Regulation

New York Legislators Introduce Small Business Usury Bill

February 20, 2019
Article by:

brainstorming

Two members of the New York State legislature have introduced a bill to apply consumer usury protections to small businesses. Bill A03638, introduced by New York Assemblymembers Yuh-Line Niou and Crystal Peoples-Stokes define a small business as “one which is resident in this state, independently owned and operated, not dominant in its field and employs […]

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New Jersey MCA & Business Loan Disclosure Bill Update (S2262)

February 6, 2019
Article by:

new jersey

Bill S2262 in the New Jersey State Senate mandating disclosures on MCA and business loan contracts, was amended last week. In its current form, the bill, if it became law, would require MCA providers to disclose: the total dollar costs to be charged to a small business concern, assuming the small business concern delivers all […]

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New York Introduces Bill to Ban COJs in Financial Contracts

February 4, 2019
Article by:

New York Assembly

New York Assemblymembers Yuh-Line Niou and Crystal Peoples-Stokes have introduced a bill that would prohibit Confessions of Judgment (COJs) from being used in any contract or agreement for a financial product or service. Peoples-Stokes’ district was one of the first districts to boycott COJs originated by merchant cash advance companies after Erie County Clerk Michael […]

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Get The Affidavit or Waive It? Examining Confessions of Judgment

February 1, 2019
Article by:

cojs

This story appeared in deBanked’s Jan/Feb 2019 magazine issue. To receive copies in print, SUBSCRIBE FREE Caton Hanson, the chief legal officer and co-founder of the online credit-reporting and business-to-business matchmaker Nav, says that his Salt Lake City-based company would not associate with a small-business financier that included “confessions of judgment” in its credit contracts. […]

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How an SBA Lender is Managing Through the Shutdown

January 10, 2019
Article by:

Everett Sands

Everett Sands, CEO, Lendistry As a result of the U.S. government shutdown that started on December 22 of last year, hundreds of thousands of government employees have been working without pay. The shutdown has also temporarily stopped the Small Business Administration (SBA), a government agency, from operating. This means that obtaining an SBA loan, which […]

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Less Than Perfect — New State Regulations

December 21, 2018
Article by:

rules and regulations

This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE You could call California’s new disclosure law the “Son-in-Law Act.” It’s not what you’d hoped for—but it’ll have to do. That’s pretty much the reaction of many in the alternative lending community to the recently enacted legislation, known as […]

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Senate Bill Introduced to Ban Confession of Judgments Nationwide

December 6, 2018
Article by:

Senator Marco Rubio

Senators Sherrod Brown and Marco Rubio have called for a nationwide ban on Confessions of Judgment in response to the Bloomberg Businessweek series published last month. The bill, which would amend the Truth in Lending Act, may be named the Small Business Lending Fairness Act. You can download the bill here Though Businessweek has been […]

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Who Are the New York City Marshals?

November 28, 2018
Article by:

NYC

In 2017, New York City Marshal Ruth Burko earned less in poundage than she owed the city in annual fees. At 91-years old, Burko’s tenure as a city licensed judgment enforcer has finally come to an end. She technically announced her retirement at the end of 2016 but her long career began when Mayor John […]

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ELFA Reacts to New Jersey Small Business Loan Bill

October 31, 2018
Article by:

New Jersey Capitol Building in Trenton

The Equipment Leasing Financing Association (ELFA) had its 57th Annual Convention in Phoenix in the middle of October. During the convention, ELFA’s Vice President of State Government Relations Scott Riehl left abruptly to get to Trenton, New Jersey. Why the rush? He had been alerted that there was a hearing on a small business lending […]

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Regulators Say ‘Sandboxes’ Work

October 22, 2018
Article by:

Emergence of RegTech at Money2020

From left to right: JoAnn Barefoot, Hummingbird Regtech, Barefoot Innovation Group | Nick Cook, Financial Conduct Authority (UK) | Christopher Sidler, Promontory | Patrick Pinschmidt, Middlegame Ventures | Alex Raydin, PerformLine At the regulatory technology (or RegTech) sessions at Money 20/20 yesterday, toy shovels seemed glaringly absent given the number of times the word “sandbox” […]

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