Results 1 to 14 of 14
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06-26-2019, 11:44 AM #1
Hearings Crushed by Confessions of Judgement: The Small Business Story
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06-26-2019, 12:59 PM #2
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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06-26-2019, 01:01 PM #3
based on what was said, who testified, etc....they want to go after more than just COJs. Sounds like they want to regulate the industry
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06-26-2019, 01:04 PM #4
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
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06-26-2019, 01:10 PM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Series 6,7,8,9,24,and 63. the 24 was the toughest. I let them expire about 5 years ago. I am thinking of renewing them and taking the tests over.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-26-2019, 01:18 PM #6
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06-26-2019, 01:25 PM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Who is going to regulate/enforce the industry? It would take a long time to get a regulatory/enforcement arm set up, create guideline/rules, registering all of the people, etc...
The tough part is enforcement. Hell, look how many people are running around doing equity deals without a license and have not gotten into trouble. Some have been barred and are stick conducting business as usual. Example: The guys that raise the money for 1st Global.
All member firms will have to pay association dues to fund the regulatory entity. Good luck chasing the dues down.
I am all for it, but I will long be retired before it happens.
KHKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-26-2019, 01:28 PM #8
- Join Date
- Jun 2015
- Posts
- 754
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06-26-2019, 01:45 PM #9
- Join Date
- Feb 2017
- Posts
- 3,428
Is licensing an issue that the federal government will take on? Sounds like a state issue to me. It always has been.
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06-26-2019, 01:51 PM #10
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Micah,
It is easier to do on national level rather than state level as each state may have different rules and/or guidelines. At a state level it would be a nightmare for lenders/funders to keep track of all the different requirements. Much like FINRA today is a national authority, but each state has different blue sky rules. The blue sky rules don't differ much from state to state, but that only because they have evolved over many years.
An easier solution is creating an industry association that requires each member to register and abide by certain rules. If the rules are broken, you can be kicked out of the association. The International Factoring Association does this.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-26-2019, 02:22 PM #11
- Join Date
- Feb 2017
- Posts
- 3,428
Kevin, it's easier to do on the federal level for sure. However, the political science major in me is commenting that the states themselves have been taking care of this type of licensing in the past, it's their territory. I'm commenting on the federal vs state level and the constitution, not what works. I guess the feds could say that the lenders/brokers are all working between all states, but many of us can California deals and get paid in creative ways. They've never regulated something like this on the federal level before, so to start now would be a major breach of states rights.
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06-26-2019, 02:35 PM #12
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Micah,
It may very well wind up like FINRA. A national license, but you have to register in each state you do business and abide by their rules.
It will be very difficult for funders/lenders at first as they would have to understand each state rule. Much like blue sky today, over time the rules for each state are very similar.
The industry would be better off organizing a self policing association where membership is almost a requirement.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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06-26-2019, 03:31 PM #13
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 727
You can still broker deals without being a member of IFA. Memberships and laws just fill the coffers of state and associations. Works somewhat for residential mortgage brokers.
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06-26-2019, 03:33 PM #14
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Omegafund,
Correct. Brokers are not required to be members. Smart brokers will only work with members.
KHKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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