to provide nearly $300 billion in tax relief and other benefits to individuals, businesses, the environment, and state governments. This summary of the Act’s fundamental tax law changes provides attorneys with the working knowledge they need to advise their clients about the Act’s provisions.

April 1, 2009 – The Federal Trade Commission will begin enforcing a new anti-identity theft rule on May 1. The rule applies to most businesses, including lawyers who bill their clients after services have been rendered.

Every business engaged in Internet commerce or using a Web site to collect personal information – not just those businesses subject to financial services industry regulations – must comply with the Federal Trade Commission rules governing the use and protection of personal information. Failure to comply can be very costly.

When the American dream of home ownership turns into a financial nightmare, the realities of foreclosure can intersect with many legal practice areas, including bankruptcy, family law, probate, employment law, worker’s compensation, business law, and real estate and property law. Lawyers who understand the foreclosure process can help clients facing difficult circumstances.

Consumers who are facing a mortgage foreclosure or who have been stung by a mortgage rescue scam can contact these entities for help

Although Wisconsin’s housing market did not overheat in recent years as the housing markets did in California, Nevada, and other areas, it is a mistake to view the meltdown and related mortgage foreclosures as someone else’s problem. The authors explain the factors on Main Street and Wall Street that led to the subprime mortgage meltdown and survey the resulting litigation fallout in Wisconsin and elsewhere.

The Wisconsin Supreme Court's opinion in Borst v. Allstate Insurance Co. has clarified several ill-defined aspects of the arbitration process, including the role of party-appointed arbitrators, the right of parties to seek equitable relief due to arbitrator partiality, and the taking of discovery.

On Dec. 1, 2006, amendments to the federal rules took effect, making electronic information explicitly subject to discovery and providing mechanisms to address difficulties posed by electronic discovery. Can amendments to state rules be far behind?

It takes a lot of hands to work the mission of the State Bar of Wisconsin.

The Wisconsin Supreme Court's recent decision in Wisconsin Auto Title Loans Inc. v. Jones may have sounded the death knell of forced arbitration of consumer debt disputes in Wisconsin.

More than 5,300 lawyers, judges, law office support staff, and court personnel subscribe to the State Bar's CaseLaw Express. This free weekly email service keeps members abreast of recent cases that have been added to WisBar's case law archives. Recently redesigned, the new format is easier to scan, saving subscribers valuable time.

Developer-funded tax incremental financing eliminates a municipality's risk that the tax incremental district will fail and offers developers a means of increasing project costs paid by the municipality. Lawyers can help their developer and municipal clients identify when financial and development conditions are right to structure these.

On Dec. 6, the U.S. Court of Appeals for the District of Columbia Circuit ruled that the privacy provisions of Title V of the Gramm-Leach-Bliley Act (GLBA) do not apply to lawyers. In 2001, The New York Bar Association (NYSBA) and the ABA challenged the Act’s application to lawyers. The State Bar of Wisconsin joined with Ohio in its amicus brief to the NYSBA’s action against the FTC.

Wisconsin's congressional delegation worked together to write provisions protecting employee benefit plans that are part of the Bankruptcy Abuse and Consumer Protection Act of 2005.

The bankruptcy Abuse Prevention and Consumer PRotection Act of 2005 makes more than 150 significant amendments to the U.S. Bankruptcy Code, changing the protections offered to credit consumers.

LLCs are becoming more popular as an alternative to the irrevocable life insurance trust as a way to remove life insurance from a taxable estate. Learn how LLCs can benefit your clients.

On April 8, the Federal Trade Commission (FTC) denied the ABA's request to exempt attorneys from Title V of the Gramm-Leach Bliley Act.

Provisions of a federal law enacted in late 1999 under the "Gramm-Leach-Bliley Act" became effective on July 1, 2001.