NAR on FinCEN BOI, court hold:
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining the federal government from enforcing the Corporate Transparency Act (CTA). This means the Financial Crimes Enforcement Network (FinCEN), as part of the Treasury Department, cannot currently enforce the Beneficial Ownership Information (BOI) Reporting Rule enacted pursuant to the CTA. The lawsuit asserted that the CTA is outside of Congress’ power to regulate under the Commerce Clause and is therefore unconstitutional.
NAR is reviewing the court order. Litigation continues and it is possible the federal government will appeal the preliminary injunction. NAR recommends that members consult legal counsel for legal advice regarding compliance and the implications of the preliminary injunction on their businesses. As of this writing, FinCEN’s BOI Reporting entity remains open and is accepting BOI Reports, despite the preliminary injunction prohibiting FinCEN from implementing or enforcing the CTA and BOI Reporting Rule.
FinCEN Update: NAR, Court Hold, Beware Paid Registration, US Govt Filing Site is Free
Beware paid sites for FinCEN. Hotline is hearing of $300+ charges for filing.
The government’s filing website is free: https://fincen.gov/boi
NAR has a webinar on December 10.
https://www.nar.realtor/washington-report/real-estate-compliance-webinar-on-the-fincen-beneficial-ownership-rule
A court just put a hold that NAR will discuss December 10 or sooner: https://www.maynardnexsen.com/publication-texas-district-court-issues-injunction-blocking-beneficial-ownership-information-reporting-requirements-under-the-corporate-transparency-act
This information is only accurate as of 12/09/24. You must contact SCR for updates and changes to this information after 12/09/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.