[KanjorskiPartners]

You do not need a lender's license to operate in most states, even if you are structuring your transactions as a business loan.

You are correct Zach. I am glad you do your research which FCF clearly does not. He is engaged in "group speak" on this one for sure. He is fairly intelligent in other posts yet completely misses the mark on this discussions and is just flat wrong. FCF Fund doesn't know what he is talking about when it comes to state and federal regulation of non-mortgage business loans. There is very little that governs a non-mortgage business loan in most all states. There are only usury laws in each state and a few states where a license is needed like CA. Other than that, this is what the UCC is for to govern interstate commerce. And to go even further, FCF, why do MCA companies even file UCCs since they are not even secured parties other than the receivables they purchase, yet they purchase receivables and get businesses and business owners to sell their receivable and/or future sales? And in most instances its not even theirs receivable or business asset to legally sell as more senior creditors already have a blanket UCC lien over all the collateral. MCAs are a contractual joke and they are predatory; payday loans for businesses.

The wake of this COVID epidemic will bring waves of class actions law suits against MCA companies and recharacterizations of advances into loans. Wait and see. Just ask Soft Bank about Kabbage.