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06-26-2014, 11:07 AM #1
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06-26-2014, 11:17 AM #2
It is illegal. The FTC governs this. Many states have laws that overlap the federal law and they specifically mention small business.
https://www.google.com/url?sa=t&rct=...X-4EI1lDrOUaLA
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06-26-2014, 11:25 AM #3
This article doesn't validate any point. If this particular broker had a success fee structure and did not succeed with the expected financing and had a refund clause as a such then he was obligated to do so. But this example of a rogue putz doesn't show anything. But would love to see anything from the FTC regarding governing DD fee's on non regulated products like equipment loans A/R financing commercials mortgages etc..
And again my statement is no way advocating this practice in MCA.