Newsletter Sent On: 05/22/2023

Calling All Industry Attorneys. AFBA Conference Read more

deBanked Updates Some Resource Pages
deBanked has updated its website to include a map format for the FREE UCC SEARCH link list and state regulations, as well as audio-only versions of its video podcasts on spotify. Read more

Murray Loses Election for ENS Foundation Directorship
Sean Murray was nominated for the open director position of the ENS Foundation, advocating for ENS names as a form of web-based identity. He lost the election to Alex Van de Sande, who has a more qualified background in the Ethereum ecosystem. Murray believes that there will be a crossover between the traditional financial system and blockchain technology, and that a username system would be an integral part of that. Read more

10 Commandments of ACH Processing For Brokers
Zalman Notik, the Operations Manager of MCA Track & GoACH, recently shared his 10 Commandments of ACH Processing with deBanked, providing advice on how to properly disclose fees, communicate with merchants, and store paperwork securely to avoid disputes. He also emphasized the importance of treating merchants with respect. Read more

Pending Florida Law Draws From DailyFunder's Rulebook
Florida's impending disclosure law is not so unique after all, as it is a copy & paste of a rule on DailyFunder that was declared in October 2015. The bill is currently awaiting the signature of Governor DeSantis. Read more

How Many Funders and Brokers Are There?
The State of Virginia has only 115 total sales-based financing providers lawfully registered to transact with merchants, including both funders and brokers, which is surprisingly low. Applicants must meet certain criteria in order to be registered. Read more

Impact of ChatGPT Era Already Being Felt
Stack Overflow is a go-to platform for developers to solicit answers from more experienced professionals about their coding challenges, and ChatGPT-4 is an OpenAI chatbot technology that can write its own code, edit a user's code, and even converse about what a user is trying to accomplish, which has caused a decrease in Stack Overflow's user traffic. ChatGPT-4 is also being used in the lending industry to replace online searches and brokers, and can even read contracts and alert borrowers to certain clauses. Read more

Florida Set to Enact Commercial Financing Disclosure Law With Unique Broker Rule
Florida has recently passed a new state disclosure law that requires brokers to adhere to a specific code of conduct, which will go into effect on July 1, 2023. This bill was first reported on March 16th and has now passed both chambers of the legislature. Read more

iBusiness Funding Acquires Select Non-SBA Assets and Talent From Fountainhead SBF LLC
As a result of the acquisition, iBusiness Funding plans to leverage the acquired team's expertise to continue growing its LaaS business and expand into new areas including general partner lending, construction loans, and multi-draw lending. This acquisition will also enable iBusiness Funding to relaunch its SBA micro and express loan programs supported by their proprietary SBx approval model, providing small businesses with more accessible and flexible loan options. Read more

Small Businesses Felt the Shift in Q1 as Well
Small businesses had high expectations for 2023, but the first quarter of the year did not meet those expectations. Despite this, most businesses remain optimistic about the future and are expecting to see growth in the second quarter. Read more

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