[fundingsmbs]

so this just says its in process to end COJ filings in NYC. The other bill that hasn't moved forward is to stop to it on a federal level. Does stopping the filings in NYC change anything if another state is picked up as the filing state of record outside NYC?

[ADiamond]

so this just says its in process to end COJ filings in NYC. The other bill that hasn't moved forward is to stop to it on a federal level. Does stopping the filings in NYC change anything if another state is picked up as the filing state of record outside NYC?

I had just mentioned COJ's exist in other states.

Aside from that, getting a bill actually passed could take months if not years.

That's why the MCA Coalition needs to get their butts up to Albany ASAP!

[J.Celifarco]

There's a simple fact that most of you are missing.

COJ's exist in other states. NYS was simply the easiest to file in.

lol derp. Wasn't gonna say it, but whatevs.

yes but the NYS laws made them much easier to enforce. In other states lenders will not get the same results. Also other states will follow with similar laws

[J.Celifarco]

I had just mentioned COJ's exist in other states.

Aside from that, getting a bill actually passed could take months if not years.

That's why the MCA Coalition needs to get their butts up to Albany ASAP!

This is going to happen. the Governor put it in his State of the State address in a prominent place. That makes this a priority to him and with a democratic assembly and senate it will pass very quickly. This will be a law in NY sooner rather than later.. On the Federal level thats a different story, that will take time to pass

[Chambo]

I had just mentioned COJ's exist in other states.

Aside from that, getting a bill actually passed could take months if not years.

That's why the MCA Coalition needs to get their butts up to Albany ASAP!

The benefit of using New York State was the issue surrounding the banks. To enforce a COJ, the bank in question has to have a presence in the state you are filing. Well, every major....and many regional banks have some presence in New York, thus filing here was plausible. Many states throw out COJs for lack of jurisdiction. So to become enforceable the fund would either 1) have to have a presence (i.e. office of locale) in that state or 2) file in the state where the merchant is

This makes COJs much harder to enforce...and why New York was THE state to utilize.

[Dov]

Marcus--
I agree with you that for most deals a COJ is a fail safe against fraud and -- more commonly-- merchant's who buy into the debt consolidation/relief pitch.

That said-- for first position files where the merchant's credit just doesn't cut the mustard (tax liens, excessive closed accounts etc) they'll get funded because of COJ insurance. If there's healthy cash flow and freezable assets I think we're all more likely to give this guy a shot at a decent term (6+ months as opposed to 3). If he plays games you have some recourse.

Even with really solid underwriting there's only so much confidence you can have in a merchant's character based on a funding call. If COJ's do disappear you'll start to see these first position files (that are declined by B+ and up's) get significantly shorter and harder to close.

You may not price because of a COJ, but there's no shortage of deals that make it past the funding calls because of them.

[harvey]

omg dov is that you!!!!!!!!!!!!!

[Cashman1]

I had just mentioned COJ's exist in other states.

Aside from that, getting a bill actually passed could take months if not years.

That's why the MCA Coalition needs to get their butts up to Albany ASAP!

The people invested in MCA have the governors ear!

Bottom line is business need money and will always need! So if the governor wants to start lending his money unsecured then let it be!

[fundingsmbs]

is there anymore news on the subpoenas that took place and if there is a possible outcome where they make the debts unenforceable ?

[WestCoastFunding]

This isn’t regulation against MCAs. This is regulation against MCA funders that relied on COJs. This specific constituency will never sway the governor, especially with the A paper guys LOVING this.

This is a lost battle. MCAs using COJs are dead men walking.

[Chambo]

is there anymore news on the subpoenas that took place and if there is a possible outcome where they make the debts unenforceable ?

The amount of data requested, and the lawyers involved with time tables. I wouldn't expect to hear anything about this, in terms of outcome, for 4-6 months minimum

[morgan.quinn]

Does this mean there’s gonna be an avalanche of trigger-happy filings right before any suspected announcements/ legislation? RIP to your RTR if you’re in a stacked deal and the merchant dares to NSF like twice.

[makemoney123]

I only see it as lender stop giving such competitive approvals, How is it exactly beneficial?

[Don Dolla]

How about the clerks mentioned by name , refusing right now to process COJs. Wtf

[shieldfunding]

This is going to separate the men from the boys - this should be good for us in my opinion.

im ****ing ecstatic.... just put balloons in my office.. will buy the cake once all COJ are outlawed...

[WestCoastFunding]

I only see it as lender stop giving such competitive approvals, How is it exactly beneficial?

Which “lenders”? If you’re talking about these little no-name **** stackers (looking at you, Mr Advance) then, yeah, they’re ****ed. But if you’ve got a reputable funding house, with solid underwriting, plenty of financing and good collections processes, you’ll be just fine. Thrive even.

If you a broker reliant on stacking $10,000 5tb position deals over 30 payments, you’re ****ed. And good. All **** like that does is cause damage to the merchant and previous funders. So die *****, die.

[Don Dolla]

If you a broker reliant on stacking $10,000 5tb position deals over 30 payments, you’re ****ed. And good. All **** like that does is cause damage to the merchant and previous funders. So die *****, die.[/QUOTE]

what do we say to death? not today lol another 5th out the door

[Don Dolla]

This press release has no effect on my 50 day deal (today)