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05-16-2022, 10:44 AM #7
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- Join Date
- Sep 2018
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Yes these laws affect brokers. Brokers need to register. And notably, the Virginia law also requires disclosure of the commission paid to the broker.
Responding to the OP, yes these laws will likely lead to consolidation in the industry. Both for funders and ISOs. Smaller funders and ISOs will have a difficult time keeping up with and staying in compliance with all the patchwork regulations from state to state. And will need to merge or be acquired to survive. Funders face additional risk if one of their brokers breaches one of these new laws, and will be more selective about which ISOs they do business with.
Some funders and ISOs may simply choose to no longer do business in certain states.
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