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Federal Court Ruling Brings Relief to HOAs: AMG Highlights Nationwide Halt on CTA Filing Requirements

GREENSBORO, N.C., Dec. 5, 2024 /PRNewswire-PRWeb/ -- Association Management Group, a leader in professional community management services and one of the Carolinas' largest and most respected HOA managers, announced today that a federal court has issued a preliminary order halting the enforcement of the Corporate Transparency Act (CTA) filing requirements nationwide. This ruling, which is of vital importance to community associations across the US, temporarily suspends all filings and enforcement until further notice.

The Corporate Transparency Act (CTA) is recent legislation designed to increase transparency in corporate structures, including HOAs, to combat illegal activities such as money laundering, the funding of terrorism, and other financial crimes. The goal of the CTA was to prevent criminals from using anonymous shell companies to hide their identities and activities by requiring businesses and other organizations to disclose beneficial ownership information. The nationwide preliminary injunction against enforcement of the CTA was issued by the US District Court for the Eastern District of Texas. The court felt the cost to comply with CTA enforcement would significantly burden businesses and other organizations, including HOAs. Privacy of collected data was another concern.

While this order represents an important development, according to AMG Founder and CEO, Paul Mengert, it is preliminary and likely to face challenges in the courts. "We advise all homeowner and community associations to take a cautious approach and, for now, save your money and wait to file," he said. "However, AMG does not provide legal services. We strongly recommend checking with your association's attorney before making any decisions, including those regarding compliance with the CTA."

AMG remains committed to keeping community and homeowner associations informed and will provide updates as new developments occur. Click for details on the court order concerning the CTA. For more information about AMG's services or guidance on navigating compliance requirements, visit .

About AMG: Association Management Group is a professional community association management company dedicated to building effective community associations. AMG guides and assists executive boards to help protect the association's interests, enhance the lives of community members, and improve the property values in the community. With offices throughout the Carolinas in Greensboro, Winston-Salem, Charlotte, and Raleigh, NC, and Greenville and Aiken, SC, AMG is a knowledgeable partner in enforcing community governing documents with a proven set of processes and techniques, and supporting communities with a broad range of services which can be tailored to individual community needs. Association Management Group, Inc. is a locally Accredited Business by the BBB and is a nationally Accredited Association Management Company (AAMC) by the Community Associations Institute. For more about HOAs or association management, visit .

Media Contact

Adriana Moreno, Association Management Group, INC, 1 336-314-3492, [email protected],

SOURCE Association Management Group, INC