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02-11-2021, 12:56 PM #5
Ok. Here's my 2 cents.
First, this is something that unfortunately happens in the industry, and it sucks. Never ok. Good news is that now there are enough options across the board to be able to pick and choose who you allocate your business to and hopefully cultivate good relationships even after being burned.
With that said... you have to remember that the rules aren't cut from a structurally predetermined cloth; being an unregulated industry has its pros and cons. Each outfit is able to establish their guidelines as they see fit.
In regard to renewals, I've seen it executed in a few different ways.. one of which will retain file rights as long as there is an open balance. Should a file complete organically without the ISO attempting to renew, they are under the assumption that the file had been taken elsewhere and in turn return it to an "open market" policy whereas anyone would be able to resubmit at that point.
It's unclear with the details you've provided above, but initially this was my thought process on what may have happened.. but again, not enough to go off of. But I think this does reinforce the importance of an ISO's attention to detail when it comes to onboarding with new funders and keeping an organized reference key as to everything from submission requirements, renewal eligibility etc.
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