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RECENT EVENTS
May 2, 2008
Marc Tarlow presented "Family Responsibility Discrimination Comes to the Forefront" before the Pennsylvania Association of Community Bankers Human Resources Conference at the Hilton Garden Inn in Hershey, Pennsylvania.
May 7, 2008
Craig Trebilcock gave the keynote address, "Immigration and Newcomer Legal and Social Trends and Opportunities" at the conference, "Strengthening Inclusion: Engaging Immigrant and Newcomer Communities in Your YMCA," sponsored by the YMCA of York and York County held at Penn State York.
May 9, 2008
Keith Clark, Reg Evans and Paul Adams discussed "Options Available to Mutual Institutions to Survive as Mutuals" before the Pennsylvania Association of Community Bankers at the Radisson Penn Harris in Camp Hill, Pennsylvania.
June 5, 2008
Keith Clark presented "The Impact of Change on Financial Service Organizations" before the 2008 Pennsylvania Association of Community Bankers Spring Directors' Conference at the Hershey Hotel in Hershey, Pennsylvania.
June 6, 2008
Keith Clark moderated a regulators' panel comprised of representatives from the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Reserve, the FDIC and the Pennsylvania Department of Banking at the 2008 Pennsylvania Association of Community Bankers Spring Directors' Conference at the Hershey Hotel in Hershey, Pennsylvania.
June 10, 2008
Keith Clark presented "The Impact of Change on Current Risk Management Issues" before the Annual Meeting of Members, First Monetary Mutual Limited, at the Fairmont Southampton in Bermuda. |
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Offices
Camp Hill
3425 Simpson Ferry Road Camp Hill, PA 17011 Telephone: 717.763.1121 Facsimile: 717.763.7419
Towson
40 W. Chesapeake Avenue Towson, MD 21204 Telephone: 410.825.5223 Facsimile: 410.825.5426
York
1 East Market Street York, PA 17401 Telephone: 717.848.5134 Facsimile: 717.848.5125
Email
mail@shumakerwilliams.com
Website
www.shumakerwilliams.com
Editor
David J. Ledermann
Editorial Staff
Michele Connor
Publishing/Layout
Jeffrey A. Lee
We believe that providing our clients with timely information on developments in the law will enable them to make effective business decisions. We have dedicated ourselves to providing our clients with current information. This newsletter serves as one vehicle of promptly reporting to our clients. It is provided at no cost and outside of any professional relationship with a person, entity or file. The information contained in this newsletter is merely the opinions and thoughts of the authors and does not, in any way, constitute legal or professional advice.
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 UNUSED VACATION PAY POLICIES UNDER SCRUTINY
By Michael E. Rowan
Many, if not most, employers have policies concerning payment for unused vacation time or accrued paid time off ("PTO") upon an employee's termination. Often, such policies provide that employees are not entitled to payment for unused vacation time or PTO upon termination of employment or that an amount otherwise payable on termination will be forfeited if an employee fails to give adequate notice before resigning. Recent trends in the law suggest that employers should carefully examine these types of policies.
NEW SEC RULES IMPACT PRIVATE PLACEMENTS OF SECURITIES
By Jane G. Davis
The Securities and Exchange Commission ("SEC") has enacted new rules that will impact companies that do not file reports with the SEC as well as those that do.
The sale of securities by a company requires that those securities be registered with the SEC and/or the state where the securities are sold (in Pennsylvania, the PA Securities Commission), unless there is an available exemption from registration. One exemption is found in the SEC's Regulation D, which permits sales without either federal or state registration in certain dollar amounts and to certain types and numbers of investors. Because it provides a "safe harbor" if its provisions are followed, many non-reporting, as well as reporting, companies choose to utilize it when they look to raise capital. Although Regulation D exempts the securities from registration, it does require that the company file a Form D with the SEC providing certain information about the company and the offering; most states, including Pennsylvania, require that the Form D also be filed with the state.
 Pennsylvania Auto Dealers and Sales Finance Companies "Going Electronic"
By Reginald S. Evans
The Electronic Lien and Titling Program ("ELT Program") administered by the Pennsylvania Department of Transportation ("PennDOT") on a pilot basis pursuant to Pennsylvania Act 74 of 1995 is about to become a fully standardized program. As such, it will be available to all vehicle dealers, banking institutions and sales finance companies across Pennsylvania. A task force including PennDOT and industry representatives worked together to develop the pilot program. The full ELT Program becomes effective on July 10, 2008.
An amendment to the Pennsylvania Vehicle Code pursuant to Act 113 of 2006 replaces the pilot program with a comprehensive ELT Program for the vehicle finance industry throughout Pennsylvania. Under the statute, individuals and lienholders who are not normally engaged in the business or practice of financing vehicles are not required to participate in the ELT Program. Lienholders engaged in the business or practice of financing vehicles, however, must participate.
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