1 00:00:00.400 --> 00:00:03.600 There is currently a bill in New York state that would 2 00:00:03.600 --> 00:00:06.900 require licensing for commercial Finance. 3 00:00:06.900 --> 00:00:09.400 So if you are a broker, if you are a 4 00:00:09.400 --> 00:00:12.600 funder you would need to have a license in 5 00:00:12.600 --> 00:00:15.200 order to offer your product that is 6 00:00:15.200 --> 00:00:18.200 different from disclosure. It's a topic that 7 00:00:18.200 --> 00:00:22.100 has not been talked about really on debanked previously at 8 00:00:21.100 --> 00:00:24.100 least not recently and all of a 9 00:00:24.100 --> 00:00:28.000 sudden yesterday. We had a hearing in Albany where 10 00:00:27.300 --> 00:00:30.400 a state senator. 11 00:00:31.200 --> 00:00:34.400 Queried several people in the industry about what they thought 12 00:00:34.400 --> 00:00:37.800 of the bill and of course, we have the video online and they 13 00:00:37.800 --> 00:00:40.500 gave their input on it right now. We're talking about a disc. We're 14 00:00:40.500 --> 00:00:44.600 not talking about disclosures. We're talking about actual licensing 15 00:00:43.600 --> 00:00:46.100 of people in the 16 00:00:46.100 --> 00:00:49.200 industry itself. So totally different ball game 17 00:00:49.200 --> 00:00:52.700 right now and something to clarify like you said, this has 18 00:00:52.700 --> 00:00:56.000 nothing this is completely separate from the disclosure law 19 00:00:55.100 --> 00:00:59.100 this it's too completely different things. So again 20 00:00:58.100 --> 00:01:01.900 disclosure law that goes 21 00:01:01.900 --> 00:01:04.700 into effect in August. This is 22 00:01:04.700 --> 00:01:07.600 it's it's on the status senate floor 23 00:01:07.600 --> 00:01:08.900 right now and 24 00:01:10.100 --> 00:01:12.100 This has been a conversation that happened yesterday. 25 00:01:14.700 --> 00:01:17.700 That's right. Yeah, so it's it's a Senate bill, right? It's 26 00:01:17.700 --> 00:01:20.100 not it's not on the floor to to go up for a vote 27 00:01:20.100 --> 00:01:23.300 yet. It's still in committee, but they were trying 28 00:01:23.300 --> 00:01:26.300 to figure out what does the industry think of a licensing bill 29 00:01:26.300 --> 00:01:29.400 and so I'm not here to tell people exactly 30 00:01:29.400 --> 00:01:32.700 what was said, but ultimately there 31 00:01:32.700 --> 00:01:36.000 was favorable interest in 32 00:01:35.400 --> 00:01:38.400 there being licensing for the most part. Yeah 33 00:01:38.400 --> 00:01:42.500 in this state of New York. This would be a state required 34 00:01:41.500 --> 00:01:44.400 mandate if it 35 00:01:44.400 --> 00:01:48.100 passed for people who are doing business or funding merchants 36 00:01:47.100 --> 00:01:50.100 in the state of New York. You would need to have a 37 00:01:50.100 --> 00:01:53.400 license whether you're a broker or funder A lender. I don't know all 38 00:01:53.400 --> 00:01:56.400 the different stipulations in the bill itself. We 39 00:01:56.400 --> 00:01:58.700 have a link to it on the back. 40 00:01:59.300 --> 00:02:02.800 but one of the reasons that the bill 41 00:02:03.800 --> 00:02:07.600 is favored by people who are 42 00:02:06.600 --> 00:02:09.600 for it is the disclosure 43 00:02:09.600 --> 00:02:12.100 bill has opened up a new can of worms in that 44 00:02:12.100 --> 00:02:15.400 who is supposed to disclose. Yeah 45 00:02:15.400 --> 00:02:18.200 who are all these people you have 46 00:02:18.200 --> 00:02:21.900 to disclose and you know, this has to be on the disclosure. Okay, 47 00:02:21.900 --> 00:02:24.200 who's putting it there? Well the people 48 00:02:24.200 --> 00:02:25.200 who do this? Yeah. 49 00:02:26.200 --> 00:02:27.000 Okay, who are they? 50 00:02:27.700 --> 00:02:30.100 Well, I don't know you I'm sure there's some people 51 00:02:30.100 --> 00:02:30.300 that 52 00:02:31.100 --> 00:02:34.200 You know and if you do it wrong, and you know, there's a fine. 53 00:02:35.300 --> 00:02:38.300 So industry representatives are saying it would 54 00:02:38.300 --> 00:02:41.500 be really good to know. It would be good for the state to 55 00:02:41.500 --> 00:02:44.900 know who these people even are. Right if 56 00:02:44.900 --> 00:02:47.000 we're all supposed to abide by these rules. 57 00:02:48.200 --> 00:02:51.200 Who the heck is we who are all these brokers who are 58 00:02:51.200 --> 00:02:54.200 all these funders who are all these lenders that you're even supposed 59 00:02:54.200 --> 00:02:57.300 to be checking and if you're a merchant, you know, how do you know who's 60 00:02:57.300 --> 00:02:59.400 supposed to be following all these different rules, right? 61 00:03:00.300 --> 00:03:04.000 And so there was some opinion by 62 00:03:03.300 --> 00:03:06.500 those who are in favor of the bill that this 63 00:03:06.500 --> 00:03:09.800 was really the second piece of what disclosure should 64 00:03:09.800 --> 00:03:12.900 have had. If not, the main piece that 65 00:03:12.900 --> 00:03:15.700 you should at least know who the parties are if 66 00:03:15.700 --> 00:03:18.500 you're going to implement regulations. Yeah, 67 00:03:18.500 --> 00:03:21.400 and that now that we have disclosures. It's like, 68 00:03:21.400 --> 00:03:24.200 okay. Well we kind of went to the Second Step but we still 69 00:03:24.200 --> 00:03:27.100 don't know who anyone is you have the state 70 00:03:27.100 --> 00:03:30.200 don't know who anyone is. How are you going to do what you're supposed to do? If you 71 00:03:30.200 --> 00:03:33.600 don't even know who anyone is right? And so there was 72 00:03:33.600 --> 00:03:37.300 some favorable interest in a licensing bill 73 00:03:36.300 --> 00:03:39.500 in New York not from everybody. 74 00:03:39.500 --> 00:03:42.600 But at least from the the larger industry 75 00:03:42.600 --> 00:03:43.900 trade groups, there was yeah. 76 00:03:46.800 --> 00:03:49.400 On a personal level Shawn your thoughts overall. 77 00:03:51.800 --> 00:03:54.100 you know, I don't really want to put my own 78 00:03:54.100 --> 00:03:55.500 opinion out there too much but 79 00:03:56.400 --> 00:03:59.700 there was a topic that came up a few times yesterday was 80 00:03:59.700 --> 00:04:02.900 about Bad actors and about licensing 81 00:04:02.900 --> 00:04:05.700 being a way to get Bad actors 82 00:04:05.700 --> 00:04:06.500 out of the industry. 83 00:04:07.500 --> 00:04:10.100 Because it disclosure doesn't necessarily. 84 00:04:11.200 --> 00:04:15.500 Screen who the parties are. It's just 85 00:04:15.500 --> 00:04:18.900 terms that are on pieces of paper. Right? And 86 00:04:18.900 --> 00:04:22.100 so this would help I guess actually weed 87 00:04:21.100 --> 00:04:24.600 out potentially the BET actors 88 00:04:24.600 --> 00:04:27.400 themselves. Yeah. So if that's 89 00:04:27.400 --> 00:04:31.100 the end goal, I think everyone's in favor of actually weeding 90 00:04:30.100 --> 00:04:33.400 out the Bad actors, of course, you 91 00:04:33.400 --> 00:04:34.600 know, it will cause some money to do. 92 00:04:35.600 --> 00:04:38.800 State Licensing and all that stuff. So there's you know, there's pros 93 00:04:38.800 --> 00:04:42.000 and cons all these different things. Someone mentioned 94 00:04:41.100 --> 00:04:44.500 that some of the penalties if 95 00:04:44.500 --> 00:04:47.300 you screw things up might be a little bit backwards and need to 96 00:04:47.300 --> 00:04:50.600 be fixed. But you know overall as someone who's watched this 97 00:04:50.600 --> 00:04:53.100 industry and kind of been part of it in many ways for a long 98 00:04:53.100 --> 00:04:56.400 time. Yeah, it would be good to get Bad actors out 99 00:04:56.400 --> 00:04:59.000 of the space. And if this is one way that that can be 100 00:04:59.600 --> 00:05:02.200 accomplished, you know, then I would be for Whatever Gets The 101 00:05:02.200 --> 00:05:05.300 Bad actors out. Yeah, it's gonna be interesting to see how this 102 00:05:05.300 --> 00:05:08.600 you know, how this will ultimately 103 00:05:08.600 --> 00:05:11.100 move forward and like I said, 104 00:05:11.100 --> 00:05:14.200 I think what's interesting and what a lot of people don't really know 105 00:05:14.200 --> 00:05:17.700 is that this isn't a part of the disclosure Bill law. 106 00:05:17.700 --> 00:05:21.000 This is completely separate so, you know, 107 00:05:21.500 --> 00:05:24.200 it's two different things and I think you know and it 108 00:05:24.200 --> 00:05:27.200 caught me of course because we just talked about it when I was like 109 00:05:27.200 --> 00:05:30.100 wait is this part of the disclosure law and you're 110 00:05:30.100 --> 00:05:33.400 like, that's what everyone thinks and it's not so it's definitely 111 00:05:33.400 --> 00:05:34.500 something to keep an eye out. 112 00:05:35.600 --> 00:05:38.500 I out on for sure. Yeah, I mean you hear 113 00:05:38.500 --> 00:05:41.200 about the law in New York and people like okay. Yeah. I know the law in 114 00:05:41.200 --> 00:05:44.400 New York. It's the disclosure law and you're like but wait, there's another law 115 00:05:44.400 --> 00:05:47.000 and that can happen in every state where you're like, 116 00:05:47.200 --> 00:05:50.700 okay, this state has the law but that doesn't mean there can't be more laws. 117 00:05:50.700 --> 00:05:53.600 Yeah. So New York is now thinking about putting a 118 00:05:53.600 --> 00:05:56.900 second law in place on top of a disclosure 119 00:05:56.900 --> 00:05:59.600 law a licensing law. So we'll 120 00:05:59.600 --> 00:06:03.800 see what happens then yeah, it'll be definitely interesting. And 121 00:06:02.800 --> 00:06:06.100 you know, I think this 122 00:06:05.100 --> 00:06:08.500 is also going to kind of set like, you know, depending on 123 00:06:08.500 --> 00:06:11.200 how this goes It's supposed to precedent that you know, 124 00:06:11.200 --> 00:06:14.300 like you said not only with this play out here, but it could 125 00:06:14.300 --> 00:06:17.600 you know play out in another States and just change the 126 00:06:17.600 --> 00:06:20.100 industry overall. So I think the one 127 00:06:20.100 --> 00:06:23.700 thing to be on the lookout for is, you 128 00:06:23.700 --> 00:06:26.200 know, how this industry changing and to keep 129 00:06:26.200 --> 00:06:30.300 up with The Changing Times and the industry overall. But again, 130 00:06:30.300 --> 00:06:33.800 if you want to check out more information about this and about 131 00:06:33.800 --> 00:06:35.400 you know, what happened in the 132 00:06:35.600 --> 00:06:38.500 We have that video online on debank.com. It's actually 133 00:06:38.500 --> 00:06:41.300 a very interesting article and the video is about like an 134 00:06:41.300 --> 00:06:44.300 hour or so long. So it would definitely be interesting to 135 00:06:44.300 --> 00:06:47.200 to check that out and and hear what 136 00:06:47.200 --> 00:06:50.300 was said those that testified articulated their thoughts 137 00:06:50.300 --> 00:06:53.700 very well. So if you want to know where your industry representative 138 00:06:53.700 --> 00:06:56.500 stand on these particular issues take the 139 00:06:56.500 --> 00:06:59.100 full hour and watch the video. It will be 140 00:06:59.100 --> 00:07:00.800 very enlightening and helpful to you.