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Uh, let's jump into talking about the state of Utah now.

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Um, Utah, uh, they changed the definition into

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what a commercial finance broker is when it comes

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to their disclosure law.

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So this one caught my attention a lot

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because I feel like the, the, the definition

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of the disclosure laws around the country,

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they each say something similar,

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but the wording is always gonna be the one thing

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that you really have to pay attention to.

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So, um, let's talk about that really quick.

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The, I have the definition right here.

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Well, do you want, do you want, what do you want,

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do you want to say anything regarding that? Yeah,

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I don't know that I, I have the definition memorized,

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but let's just talk about broadly

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what it, what it refers to.

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Do you I have the definition. Oh,

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you have a definition. Okay.

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So part of the definition that has changed from

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a per broker, meaning a person who for compensation

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or the expectation of compensation,

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arranges a commercial financing transaction

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between a third party

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and business in the state to a person

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who, and then they have like about 1, 2, 3, 4, 5,

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like five sub uh, definitions.

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So, yeah. Do you want me to read that or, I mean, it's

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A little, so let's just, I'll just talk about broadly

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because at the end of the day, we're not lawyers anyway.

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And you need to do your, do your own research at, at the end

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of the day, it really tries to, uh, eliminate the ambiguity

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as to what constitutes a broker.

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'cause before it was very vague, Hey,

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if you connect somebody with financing in the state of Utah,

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you're a broker and you're subject to this massive law.

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And people are like, well, what does it mean if I connect?

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Yeah. What if I am just a person who generates the lead?

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Am I a broker? Um, what if this person is talking

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to the customer in a consulting, um, uh, sort

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of position?

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Are they a broker? I think there was a lot of ambiguity as

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to what constituted a broker.

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Yeah. In the current definition

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or now the previous definition of the law.

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And they'd clarified and they cleared it up.

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Uh, basically a broker, one part

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of it is the broker making the offer.

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What constitutes a broker is that they have the ability

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to bind the transaction.

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So if they are really in a position to say,

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these are the numbers and if

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you sign it, it will go through.

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That's, that's definitely a broker.

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Well, if you're talking to someone like, ah,

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you might qualify for the 10, $20,000,

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but they're in no position Tobin, anyone.

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Yeah. You know, there maybe some kind

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of advisor or whatever.

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They may not be a broker.

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And of course you can't take it from me.

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You can't take it from the bank.

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You need to consult an attorney. Yeah.

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For anything legal, reg, you know, regulatory.

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And, and I think we have to say this

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because this is something that ironically a lot

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of people have approached me about.

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They're like, what type of lawyer do I go to?

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Can I call like the lawyer

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that's like on the billboards, that's like car crash,

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No compliance attorney.

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Go onto to d bank.com.

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We have an MCA industry attorney list.

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It's really not just MCA, uh, limited.

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There's various types on there. Go onto the attorney list.

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We have a bunch. Those are not the only ones.

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But you need to be talking to a regulatory

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or a compliance attorney who's familiar specifically

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with these type of laws, adding these particular

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States. That's who you

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need to be talking to. Correct.

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Not your next door neighbor who does real estate law.

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It's, I think we talked about it.

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There's too many people do that.

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Well, that's what I'm saying.

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I was like, this is something I think we really need

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to stress about is that these disclosure laws, at the end

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of the day, if, if you're doing business outside

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of New York, like this is gonna impact you in some way,

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shape or form, uh, depending on where, where you practice.

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Um, so yeah, so it is definitely important

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to make sure you get the right attorney.