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  1. #1
    Senior Member Reputation points: 25752
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    bye bye ny bye bye cali

    so by January 2022 no one will be able to fund in new york and california. are the days numbered?

  2. #2
    Senior Member Reputation points: 18841
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    No, they're not and there will still be many funding in NY and CA regardless of any APR disclosures. What happened in MD shows that states aren't looking for a total ban of MCA.
    Once the rules are finalized everyone will scramble to set up their contracts so they're compliant.

  3. #3

  4. #4
    Senior Member Reputation points: 86751
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    Quote Originally Posted by harvey View Post
    so by January 2022 no one will be able to fund in new york and california. are the days numbered?
    anyone remember the $64M settlement in Cali by Rewards Network for violations of state usury and unfair business practices? More than 3,000 business operators and forced the funder to forgo collection of about $36M in RTR?

    or how about advanceme (can capital) that had to add language to their contracts as part of the settlement in Cali ?

    call Hudson Cook to get your contracts reviewed for these states. several funders went to the rent a bank model to bypass these issues.

  5. #5
    Veteran Reputation points: 134971 Chambo's Avatar
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    Quote Originally Posted by fundingsmbs View Post
    anyone remember the $64M settlement in Cali by Rewards Network for violations of state usury and unfair business practices? More than 3,000 business operators and forced the funder to forgo collection of about $36M in RTR?

    or how about advanceme (can capital) that had to add language to their contracts as part of the settlement in Cali ?

    call Hudson Cook to get your contracts reviewed for these states. several funders went to the rent a bank model to bypass these issues.
    Wasn't ADVANCEME settlement a total of $91 million? They had to let goof almost $50 mil in collections.....ouch!

  6. #6
    Senior Member Reputation points: 99227 ridextreme's Avatar
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    Quote Originally Posted by harvey View Post
    so by January 2022 no one will be able to fund in new york and california. are the days numbered?
    No, it's bye bye to weak sales reps and brokers.

    Bye!

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