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Finance & Bankruptcy News
  
  

March 31, 2025

In this issue:

  

  

  
   Key and keyring with gold house key chain on wooden mouse trap   

How Cybercriminals are Targeting Real Estate Transactions

Scott H. Hogan

As you are finally getting ready to close on a dream real estate deal, you get an email from your mortgage broker with wire transfer instructions to get the deal done. Once the money is sent, the dream seems too good to be true. However, the dream can soon turn into a nightmare when you realize that you’ve been the victim of a costly crime.

While it may sound like the plot from a fictional police drama, this type of cybercrime has been on the rise in recent years. In fact, according to the Federal Bureau of Investigation (FBI), in 2022 alone, $446.1 million were lost to scammers that used fake emails about real estate deals...

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Robot Lawyers? FTC Targets AI Legal Services

Rob A. Hamor

The Federal Trade Commission (FTC) is continuing its firm stance in regulating companies making unsubstantiated or exaggerated claims about their products or services employing artificial intelligence (AI).

As AI applications rapidly migrate to multiple industries and fields, the FTC is ramping up its effort to establish regulatory guidelines. As part of this strategy, the agency initiated Operation AI Comply. In late 2024, the agency announced it had acted against several companies which employed false and/or deceptive claims in promoting the capabilities of their standalone AI services or those enhanced by AI-technology...

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Latest Legal Updates Regarding CTA and ESTA

Foster Swift attorneys Amanda Dernovshek and Cliff Hammond both recently appeared on two episodes of the "Michigan Business Beat", the official podcast of the Michigan Business Network.

  • Amanda gives the latest cases and updates that continue shaping the constitutionality and enforcement of the Corporate Transparency Act (CTA) along with what is on the horizon from the Financial Crimes Enforcement Network (FinCEN). See the full interview here.
  • Cliff provides the latest updates concerning the Earned Sick Time Act (ESTA) and the various interpretations of it concerning Michigan employers including who must comply, deadlines and any blind spots to be aware of. See the full interview here.
  

  

  
  

What Employers Need to Know About Michigan's Amended Earned Sick Time Act (ESTA)

Please note this information was accurate at the time of the recording of this video on February 26, 2025. It is possible additional changes to this law may occur, please consult your attorney before taking any action.

In a race against the clock, Senate Democrats and House Republicans managed to reach a compromise regarding the Earned Sick Time Act (“Act”) which will apply to all Michigan employers.

On February 20, 2025, the Michigan House and Senate passed HB 4002 and the Governor signed on February 21, 2025.

The following video features labor & employment law attorneys, Mike Blum, Cliff Hammond and Tony Dalimonte discussing the new requirements of ESTA including:

  • New Frontloading Benefits
  • New Notice Posting Requirements
  • Accrual and Usage Cap (More than 10 employees vs. less than 10 employees)
  • Exemptions and Noncompliance Penalties
  

  

  
  

New Podcast Shares Businesswomen Strategies and Insights

Have you been inspired to start your own business? What goals do you hope to achieve as an entrepreneur or a leader?

According to 2024 Statistics from the Small Business Administration's (SBA) Office of Advocacy, women own more than 12 million small businesses across the country and employ over 10.7 million workers. These businesses contribute massively to the economy, producing nearly 2 trillion in total sales annually.

In an effort to provide a tool for women business leaders and future owners in both the Greater Lansing area and around the state, Foster Swift has launched a monthly podcast: Businesswomen Talking. Hosted by business attorneys, Amanda Dernovshek and Lindsey Mead, this podcast discusses a number of legal topics that can pose hinderances for business owners such as succession planning, IP protection and entity selection/organization. 

Each episode features a special guest, a local businesswomen leader or owner sharing their personal experiences such as how they got started, difficulties they have faced along the way and other insight.

The first two episodes are available on our YouTube page and at the following landing page: Businesswomen Talking Podcast | Episodes and Resources | Women Owned Certifications: Foster Swift along with other resources. More episodes will be released in the coming months.

  

  

  
  

From Ban to Boom: How Do Parents Navigate Changes in Michigan Surrogacy Law? 

The month of March is designated as Surrogacy Awareness Month, meant to improve perception about the practice and provide support to intended parents. However, surrogacy laws vary greatly depending on the state.

Michigan for example, until recently, was one of the least surrogate-friendly states. So where does that leave prospective parents?

The following video features moderator Rob Hamor and welcomes surrogacy law attorney Jennifer Montasir and family law & estate planning attorney Gabrielle Lawrence. Jennifer provides a firsthand account of the surrogacy process as she herself went through it, along with the latest developments including:

  • The main differences between the old laws and the new.
  • What are the new requirements under the Assisted Reproduction and Surrogacy Parentage Act which just went into effect?
  • What is included in the recent executive order that expands access to in vitro fertilization (IVF)?
  • How to update your estate plan if you wish to expand your family?
  

  

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Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

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Copyright © 2025 Foster Swift Collins & Smith, PC.

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