As we step into 2024, the United States is witnessing the implementation of several significant federal laws. These new statutes reflect the nation’s evolving priorities and challenges, ranging from financial transparency to consumer rights and gun control. This article delves into some of the key federal laws that have come into effect this year.
1. FinCEN Beneficial Ownership Information Reporting
In an effort to combat tax fraud and other unlawful financial activities, the Financial Crimes Enforcement Network (FinCEN) has implemented new rules requiring certain U.S. entities to report information about their beneficial owners. This initiative, effective from January 1, 2024, aims to enhance financial transparency and fight money laundering.
Under these rules, corporations, limited liability companies, and similar entities created or registered in the U.S. must file a Beneficial Ownership Information (BOI) Report. This reporting is part of the broader 2021 Corporate Transparency Act and targets private U.S. entities to prevent misuse for illicit activities.
2. Consumer Law Rights and Regulations
Several new consumer laws have taken effect in 2024, including changes in the following areas:
- VA, Fannie Mae, and Freddie Mac Loan Limits: The Federal Housing Finance Agency has announced an increase in conforming loan limits for these entities, with the baseline limit for 1-unit properties set at $766,550.
- Minimum Wage and Wage Garnishment Protections: At least 21 states have raised their minimum wage, affecting wage garnishment limits.
- Arizona Homestead Exemption: The homestead exemption in Arizona increased based on the Consumer Price Index (CPI) rise.
- California Consumer Protection Laws: These include laws related to arbitration, the right to repair electronic and appliance products, ambulance pricing, and the use of vehicle camera images.
- California Elimination of Common Counts in Collection Actions: This change affects the nature of legal claims in debt collection.
3. Gun Control Legislation
2024 also marks the introduction of new gun laws in several states, reflecting a growing concern over gun violence. California, Illinois, Colorado, Washington, Minnesota, Michigan, and Oregon are some states that have implemented or will implement new gun control measures.
These laws include various restrictions and regulations aimed at reducing gun violence and improving public safety. The effectiveness of these laws is subject to continuous analysis and debate, with advocacy groups like Everytown for Gun Safety playing a significant role in this ongoing discussion.
The new federal laws of 2024 mark significant steps toward addressing key issues like financial crime, consumer protection, and gun safety. These laws reflect the nation’s shifting priorities and the government’s response to contemporary challenges.
As these laws take effect, they are expected to bring about meaningful changes across various sectors of American society. However, with any new legislation comes the responsibility for businesses, individuals, and government agencies to understand and comply with these changes.
As the year progresses, the impact of these laws will become more evident, shaping the legal and regulatory landscape of the United States.