Uh, let's jump into talking about the state of Utah now.
Um, Utah, uh, they changed the definition into
what a commercial finance broker is when it comes
to their disclosure law.
So this one caught my attention a lot
because I feel like the, the, the definition
of the disclosure laws around the country,
they each say something similar,
but the wording is always gonna be the one thing
that you really have to pay attention to.
So, um, let's talk about that really quick.
The, I have the definition right here.
Well, do you want, do you want, what do you want,
do you want to say anything regarding that? Yeah,
I don't know that I, I have the definition memorized,
but let's just talk about broadly
what it, what it refers to.
Do you I have the definition. Oh,
you have a definition. Okay.
So part of the definition that has changed from
a per broker, meaning a person who for compensation
or the expectation of compensation,
arranges a commercial financing transaction
between a third party
and business in the state to a person
who, and then they have like about 1, 2, 3, 4, 5,
like five sub uh, definitions.
So, yeah. Do you want me to read that or, I mean, it's
A little, so let's just, I'll just talk about broadly
because at the end of the day, we're not lawyers anyway.
And you need to do your, do your own research at, at the end
of the day, it really tries to, uh, eliminate the ambiguity
as to what constitutes a broker.
'cause before it was very vague, Hey,
if you connect somebody with financing in the state of Utah,
you're a broker and you're subject to this massive law.
And people are like, well, what does it mean if I connect?
Yeah. What if I am just a person who generates the lead?
Am I a broker? Um, what if this person is talking
to the customer in a consulting, um, uh, sort
of position?
Are they a broker? I think there was a lot of ambiguity as
to what constituted a broker.
Yeah. In the current definition
or now the previous definition of the law.
And they'd clarified and they cleared it up.
Uh, basically a broker, one part
of it is the broker making the offer.
What constitutes a broker is that they have the ability
to bind the transaction.
So if they are really in a position to say,
these are the numbers and if
you sign it, it will go through.
That's, that's definitely a broker.
Well, if you're talking to someone like, ah,
you might qualify for the 10, $20,000,
but they're in no position Tobin, anyone.
Yeah. You know, there maybe some kind
of advisor or whatever.
They may not be a broker.
And of course you can't take it from me.
You can't take it from the bank.
You need to consult an attorney. Yeah.
For anything legal, reg, you know, regulatory.
And, and I think we have to say this
because this is something that ironically a lot
of people have approached me about.
They're like, what type of lawyer do I go to?
Can I call like the lawyer
that's like on the billboards, that's like car crash,
No compliance attorney.
Go onto to d bank.com.
We have an MCA industry attorney list.
It's really not just MCA, uh, limited.
There's various types on there. Go onto the attorney list.
We have a bunch. Those are not the only ones.
But you need to be talking to a regulatory
or a compliance attorney who's familiar specifically
with these type of laws, adding these particular
States. That's who you
need to be talking to. Correct.
Not your next door neighbor who does real estate law.
It's, I think we talked about it.
There's too many people do that.
Well, that's what I'm saying.
I was like, this is something I think we really need
to stress about is that these disclosure laws, at the end
of the day, if, if you're doing business outside
of New York, like this is gonna impact you in some way,
shape or form, uh, depending on where, where you practice.
Um, so yeah, so it is definitely important
to make sure you get the right attorney.