Regulation for NY Funders and ISO's
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  1. 01-30-2017, 09:55 AM #1
    Sean Cash
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    Quote Originally Posted by WestCoastFunding View Post
    My first thoughts: this would be a boon for licensed "lenders" and brokers. But would this cap the interest rate at 16%? If so, then this would obviously end the NY market for cash advances.

    But if cash advances aren't capped, a licensed broker will make a killing. Your competition will become a fraction. Also, you can just sit back and have unlicensed ISOs referring merchants to you all day and split the commission.
    16% interest has been the cap on loans in NY for years...
    25% interest or more on a loan is a crime and always has been...
    Last edited by Sean Cash; 01-30-2017 at 09:58 AM.
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