[blashley]

Guys nothnig "NADA" changes here at Mantis .... So if you are a broker/iso/vendor/merchant/etc and concerned DONT be because we are here to fastball an offer on all your B-Zzz paper.would be like a new law about gas taxes and exxon putting out a statment that you wont have any concern filling up GAS...we are here and funding and of course will follow all new laws in place!

I see Mantis as the only winner here

[WestCoastFunding]

COJs are effective for the hype of what they can do, not for the actual money they bring back

The hype is all that mattered. For the longest, it was thought that Cali COJs were unenforceable because Cali requires a COJ to signed off by an attorney. But funders were still issuing COJs to Cali merchants because they just wanted the merchant to think it could be used. COJs prevented defaults without even needing to be filed.

Funny thing is, the large banks in Cali still would comply with some the COJs filed in NY because it was cheaper for the banks to just comply then get legal involved.

[funding247]

i dont think NY deals will be getting the more aggressive offers since those are going to get even more stacked by scumbag funders than they already are (since they rely on the COJ most). So they're going to be all over NY deals possibly driving other funders to give LESS aggressive offers to NY companies while they adapt to funding cleaner deals in other states without a COJ. Just an idea, i think we'll probably have to wait a couple of months before we know how this really plays out.

[SmartAdvanced]

Last Chance is filing COJs all day today...

[blashley]

Last Chance is filing COJs all day today...

this is Last chance, last chance to file a coj.

[NoBigDeal]

I wonder how many COJ funders are offering riskier customers discounts to leave.....

Interesting thought...but doubt it. These guys don't charge 1.65's to settle for 1.40's...they go for broke!

[Showmethemoney]

Guys nothnig "NADA" changes here at Mantis .... So if you are a broker/iso/vendor/merchant/etc and concerned DONT be because we are here to fastball an offer on all your B-Zzz paper.would be like a new law about gas taxes and exxon putting out a statment that you wont have any concern filling up GAS...we are here and funding and of course will follow all new laws in place!

you clown

[thefundingdiaries]

COJ's weren't always the norm until about 2011/2012. I'm guessing the industry will revert back to how it was before. More than likely, loopholes will be found. It doesn't matter...the show must go on.

[Sachip24]

does anyone know how soon until this goes into affect? I read it happens once governor signed it, then another article I read said it goes into affect after 90 days?

[mcaguru]

Why are ISO's so concerned....Submit to Mantis and will fund all the Subprime ...We are funding as usual same Underwriting same approvals (just faster speed!!)....

[Sean Cash]

does anyone know how soon until this goes into affect? I read it happens once governor signed it, then another article I read said it goes into affect after 90 days?

There were actually two entirely separate COJ bills in the NY state legislature. The one that could've come up for a vote on the last day of the session, but never did, had the 90-day delay built into it. The one that got voted on and passed is slated to go into effect as soon as the Governor signs it.

[Mynameisbob]

Funders will be filing COJ's out of Utah.

[Chambo]

Funders will be filing COJ's out of Utah.

Are they as "user friendly" as New York? Must the funder establish domicile?

[J.Celifarco]

I dont understand the time and effort being put into saving COJ's by some funders. Other states will eventually pass their own laws and if not there is a law currently written to ban the use of them at a Federal level. Companies need to put their efforts into figuring out how to do business without COJ's and not waste time trying to save something that will eventually be banned everywhere. Any company that keeps looking backward instead of forward will not around when the dust settles from all of this

[Sachip24]

There were actually two entirely separate COJ bills in the NY state legislature. The one that could've come up for a vote on the last day of the session, but never did, had the 90-day delay built into it. The one that got voted on and passed is slated to go into effect as soon as the Governor signs it.

thank you Sean

[jenk12]

Funders will be filing COJ's out of Utah.

Big mistake. Funders will be spending much more time and money enforcing the judgments in COJ friendly states. Plus, funders who venture into courts outside of NY are exposing themselves to unclear usury laws. The law is pretty much well-settled in NY that MCA contracts are not usurious.

[mcaguru]

[RickyR3712]

Why are ISO's so concerned....Submit to Mantis and will fund all the Subprime ...We are funding as usual same Underwriting same approvals (just faster speed!!)....

Is it true that you are raising the cresthill fee on mantis contracts to handle the rise in defaults?

[RickyR3712]

I dont understand the time and effort being put into saving COJ's by some funders. Other states will eventually pass their own laws and if not there is a law currently written to ban the use of them at a Federal level. Companies need to put their efforts into figuring out how to do business without COJ's and not waste time trying to save something that will eventually be banned everywhere. Any company that keeps looking backward instead of forward will not around when the dust settles from all of this

Their capital source

[abfunders]

I work with funders who offered 4th positions without COJs before this recent thing started.
I do business with a platform for funding deals / helping starting ISOs move from the broker stage to the funding stage to the (unfortunate if it comes to it) collection stage, that has been funding and underwriting and syndicating deals for 10 years, helping out some of the biggest names in the industry, and they were making money just fine before the COJ ban, and they'll do find afterwards.

[mcaguru]

Is it true that you are raising the cresthill fee on mantis contracts to handle the rise in defaults?

I don't see any raise in anything outside of funded amounts!! and ISO's pouring in to sign up!!

[RickyR3712]

I don't see any raise in anything outside of funded amounts!! and ISO's pouring in to sign up!!

If that is the case why not just pay your reps and not charge such high fees on every contract?

[mcashark]

next is a Hearing held before Congress is this week on Humpday https://smallbusiness.house.gov/cale...x?EventID=2681 Hearings, "Crushed by Confessions of Judgement: The Small Business Story"

[J.Celifarco]

[QUOTE=mcashark;123688]next is a Hearing held before Congress is this week on Humpday https://smallbusiness.house.gov/cale...x?EventID=2681 Hearings, "Crushed by Confessions of Judgement: The Small Business Story"[/QUOTE

This can be ugly

[abfunders]

Testifying is Mr Jerry Bush, former owner of JB Plumbing.
(Quick search on the NY Courts)
Filed on by Queen, LCF and Main Street on the same day.
COJs were signed on 27 June for LCF, 11 July for Queen, and one other for Main Street that are redacted. Funded twice in 2 weeks..... I wonder when Main Street funding was? How quick-stack was that? And who was in first position if those guys were 2, 3, and 4?