Writer: Alejandro Sanchez
2 min read May 2022— As the regulatory environment for businesses becomes increasingly complex, leaders in the legal sector are constantly monitoring local and national legislative developments to provide accurate, reliable counsel to clients. From federal legislation related to infrastructure and taxation, to how Florida is aiming to promote data privacy, firms in Orlando understand the impact of an ever-evolving legislative landscape. Invest: spoke with local leaders in the legal sector regarding the legislation they are keeping an eye on.
Zachary Bancroft, Office Managing Shareholder, Baker Donelson Bearman Caldwell & Berkowitz PC
We anticipate litigation surrounding the forgiveness of PPP loans. As most people have heard, PPP loans are forgivable but only upon submission of proper documentation. For example, the False Claims Act may be used by the Department of Justice to pursue claims against businesses or individuals who did not adhere to applicable regulations regarding obtaining PPP loans and/or having them forgiven.
Personally, I am experiencing more cases seeking the appointment of a receiver under the Uniform Commercial Real Estate Receivership Act, which was adopted in Florida as of July 1, 2020. In commercial foreclosure cases brought in Florida, it has traditionally been difficult to obtain the appointment of a receiver to manage the property during the foreclosure case. With the adoption of this Act, there are now specific factors for judges to consider, which will hopefully make the receivership process more predictable. That is something we are explaining to commercial lender clients who had rightfully viewed Florida as a very difficult state in which to get a receiver appointed.
Ginny Childs, Orlando Office Managing Partner, Akerman LLP
In addition to being a commercial litigator and the Orlando office managing partner, I am the outside general counsel to the Florida Bankers Association. Over the past two sessions, the Florida legislature has been considering a law that deals with consumer data privacy. It has not passed yet, but if it does, there will be an increase in some regulations for those businesses that house and store consumer data. We hope the regulation can guarantee data privacy for consumers without overloading businesses with reporting requirements.
William Dymond, President, CEO & Managing Partner, Lowndes
President Biden’s tax plan will have a tremendous impact on businesses. Capital investment is critical for growth, development and innovation, so it’s important not to overtax those kinds of activities and discourage investments. The other important legislation is the infrastructure bill. Infrastructure can potentially be a boon for the economy. That is a very important piece also for Central Florida as the infrastructure has aged — in part thanks to tremendous tourism — and needs to be rebuilt to meet future growth and demand. We’re paying special attention to the dollars that will be available for transportation infrastructure improvements.
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