The New York State Senate Opens Bill to Protect Small Retailers from bad MCA Players

The war against dirty merchant cash advance providers is catching fire with more watchdogs joining the crackdown the Federal Trade Commission launched a few months back. The FTC announced plans to investigate and take action against unfair lenders in the sector.

Soon after (on May 1, 2019), the New York Legislature launched a new bill – S5470 – and lawmakers are now meeting with the Committee on Banks to write down some consumer-centric disclosure needs for the specific transactions lenders offer.

The newly opened bill expects all financing institutions under the law to disclose in every business financing transaction. Quoting the draft; “the total cost of the funding in dollars, plus any and all fees, charges and expenses incurred(and that cannot be avoided) by the borrower, including any interests.”

The bill requires that money lenders disclose the following for open and closed-end business funding transactions;

  1. The amount lent or credit limit;
  2. the full cost of the finding;
  3. the APR (annual percentage rate);
  4. payment amounts;
  5. prepayment charges; and
  6. a list (with explanations) of all other related fees and charges.

The bill highlights comparable, but separate, disclosure needs for transactions involving the purchase of accounts receivables like MCAs and factoring transactions. But more importantly, the proposal does not apply to the following;

Financial companies defined as licensed or chartered bank, trust firms, industrial loan firms, savings and loan firms, or federal credit union, permitted to operate in New York);

  1. financial providers regulated under the national Farm Credit Act;
  2. business funding transactions collateralized by real property;
  3. a tech service provider; and
  4. any lender with more than one applicable transaction in New York.

What’s more, the state legislature is also looking into several other bills that touch on business funding transactions:

A03637: This law would amend the New York state’s banking regulation to consider all asset-based lending transactions as all-purpose loans.

As far as we can see, the legislation would subject MCA and factoring transactions to lending regulation restrictions, which would include possible licensure needs as well as other usury restrictions.

A03636: This bill would amend the New York state business law to prohibit the insertion of a confession of judgment (COJ) in an agreement or contract binding a financial product or service issued by a company under the New York Department of Financial Services to protect consumers and investors.

To Wrap-up

The war against the unfair agreement and contract terms provided by MCA lenders to small businesses continue with more and more authorities and customer protection agencies joining forces to eliminate dishonest players.

Small businesses deserve better treatment from MCA lenders, and we hope industry watchdogs will help streamline the sector.

Author Bio: As the FAM account executive, Michael Hollis has funded millions by using merchant loans. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.

What To Look For In A Good Lawyer

Are you overwhelmed trying to find a lawyer? It isn’t good to be in too much of a rush. Help is in order. Read this article to learn more about lawyers and how to find a good one. Continue reading this article to learn more.

Remember that you should be the one seeking out a lawyer, not the other way around. Most of the time, these lawyers are scams; therefore, you need to avoid them, especially if your case involves a hefty sum of money. Do due diligence in order to get the best attorney on your own terms.

You have to be able to easily get in contact with your lawyer. A common complaint among people is that their lawyer is hard to reach. If you lawyer is out of pocket, you could be left in a quandary.

You’ll have to agree with your lawyer on a good meeting time. Sometimes, an attorney will get hired and not be heard from for awhile. You can prevent a lot of issues by agreeing on a schedule right away.

If your lawyer tells you something, listen, but know you don’t have to act on it. If you do not feel comfortable with something they tell you, it is okay to speak up. They should always care about your interests, however, you’re just one of their many cases.

Talk to your inner circle before you do the research on your own. Talking with them should help you narrow down which lawyer you are interested in working with. You might get a good recommendation from someone you trust.

If you are not completely comfortable with your attorney, keep looking. This is true of their fee arrangement, too. Do not sign over a blank retainer check. Get an estimate so you can keep costs low and they don’t get out of control.

Don’t give your lawyer lots of money up front to accept your case.` If you must pay a retaining fee, make sure you are refunded a balance. You’re probably better off shopping around for lawyers whose retainer fees aren’t quite so large.

Speak with the bar association to get the scoop on the lawyer that you choose. If there are a few complaints, they may still be okay, but you should be aware of the nature of the problems reported. Also steer clear of them if their record reads like a rap sheet.

Use a legal referral service to find an attorney. A lot of times these services will help cut out a lot of the bad ones. There are certain services that will only recommend highly skilled lawyers. Other services will list lawyers who only meet the bare minimum required by law. Find out what their standards are before using a referral service for this very important decision.

You want to have the best communication possible with your lawyer. Make sure your lawyer has everything needed to work on your case, especially if there are imminent deadlines. Your cooperation will facilitate your case.

After reading this article, you should feel more comfortable about dealing with a lawyer. This information is good to keep in mind in case you need a lawyer. These tips can help.…

Solid Advice For Hiring A Good Lawyer

Nowadays, people have all kinds of reasons to use lawyers. You might find it overwhelming if you haven’t dealt with a lawyer before. A number of variables must be considered. This article has many tips which will assist you.

Always get a history of the lawyer to look at before you retain him. Just because he/she is a licensed attorney doesn’t mean they are good at their job. Find out about their record to judge their skills.

If you have been accused in a major crime, you need to find a lawyer immediately. You should avoid saying anything personal to your lawyer because this could cause you to harm your chances of winning. In addition, you might accidentally break the law. Lawyers are experienced professionals trained to deal with these situations.

Always make sure that you can reach your lawyer when considering hiring him. Being unable to reach a lawyer is a common complaint. You aren’t going to want to be worrying about your case while your attorney is having fun on a week long golfing vacation.

Think about your issue long and hard prior to looking for legal counsel. First, determine whether you really need an attorney. You need a lawyer if you are in a divorce, charged with a crime or have an upcoming lawsuit. You could also need a lawyer to give you advice about a financial matter.

When you are in a real estate legal situation like selling or buying a home, or even being sued about a place you rent or sold, hire a real estate lawyer. This helps the success of your case immensely.

You should consider the advice your lawyer shares with you but do not hesitate to choose a different course of action if you are not comfortable with the solution your lawyer suggests. Do not be scared to say something if you’re unhappy with things they say. This way, your lawyer will know exactly what you desire.

When you search for business lawyers, get business recommendations. These companies provide services to some top legal players, so that may help you locate some good lawyers. For example, suppose you need a lawyer to help you with articles of incorporation for your small business. A financial professional may be able to help you with that. These people constantly interact with lawyers and may give you informed judgements.

Figure out what the budget you’ll follow will be. You may have a case, but can you afford it? Check out the fee structure being offered by each lawyer. Schedule a meeting with them to discuss what you can afford and your expectations. This will put you in the safest position possible from a monetary perspective.

Your lawyer needs to specialize in your specific kind of case. Lawyers specialize in all sorts of legal matters from real estate law to criminal defense and everything else in between. Making this distinction early can save you a lot of time and effort later on down the road.

No matter what you have to hire an attorney for, you must know what how to prepare to get one. Follow the advice from this article when it comes to hiring a lawyer. It is good advice to make the process smooth and less stressful.…

Smart Tips For Choosing A Smart Lawyer

There are many things you must do to find the correct lawyer for you. This is one of the most important choices you’re ever going to have to make. Continue reading to discover how to assess the quality of prospective lawyers.

Always request information related to fees when hiring a lawyer. Fees can vary a great deal, depending on the individual’s level of expertise, and you ought to understand what you are getting into. There is nothing worse than losing representation once proceedings have already begun.

What is your problem? The first thing to ask is whether you even need a lawyer. Cases involving criminal acts, divorce and other critical issues require the skills and expertise of a good attorney. Regardless of whether you are involved in these types of cases or not, you still may need a lawyer or a variety of other legal issues.

Pay attention to your lawyer’s advice, but also make it clear they work for you. Do not hesitate to speak up if you are not comfortable with something your lawyer says. You may be one of their many cases, however they do try to honor your best interests.

Speak with your inner circle prior to doing your own research. When speaking with neighbors and loved ones, you may get great suggestions on lawyers that have succeeded with their cases. This can pay a lot of benefits down the road for you and reduces your work.

If you are not completely comfortable with an attorney, keep on looking for someone else. Same thing if you are not comfortable with the fees. Do not sign over a blank retainer check. You want to find out the approximate costs before you start. If you do not get these details down first, costs can get out of control quickly.

You need to keep track of all the interactions with your lawyer. Jot down what you spoke about, what the date and time was and whatever you discussed about payments or bills. This documentation will help you in the future when things come up that you don’t understand.

Decide ahead of time what kind of budget you have to work with. Make sure you can afford a a good lawyer before filing for a lawsuit, even if you have a good case. Always request a written estimate of costs, fees and hourly rates. Chat with them about the budget you have and what you need to happen. It is important to understand what the average cost of your case should be and what may affect your costs.

Have plenty of questions ready when meeting with prospective lawyers to handle your case. They should have an answer for all of it. They need to make you feel comfortable. If not, this is not the right attorney for you and you should walk away.

Hopefully you now have a better understanding about what to look for when choosing a lawyer. Use the things you have learned when you go off to find a lawyer that will assist you in your case. Choosing your lawyer carefully will improve your chances of winning your case.…

Confused About Personal Injury? Here’s What You Need To Know!

Do you have to deal with the legal system because of a personal injury? You may want to seek damages from the entity that is at fault. Of course, no case will have a chance in court if you don’t have the information on your side. The following article will give you some helpful advice to guide you along the way.

Preexisting conditions do not necessarily rule out your ability to win a damage award. Be honest with your attorney about the injuries you had prior to the accident. Don’t let him get sideswiped with it later.

When you look for a personal injury lawyer, solicit the opinions of friends or family members. By doing this, you stand a much better chance of finding a lawyer you can work well with and who will get the outcome you desire. It really does pay to secure the best lawyer available.

When trying to figure out which lawyer to hire for your personal injury case, meet with numerous lawyers prior to picking one. Many attorneys offer free consultations so they can decide if your case is something they can handle. This is when you tell them about your case and they tell you about fees.

You should find a good personal injury lawyer, meet with them and explore your different options. This will not only save you a great deal of stress, it can also reduce the potential court fees.

Exercise caution whenever you deal with an insurance carrier. In a normal personal injury case, you will probably be dealing with an insurance company. The aim of these companies is to get the matter settled as quickly and as inexpensively as possible. You should speak with an attorney before accepting any offers.

If you find yourself in the unfortunate position of an automobile accident, be very careful not to apologize for anything. This implies that you are at fault, and they could use it against you. You might feel as though you did something wrong, but you must never apologize.

Many personal injury lawyers offer a free first consultation. If that is the case, make sure you have all the evidence you think is applicable when you meet them. Bring police reports, the paperwork you received from your insurance agency, your medical bills and documents on income loss. All these documents can help your prospective attorney get a good idea of what your case will look like and if they can take it on.

No matter how you sustain your personal injury and you are not at fault, you need to seek legal counsel right away. Time is crucial in these types of cases. Hiring a lawyer as soon as possible allows him to collect all documentation and information needed to argue your case.

You now should have a decent idea of what’s coming up next. Hopefully you now have the confidence you need to go ahead with your personal injury lawsuit. Use what you have learned here, and decide what you need to do next.…

Helpful Advice When Looking For A Lawyer

Have you found yourself in a situation where a lawyer could help you out? People require a lawyer for a variety of reasons. No matter what the case is for needing one, you must know a few things. Read on for tips on how to deal with a lawyer successfully.

You really do not want to pick the first lawyer you come across. Ensure you thoroughly research all your options. Not doing so can be disastrous! Ask others, and find out the things you want to know about lawyers.

Make sure to be familiar with a lawyer’s history. The fact that a lawyer passed the bar does not by itself make him a good attorney. You want to have confidence in the person representing you, and knowing his history will ease your mind.

When lawyers are coming for you, pass on them. This sort of situation is generally a scam. This is especially true if the situation in which you are embroiled will tend to cost a great deal of money. Spend some time researching lawyers and get the very best one you can.

A good criteria in choosing a lawyer is how accessible he is on a normal day. Many people feel that it is difficult to stay in touch with lawyers. This can lead to a lot of issues, not the least of which is the fact that you will wonder if you are getting adequate service or not.

If you have a lawyer retained, they will always be available if the need arises. That way, you have no pressure and you can take the time you need to find a trustworthy lawyer. Getting a lawyer that’s on retainer will also allow you to know that you’re able to get expert legal advice should you require it.

Did you know that your lawyer must keep all information you share confidential? Stated in another way, if you talk about important information pertaining to your family business or other key issues, the lawyer cannot pass that data onto others.

Make sure your lawyer and you can meet in person to discuss the case regularly. It is unfortunately common for an attorney to take your case and then be too busy to actually see you. Having a set schedule beforehand can prevent this from occurring.

Beyond assessing the lawyer, also make a judgement about how friendly and helpful the lawyer’s office workers are. When you call, make a note of how quickly your call is returned and how approachable the receptionist sounds. If you do not get return calls in a prompt manner, you may have some insight into how clients are treated.

Lawyers can’t achieve the impossible. If you find a lawyer that assures you he or she will win, no matter what, that means that they’re lying to you and need to be avoided. With court battles, nothing is a given, so try to avoid lawyers who say this.

Dealing with your lawyer should be both productive and helpful. You ought to feel like there is someone who is on your side, ready to help you out as best as possible. Take what you’ve gone over in this article and you’ll find yourself a lawyer that is trustworthy.…

Personal Injury Claims: What You Need To Know

If you’ve been hurt by another, you deserve to be compensated. The process is long and arduous, and you need to get every penny you deserve. Instead of moving forward blindly, you should be as well equipped as possible to win your case.

Include lost income information in your notes. This is the work you’ve missed or had to perform at a reduced rate of payment due to your injuries. This can include money that you lost from missing school.

You can still get a settlement if you had any preexisting condition before your accident. Discuss the situation honestly with your lawyer. You want to make sure your attorney is not unpleasantly surprised in the courtroom.

Contact your local Bar Association to begin seeking out an excellent attorney. You will be able to look at recommendations and see if the lawyer is any good at what he does.

Document the personal injury and take pictures at every possible angle in case of a court case. If you cannot snap the photos on your own, ask someone to do it for you. The sooner that this is done, the better, as it can show what exactly was the cause of your injuries.

Talk to a lawyer to figure out if you may be able settle your case outside of the courtroom. Not only will this save you a lot of stress in the long run, but can reduce the amount of court fees that you will end up paying.

Don’t be shy about asking questions when you meet with your attorney. You’ll need to ask about what you can expect, how long the case will take, what could surprise you and everything else you can think of. You’ll want this process to become as comfortable as possible, so be sure to ask plenty of questions.

If you need an attorney, a retainer letter is essential. This informs you ahead of time how much your legal fees will be so you will not be surprised later. In most personal injury cases, your lawyer does not get paid unless you win the case.

Don’t put off taking legal action until after an injury has occurred. After a certain period of time, you may not have any legal recourse. Contact a quality attorney quickly and inquire about what deadlines you are facing before making any serious decisions.

No matter how you sustain your personal injury and you are not at fault, you need to seek legal counsel right away. Time is crucial when dealing with this type of case. When you hire a lawyer quickly, he will be able to help you gather photographic evidence, take witness statements, and interview parties involved.

Get your thoughts in order before sitting down with a prospective personal injury attorney. This is particularly critical if the lawyer takes cases on contingency. If you lose the case, the attorney will not make any money, so try to make a good first impression. Have all the necessary paperwork, and practice presenting your case beforehand.

It can be hard to get a settlement after dealing with an injury. However, this article showed you what you need to know to get compensated if you’ve been personally injured. When you use these tips, you’ll be ready for your case.…