July 2016 Archives

Feds Crack Down on "Payday" Lenders

Consumer rights advocates are praising a government move to crack down on so-called "predatory lenders" that charge triple-digit interest rates for "payday" loans. Providers of payday loans target individuals who cannot qualify for a traditional loan. It has been estimated that, currently, approximately one in four new loans results in a sequence of ten more loans which are made in a struggle to keep up with loans that are already due. A typical percentage interest rate for a payday loan is 455%.

Protect Your Customers' Safety - It's the Law

In a recent decision by the Rhode Island Superior Court, a judge determined that a wrongful death action brought on behalf of a bank customer, who was robbed and murdered in the bank's parking lot, could proceed to trial. The family of the murdered victim argued the bank owed a duty of care to its customers to keep them reasonably safe, and that the bank breached this duty by failing to provide adequate security at the branch, which had been previously robbed.

New RI Non-Compete Law for Physicians Aims to Serve the Public

Non-competition and non-solicitation agreements are often legitimate tools to protect employers from spending time, money and effort training their employees, only to have those employees leave and open up a competing business across the street. Typically, such agreements (often called "restrictive covenants") seek to restrict former employees from engaging in certain competing activity within a geographical area and for a specific period of time. Rhode Island courts have historically been mildly supportive of such restrictions, as long as they were reasonable in time and scope, and were tailored to protect an employer's legitimate business interests.

The Challenges of Using Rollovers to Start a Business

Versions of qualified plans, sometimes referred to as "Rollovers as Business Startups" or simply "ROBS," are marketed with increasing frequency to would-be business owners as a way to access tax-deferred retirement funds without paying distribution taxes, in order to cover new business start-up or acquisition costs.

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