Legislative Update - January 2, 2025

Alert: CTA and BOI Reporting Requirements Remain Under Injunction
Whether or not businesses are not required to file BOI according to FinCEN remains in flux. On December 23rd, the 5th U.S. Circuit Court of Appeals overturned an injunction issued by the U.S. District Court for the Eastern District of Texas, thus reinstating enforcement of the Corporate Transparency Act (CTA) and its requirements for reporting Beneficial Ownership Information (BOI). However, on December 27th, FinCEN issued an alert that BOI reporting requirements are again enjoined following a December 26th reversal by a different panel of judges of the same 5th U.S. Circuit Court of Appeals. According to our statewide partner CalRHA, because this decision could change again, attorneys are advising their clients to file BOI to avoid potential penalties of $500 per day, up to $10,000. More information is available here. 

Reminder: Carlsbad Smoking Ban Now in Effect
Effective Jan. 1, 2025, the City of Carlsbad bans smoking (including vaping and cannabis) in and around Carlsbad apartment, condos, townhomes and other multiunit homes. Rental housing providers must notify residents and provide specified language. Read more.

ICYMI:

• California renters will have new protective laws in 2025
• Long-closed Fry's Electronics being torn down for new apartments
• New California regulation aims to increase access to home insurance in wildfire-risk areas
• Developer downsizes affordable apartment project near College Boulevard Sprinter Station, Oceanside  
• First-time homebuyers ‘struggle to find opportunities.’ San Diego home price gains rank No. 7 in U.S.
• Imperial Beach mayor latest to announce bid to replace Nora Vargas