Legal successes and hurdles for the PEF
The LDS Newsroom Blog points to an article in the Samoa Observer about Loukinikini Atonio, the state solicitor in Vaiusu, Samoa. She states in the article that she obtained her law degree in part with help from the Perpetual Education Fund (PEF). This is an encouraging story, and it reminded me of another convergence between the law and the PEF.
Last April the LDS International Society held its 20th Annual Conference, and more recently the conference proceedings were published. Diane Card, lead international attorney at the PEF, was one of the main speakers. After explaining the basics of the PEF, Card talked about some of the legal challenges faced by the program in the various countries in which it operates. The PEF uses a variety of legal structures to administer the loans, depending on the banking laws of each country. Sometimes the program is administered by a separate entity within the country, sometime it is administered by the U.S.-based PEF, Inc., and sometimes the model is a hybrid of the two. Special care has to be taken to ensure that whatever legal structure used in each country doesn’t subject the PEF to the regulatory and capitalization requirements of traditional banks.
Card also indicated that, like most financial ventures, tax laws are a major consideration. Stamp taxes, incomes taxes, withholding taxes, and gift taxes are all part of the calculation, as are the associated reporting requirements.
Diane Card talked about quite a few other legal aspects of running the PEF internationally. It’s recommended reading for anyone interested in how the PEF works. The LDS International Society Conference publications are free to all LDSIS members; membership is free.
Hello,
Just thought I’d mention that the correct name of the church is:
The Church of Jesus Christ of Latter-day Saints, with the “T” in “The”, capitalized!
You can find reference to this in the church’s Newsroom “Media Guide”.
Thanks! I’ve bookmarked your site and look forward to reading more when I return!
Bless your day,
Rochelle
Thanks, Rochelle. I go back and forth on whether to use the full name of the LDS Church. It’s rather cumbersome to use, even just on first use. The “About LDS Law” section of the site talks a little about my decision thus far to use the more colloquial “LDS Church” or “Mormon Church” terminology. I recognize that this doesn’t comport with the Church’s preferred usage or the AP Style guide, but then again, I write neither for the Church nor the AP.
For me, it comes down to clarity and simplicity: I want readers to understand what I’m saying, and to a lesser extent, I want the terms to be searchable. The term “Mormon” is still more prevalent than “the Church of Jesus Christ of Latter-day Saints,” so I’ve chosen to continue using it in both the body and in the tags. But you’re right, the full name of the Church is worth mentioning from time to time.