Of course, this is exactly what people (including attorneys in those countries) said when the "regular" LLC was first introduced in Portugal (1917); Brazil (1919); Chile (1923); France (1925); Turkey (1926); Cuba (1929); Argentina (1932); Uruguay (1933); Mexico (1934); Belgium (1935); Switzerland (1936); Italy ( 1936); Peru (1936); Columbia (1937); Costa Rica (1942); Guatemala (1942); and Honduras (1950).In the last quarter of the nineteenth century, Pennsylvania, Virginia, New Jersey, Michigan and Ohio enacted legislation permitting "limited partnership associations" or "partnership associations" - and again the "boys who cried wolf" started on a predictable path.In 1977, Wyoming became the first American state to enact a true LLC act modeled after the 1892 German GmbH Code and the Panamanian LLC... and the "boys cried wolf" yet again.  

This is not based on any statute or any other legislative process but merely the case of tristate investments (the tax lien holder and plaintiff) vs. cherrystone bay (investors/wholesaler as defendant) and their attempts to buy a property cheap (via the purchase of an older and senior tax lien) that was under tax foreclosure.

I also don't know if legislation has changed anything mentioned in the newsletter since the article was written.

However, I am fully against creating legislation that hurts the good just to weed out the bad.Heck, if I had to double close everything in 2009 and 2010 as I got started full time, I may not be where I'm at right now.

A legislator proposed a law to make landlords pay for a dumpster for the property of an evicted tenant and our landlord group all deluged him with calls till he stopped that nonsense. 

Unfortunately, this case has chewed up this 80 year old landlord and left her with a house she was afraid to advertise for rent but it has spurred legislative action and could be the beginning of a bit of sanity in this area.

It is a bit saddening how prices are so high across the nation right now; however, we are hopeful some legislation etc will flip to increase inventory very soon.

Hey Nikki with regard to STR, I would look into the legislation around STR in whatever area you are interested in.

Is he / are they consulted by legislators on credit-related issues?

The next state was Delaware, which enacted LLC legislation in 1995, followed by California in 1994/5.