Robert M. Meisner:on two Acts affecting associations

Stephanie Shomin, The Record-Eagle, Traverse City, Mich.
·2 min read

Apr. 3—Q: Do you have any update on the Marketable Record Title Act compliance dates, and I heard something about the Corporate Transparency Act? Can you explain how that affects community associations?

A: The governor of the state of Michigan signed an amendment into law just in the nick of time on March 28, 2024, extending the date for compliance with the Michigan Marketable Record Title Act (MRTA) from March 29, 2024 to Sept. 29, 2025. MRTA provides that restrictions recorded with the County Register of Deeds more than 40 years ago, will be extinguished on Sept. 29, 2025 unless a proper Claim of Interest is recorded with the County Register of Deeds. Please see your experienced community association attorney to determine if your association is required to comply with MRTA and what your compliance date is based on your own documents.

With regard to the Federal Corporate Transparency Act, the current version of the federal law requires that certain disclosures be made by Jan. 1, 2025 to the federal government via a secure filing system on the Financial Crimes Enforcement Network (FinCEN) website of the board members' names, residential addresses, birthdates and a copy of a valid IDs such as drivers licenses or passports.

There are a number of legal challenges to this law pending in various courts pursuant to which the courts' rulings may have a bearing on your association's compliance requirements. Please contact your experienced community association attorney to determine if your association will be required to comply with the Federal Corporate Transparency Act.

Robert M. Meisner is the principle attorney of The Meisner Law Group, based in Bingham Farms, Michigan — which has provided legal representation for condominiums, homeowner associations, individual co-owners and developers throughout Michigan — including Grand Traverse, Leelanau and Emmet counties — for nearly 50 years. His book "Condo Living 2: The Authoritative Guide to Buying, Owning and Selling a Condominium" is available at www.momentumbooks.com. He can be reached at 800-470-4433 or bmeisner@meisner-law.com. Visit the firm's blog at www.meisner-law.com/blog.