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Thursday, October 13, 2016
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Archives: October 13, 2004
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Archives, October 13, 2004
My son Dash (short for Dashiell) is in the front row, in the middle.
(He saw a lot of action in the Middle East as a sailor and "brown sailor" on the ground).
He is on a US Navy Ship, USS Ponce; however, he is a merchant seaman, as it is a supply ship for the US Navy with navy personnel on board, as well as carrying other operations, primarily off the coast of Africa and the Middle East. We communicate all the time by email and Facebook.
USS Ponce stays afloat in unique role as forward staging base
Loan/Lease Regulations --- Updated
In most states, banks are not required to have a leasing license as well as manufacturers. Banks are generally exempt because they are regulated by the FDIC.
The common thread among licensing statutes is that if the entity which should otherwise have a license, is licensed by another government agency (real estate brokers is one example), then no license is required.
An expert on this who has won cases against company’s not licensed in California, notably CMC Commercial Credit, Tom McCurnin, Barton, Klugman & Oetting, Los Angeles, California told Leasing News: “A property owner can sell his property on credit without a license or without usury issues. Its called the Time Price Doctrine or Time Price Differential.
“CIT on the other hand doesn't own the stuff and is therefore making a loan and is required to have a license.
“A gray area might be for the leasing company to buy the stuff and have it shipped to them, and they, in turn re-ships to the customer. May not be required to have a license. Simple invoices and drop shipping probably would not pass muster.”
Captive Lessors are required to have a license, and all those that I checked do, such as Dell, who also sells other products than the ones they manufacture.
And while there are financial institutions that also have a bank, such as CIT, they hold a license.
In California, those engaged in true leases, such as Mar Vista, address, do not need to be licensed, but everyone who is involved in “capital leases” with a bargain purchase option, particularly a dollar, are required to be licensed. Without it, they may not accept a commission, engage with a licensed financial institution, and may find their leases in court dismissed for lack of a license. While the fines are not very much, the clout comes in immediate suspension from doing business in California, and while a hearing may be required or filed by an attorney, they may not engage in business during this time.
“NO BROKERAGE COMMISSIONS TO UNLICENSED BROKERS. California Administrative Code Title 10 §1451.”
Commissions may not be paid to unlicensed brokers. There are companies who use other companies’ documents and therefore believe they do not need to be licensed. This may be accurate in dealing with a bank, but not with another licensed financial institution or financial institution out of state that is not licensed in California.
If you are registered by license as a broker, lender, lessor in states that require it, you do not need a city business license (in most states). Cities that require a business license, also require a business license if you work out of your residence. Many cities now are using Schedule C from tax returns, such as in San Jose, California, to catch those without a city license, and they will go back several years as well as a fine, so best to get a license now in case they check your city.
While not all states require a lender's license, many require a license to accept a deposit or advance rental. And remember, a capital lease may be considered a loan as it is with the IRS in many states. If the state requires a license, and your company is not licensed, the transaction may be subject to usury laws.
46 states do not require the lessor to notify the lessee regarding the end of the original term of the lease and can invoke an Evergreen clause, except in these states that do require notification and if not, can void the residual as well as bring on a fine or worse, depending on the number of such transactions and complaints received.
States who require notification:
Alaska: Money Service License. License required to have exemption from usury rates for loans of $10,000 to $25,000, and 24% rate for $850 to $10,000
Arizona: All "advance fee loan brokers" must register annually with the state. Includes "commitment fees." Stiff penalty and on line form for a complaint for the state to investigate. Arizona Revised Statutes, sec. 06-1303-1310 (1996)
Arkansas: All brokers of "a loan of money, a credit card or a line of credit" may not assess or collect an advance fee. In addition, all brokers must register with the Securities Commissioner, post a surety bond of $25.000 and have a net worth of $25,000.
California:On September 22, 2016, California Governor Jerry Brown signed SB 777 into law, a bill that restores a de minimus exemption to the California Finance Lenders Law (CFLL) to allow a person or entity that makes one commercial loan per year to be exempt from the CFLL's licensing requirement, regardless of whether the loan is "incidental" to the business of the person relying on the exemption.
"In addition to the lending authority provided by the law, the California Finance Lenders Law provides limited brokering authority. A "broker" is defined in the law as "any person engaged in the business of negotiating or performing any act as broker in connection with loans*made by a finance lender." Brokers licensed under this law may only broker loans to lenders that hold a California Finance Lenders license."
Delaware : License required for More Than 5 Loans Per Year.
Florida: Brokers of a "loan of money, a credit card, line of credit or related guarantee, enhancement or collateral of any nature" may not assess or collect an advance fee.
Georgia: A broker of "loans of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee unless such fee is for "actual services necessary to apply for the loan." Official Code of Georgia Annotated, sec. 7- 7-1 (1992)
Idaho: No fee may be collected unless a loan is actually made.
Illinois: Code, 815 ILCS 175/15-5.03 Under the Act, a" loan broker" means any person who, in return for a fee from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. 815ILCS 175/15-5- 15(a) specifically excluded from the application of the Act, however, are (1) any bank …regulated by any service loans for the Federal National Mortgage Association… (3) any insurance producer or company authorized to do business in [Illinois], (4) any person arranging financing for the sale of the person's product, (note that this exception does not apply to any person selling someone else's product and only applies to "the" person's product, implying the exception is for the owner of the product arranging for financing), (5) any person authorized to conduct business under the Residential Mortgage License Act of 1987 and (6) any person authorized to do business in [Illinois] and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate. "In the event that the Act is violated by the broker, the Secretary of State is empowered by the statute to make investigations and examinations, suspend or revoke the broker's approval, subpoena witnesses, compel the production of books and records, order depositions and obtain temporary restraining orders and injunctions against the broker. In the vent that a violate is found, the Secretary of State may impose a fine in the amount of $10,000 for each violation and the broker shall be liable to any person damaged in the amount of tactual damages plus attorneys’ fees." This appears as standard language on most states.
Iowa: A broker of loans of "money or property" may not assess or collect an advance fee except for a "bona fide third-party fee" and a broker must obtain a bond or establish a trust account and file required documents with the Commissioner or Insurance.
Kansas : Broker is not exempt. Discounter or Lessor is exempt: " 'Creditor' means any person to whom a loan is initially payable on the face of the note or contract evidencing the loan" is exempt. Anyone who earns a fee or accept a deposit, except a bank, financial institution, discounter or lessor, must be registered.
Kentucky: Brokers of "a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee.
Louisiana: A broker of loans of "money or property…whether such agreement is styled as a loan, a lease or otherwise" must obtain a surety bond or establish a trust account in the amount of $25,000. A broker may not collect an advance fee but may collect an "advance expense deposit for commercial loans" only for actual expenses incurred in obtaining the loan. Louisiana Revised Statutes Annotated, sec. 9:3574 (1993); Louisiana Revised Statutes Annotated, Sec. 51:1910 (1992)
Non-Louisiana leasing companies, with or without offices in the state, must qualify to do business in Louisiana, and are subject to payment of state and local occupational license fees. See: Collector of Revenues v Wells Fargo Leasing Corp., 393 So.2d 1255 (La. App. 1981). Common misunderstanding of Louisiana law. Motor vehicle lessors, with or without offices in Louisiana, additionally are required to be licensed by the Louisiana Motor Vehicle Commission in order to lease a motor vehicle in the state. (La. R.S. 32:1254(N)) Common misunderstanding of Louisiana law.
Maine: No license required: "the regulation of commercial loan brokers does not fall under the jurisdiction of the Maine Bureau of Consumer Credit Protection. Transactions involving two businesses are legal/contractual in nature. Therefore, disputes involving a commercial loan between a business and commercial loan provider or broker must be settled in the court system."
Maryland: Lending threshold is $6,000 or less, so now need for license if over
Massachusetts: Lending threshold is $6,000 or less, so now need for license if over this dollar amount.
Minnesota: License required for loans of $100,000 or less
Mississippi: A broker or loans of money may not assess or collect an advance fee and can be fined up to $5,000 for each violation. Mississippi Code Annotated, sec. 81-19-17 (1997)
Missouri: A broker of loans of "money or property" may not assess or collect an advance fee. Missouri Revised Statues, sec. 367 300 (19920
Nebraska: A broker of loans of money may not assess or collect an advance fee. Nebraska Revised Statutes, sec. 45-189 (1993)
Nevada: Foreign Corporations Foreign corporations engaged in activities in Nevada are subject to the provisions of Chapter 80 of the Nevada Revised Statutes. Specifically, NRS 80.010 through 80.055 set forth the requirements for a foreign corporation to qualify to do business in Nevada. Of primary importance are the statutes that establish (a) the filing requirements to qualify to do business (NRS 80.010); (b) the activities in which a foreign corporation may engage that do not constitute “doing business” so as to require qualification (NRS 80.015); and (c) the penalties to which a foreign corporation will be subject for failing to comply with the qualification provisions (NRS 80.055). The penalties for failure to comply with the qualification statutes include a fine (capped at $10,000) and/or denial of the right to maintain a court action. However, failure to comply will not impair the validity of contracts entered into by a foreign corporation nor prevent such corporation from defending itself in court. Foreign LLCs Foreign LLCs engaged in activities in Nevada are subject to the provisions of Chapter 86 of the Nevada Revised Statutes, specifically NRS 86.543 through 86.549. Foreign LLCs seeking to operate in Nevada must comply with the initial filing and registration requirements in NRS 86.544, and annual filing requirements of NRS 86.5461. The LLC must also maintain certain records, such as a list of current members and managers, in accordance with NRS 86.54615. Additionally, NRS 86.5483 lists the activities which do not constitute “doing business” in Nevada for purposes of the Chapter. Foreign LLCs that fail to comply with the Chapter risk penalties similar to those facing a non-compliant foreign corporation. Those penalties are outlined in NRS 86.548.
New Jersey: Brokers of "loans of money" may not assess or collect an advance fee.
Although New Jersey does not require a lessor to obtain a license to conduct a leasing business in the state, the New Jersey Corporation Business Activities Report Act requires foreign corporations to register with the state. See N.J. STAT. ANN. 14A:13-14. In particular, foreign corporations must file a Notice of Business Activities Report with New Jersey's Department of Taxation. Activities that trigger the requirement of a report include: (a) maintaining an office or other place of business in New Jersey; (b) maintaining personnel in New Jersey, even if the personnel is not regularly stationed in the state; (c) owing or maintaining real or tangible personal property directly used by the corporation in New Jersey; (d) owning or maintaining tangible and/or property in New Jersey used by others; (e) receiving payments from residents in New Jersey, or businesses located in New Jersey, that are greater than $25,000.00; (f) deriving any income from any source or sources within New Jersey; or (g) conducting or engaging in any other activity, property or interrelationships with New Jersey as may be designated by the Director of the Division of Taxation. See N.J.S.A. 14A:13-15. Corporations not required to file a report are those which either received a certificate of authority to do business, or filed a timely tax return under the Corporation Business Tax Act, or Corporation Income Tax Act. See N.J. STAT. ANN. 14A:13-16. Reports must be filed annually by April 15th.
New Mexico: New Mexico currently requires Brokers/Lessors to register for Licensing under the NM Mortgage loan Company or Loan Broker Act with the Financial Institutions Division of the State of New Mexico. Banks with Brick and Mortar within the State of New Mexico are exempt. Prior to licensing applicants must submit the Following:
New York: Leasing companies and brokers are required to be licensed in New York if they loan the principal amount of $50,000 or less or charge 16% or more for the loan. So this proposed regulation may have broad applicability. There are some narrow exemptions to being licensed in New York which are specific to narrow lending business models which is beyond the scope of this article. Readers who wish to determine whether they might qualify for one of these exemptions should consult counsel.
North Carolina: A broker of "loans of money or property…whether such agreement is styled as a loan, a lease or otherwise" must obtain a surety bond or establish a trust account in the amount of $25,000 and obtain a license. North Carolina General Statutes, sec. 66-106 (1992)
North Dakota:License Required “Money Broker’s License”. N.D. Cent. Code Ann. § § 13-04.1-02.1 and 13-04.1-01.1 http://www.nd.gov/dfi/regulate/index.html
Brokers may not accept an advance fee unless the broker is licensed. North Dakota Century Code, 13-04. 1-09.1 (1993) Ohio: Department of Commerce, Division of Financial Institutions
(Certificate to engage in the business of a credit services organization in accordance with the provisions of Sections 4712.01 to 4712.14 of the revised code of Ohio, subject to all the provisions thereof and to the regulations of the division.) Ohio Department of Taxation requires a "Vendor's License" under provision 5739.17 of the Revised Code (...is hereby authorized to sell tangible personal property and selected services at the retail location specified below.) This also makes the lessor responsible for all taxes with penalties for not doing so.
Ohio: Ohio law provides that no person may engage in the business of lending money, credit, or choses in action in amounts of $5,000 or less, or exact, contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee, without first having obtained a license from the Division of Financial Institutions. O.R.C. 1321.02. This rule is applied to any person, who by any device, subterfuge, or pretense, charges, contracts for, or receives greater interest, consideration, or charges than that authorized by such provision for any such loan or use of money or for any such loan, use, or sale of credit, or who for a fee or any manner of compensation arranges or offers to find or arrange for another person to make any such loan, use, or sale of credit. O.R.C. 1321.02.
Rhode Island: Any person who acts as a lender, loan broker, mortgage loan originator, or provides debt-management services must be licensed. R.I. Gen Laws § 19-14-2(a). The licensing requirement applies to each employee of a lender or loan broker. R.I. Gen Laws § 19-14-2(b). No lender or loan broker may permit an employee to act as a mortgage loan originator if that employee is not licensed. R.I. Gen Laws § 19-14-2(b) R.I. Gen. Laws § 19-14-2 (2012) No person engaged in the business of making or brokering loans shall accept applications from any lender, loan broker, or mortgage loan originator who is required to be licensed but is not licensed. R.I. Gen Laws § 19-14-2(d). There is an exemption from the licensing requirement for a person who makes not more than 6 loans in the state within a 12-month period. R.I. Gen Laws § 19-14.1-10. Persons lending money without a license are guilty of a misdemeanor and can be fined not more than $1,000, or imprisoned for not more than 1 year, or both; each violation constitutes a separate offense. R.I. Gen Laws § 19-14-26.
South Carolina: A broker of "a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee. South Carolina Code Annotated, sec. 34-36-10 91992)
Vermont: Commercial Loans
Ontario, Canada: General Requirements: 1. Branch Operation If a foreign corporation wants to carry on business via a branch operation, without a Canadian corporate entity, it may have to obtain a provincial license in each province in which it intends to carry on business. Pursuant to the Ontario Extra-Provincial Corporations Act R.S.O. 1990 c. E.27 ("EPCA"), a class 3 extra-provincial corporation (a corporation that has been incorporated or continued under the laws of a jurisdiction outside Canada) is prohibited from carrying on business in Ontario without a license under the Act [s. 4(2)]. Failure to comply with this licensing requirement can lead to a maximum fine of $2,000 for a person and $25,000 for a corporation [s. 20(1)]. Directors, officers and any person acting as a representative of the corporation can be fined up to $2,000 for authorizing, permitting or acquiescing to an offence by the corporation [s. 20(2)]. For the purposes of the EPCA, an extra-provincial business is considered to be "carrying on business in Ontario" if: a. It has a resident agent, representative, warehouse, office or place where it carries on its business in Ontario; b. It holds an interest, otherwise than by way of security in real property situate in Ontario; or c. It otherwise carries on business in Ontario [s. 1(2)]. This last category is a catchall. Recent case law in the area stresses that it is very much a fact-specific analysis hinging on the extent to which business is actually conducted in Ontario. 2. Incorporation: a foreign corporation can also choose to incorporate a subsidiary, either federally or provincially. If a subsidiary is incorporated provincially in Ontario, it may have to obtain an extra-provincial license to carry on business in other provinces. An Ontario-incorporated company does not have to obtain a license to carry on business in Quebec but does have to make annual information filings. 3. Bank Act If the financing company is a bank and intends to carry on business in Canada, it must obtain appropriate approval under the Bank Act 1991 c. 46. Whether an entity will be considered a bank under the Bank Act needs to be reviewed on a case-by-case basis, as there are a number of relevant factors.
New Hires/Promotions in the Leasing Business
Leasing Industry Ads---Help Wanted Opportunity
Ascentium Capital/Bank of Ozarks Finance
Sales Makes it Happen by Scott Wheeler, CLFP
Developing Strong Leaders for the
Successful professionals in the commercial equipment leasing and finance industry know the power of mentorship. Whether you are a newcomer in the industry or a twenty-year veteran, it is helpful to have a confidante with whom to share your thoughts, suggestions, concerns, plans, and goals. Mentors can take many forms: co-workers, managers, uncles, business acquaintances, friends, etc. A mentor should be someone that you respect and are able to comfortably share your "true" thoughts. You want to have a mentor who is critical, understands your long-term goals, and is willing to encourage, challenge, and promote your success.
This veteran credits his success on a mentor relationship that started nearly twenty years ago and continues to this day. He specifically speaks of a dinner long ago when he was disillusioned in regards to the industry, his employment, and the economic times. His mentor calmly outlined the positives and negatives of his career and pointed to the significant opportunities that lie ahead. He and his mentor drew out a plan and he committed to execute the plan starting the very next day.
The originator's business improved significantly over the coming months, his career situation took a positive turn, and his income potential rose exponentially. This veteran is now mentoring several younger originators and has discovered that mentorship is a two-way street. He is gaining new knowledge through the experiences of those he is mentoring.
His mentorship has re-energized his own career and reinforced the tremendous potential offered by the commercial equipment leasing and finance industry.
Don't Go It Alone
Scott A. Wheeler, CLFP
Sales Makes It Happen articles:
Leasing/Finance Conferences/Updated with Latest Information
Leasing/Finance Conferences --- 2016
October 23 -25th
Attendance: 962 (10/12/16)
“Bruce will be giving a conference report
Keynote speaker Joe Scarborough will provide timely analysis
The World's Largest Payments & Financial Services Innovation Event 10,000+ Attendees Including 1,000+ CEOs and 500+ Speakers from 3,000+ Companies and 75 Countries.
October 24-26, 2016
Join us for the latest on the political landscape, compliance and regulatory challenges, business trends, and enjoy plenty of networking opportunities.
Sessions will cover the overall industry challenges as well as operational issues relevant to specific market sectors. The final day of the meeting - called Spotlight Compliance - will shine light on the ever changing legal, regulatory and compliance realms that are so important in today's financial businesses.
AFSA’s 350 members include consumer and commercial finance companies, vehicle finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry suppliers. The association was founded in 1916 as the American Association of Small Loan Brokers. The group formed to promote state laws that would make small loans more readily available to average Americans, who had few options at the time to receive small personal loans.
November 11-12, 2016
Exhibitors to Date (10/12/16)
Join Ken Greene, Esq. and Jaime Kaneshina, CLFP, BPB
1. Updates to the Application Process
2016 EXPO Super Regional
Pricing (Early Bird ends Oct. 30th):
2016 Expo Chairperson, Tom Lockhart, Director of Broker Services for Marlin Equipment Finance, invites you to participate in one of the longest running networking and educational events for equipment and commercial finance professionals.
Drawing from up and down the East Coast ─and from all across the country─ the Expo provides a top-quality networking opportunity and a chance to talk in-depth with some leading edge funding sources and service providers.
Because it's a small, intimate meeting, educational topics can drill down deep and the 2016 Expo is no exception.
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Ascentium Capital Announces 30% Increase
KINGWOOD, TX – Ascentium Capital, a national commercial lender providing comprehensive finance solutions announced strong growth in volume during third quarter 2016. The company obtained a 30% increase in originations over the same period last year.
"We are investing in our product offering and delivery of exceptional service by implementing new technologies that enable us to capture new revenue in high-growth markets," said Tom Depping. "We will also continue to deploy capital to position Ascentium Capital as the financier of choice in the equipment leasing and small business financing sectors.”
Highlights for the quarter included sustained strength in key areas including technology, commercial vehicles and healthcare.
“The strategic investments in our diversified business model resonate with our equipment vendors and small business clients,” comments Richard Baccaro, Chief Sales and Marketing Officer.
Ascentium Capital continues national recruitment efforts for tenured financial sales professionals and has expanded the Orange County sales office to accommodate its rapid growth in California.
As a direct lender, Ascentium Capital LLC specializes in providing a broad range of financing, leasing and small business loans. The company’s offering benefits equipment manufacturers and distributors as well as direct to businesses nationwide. For more information, please visit AscentiumCapital.com.
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ECN Capital Confirms Growth and Capital Strategy
Toronto, Canada – – ECN Capital Corp. (TSX:ECN, “ECN Capital” or the “Company”) announced that by mutual agreement, INFOR Acquisition Corp. (TSX: IAC.A, IAC.WT) (“IAC”) and ECN Capital have terminated the previously announced qualifying transaction that would have resulted in the acquisition of all of the outstanding shares of IAC by ECN Capital (the “IACArrangement”). ECN Capital’s growth and capital strategy remains on track and focused on positioning the Company as a North American leader in commercial finance.
ECN Capital’s growth and capital strategy is based on a combination of three factors:
1. Driving profitable organic growth in each of its three core verticals where the Company has an established North American presence - Commercial & Vendor Finance, Rail Finance and Commercial Aviation Finance;
2. Transitioning the Commercial Aviation and Rail Finance verticals to a combined on-balance sheet and fund management business model that allows for the efficient redeployment of capital and improved equity returns; and
3. Positioning ECN Capital for tuck-in acquisitions in selected complementary segments in the North American commercial finance market that offer defendable growth opportunities and attractive yields.
“The IAC Arrangement was an attractively priced incremental option to capitalize this growth strategy,” said Steven Hudson, ECN Capital’s Chief Executive Officer. “As an investment-grade commercial finance company with more than $8.2 billion in owned and managed assets, ECN Capital is favourably positioned to access adequate internal and external funding sources to execute on its business plan and growth strategy. ECN Capital will continue its discipline as a prudent issuer of capital, respecting our shareholders’ interests,” added Mr. Hudson.
With total owned and managed assets of $8.2 billion, ECN Capital Corp. (TSX: ECN) is one of North America’s leading equipment finance companies. ECN Capital operates across North America in three verticals of the equipment finance market (Commercial & Vendor Finance, Rail Finance, and Commercial Aviation Finance).
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NEFA Funding Symposium Draws Enthusiastic Crowd
Attendees at the 2016 Funding Symposium, held Thursday, October 6th through Saturday, October 8th, at the Radisson Blu Mall of America, just outside Minneapolis, Minnesota, enjoyed networking, service and funding source exhibits, educational breakout sessions and all the shopping, dining and entertainment the attached Mall of America has to offer.
“We were thrilled with the turnout” said Jim Peach, CLFP, of Stearns Bank. “It was a very engaged group and they really got into the variety of breakout sessions my team of volunteers put together. That took care of the business side and the Mall of America being just 20 yards down the hallway from our exhibit area took care of the fun side.”
The Funding Symposium also serves as the Annual Business meeting for the National Equipment Finance Association and Officers and Directors for the next twelve months were elected at the business luncheon on Friday, October 7th.
NEFA’s new President & Chairman of the Board is Stephanie Hall, CLFP, of Bryn Mawr Funding, and she’s joined on the Executive Committee by Mike Coon, of Axis Capital, Inc., as Vice President, Marc Keepman, CLFP, of KLC Financial, Inc., as Treasurer, and Dennis Dressler, of Dressler and Peters, LLC, as Secretary. Gary Souverein, of Pawnee Leasing Corporation, will remain on the Executive Committee as Immediate Past President.
Stephanie Hall said “I’m so pleased to be elected by the membership as President. NEFA is built around the concept of Community and that perfectly captures how I feel about it. It’s been a huge part of both my business and personal lives. I’m excited about playing a role in our continued development of programs dedicated to Community, Education and Professionalism.”
Re-elected as Directors of the association at this year’s Funding Symposium were Daryn Lecy, CLFP, of Stearns Bank; Gabe Jarnot, CLFP, of Northland Capital Financial Services, LLC; and Nick Ross, CLFP, of Bank of the West. Newly elected Directors were Shane Davis, of Dedicated Commercial Recovery, Inc.; Eric Alley, of LeaseTeam, Inc.; Kristian Dolan, CLFP, of Tamarack; Laura Carini, CLFP, of Financial Pacific Leasing, Inc.; and Joe Leonard, CLFP, of Oakmont Capital Services.
During the business luncheon, outgoing Officers and Directors, including Tara Aasand, of LeaseTeam, Inc.; Greg Nappi, of DDI Capital; Doug Houlahan, CLFP, of Maxim Commercial Capital, LLC; Kip Amstutz, CLFP, of 360 Equipment Finance; and Bryan Inman, of Great American Insurance were all honored for their service.
Also at the business luncheon, the Executive Committee awarded Bob Cohen, of Moritt Hock & Hamroff, LLP, the Chris Walker Memorial Member of the Year Award. Said Gary Souverein, Chairman of the Executive Committee, “Bob perfectly captures the spirit of NEFA for his constant support and cheerleading and his willingness to jump in and help NEFA at any opportunity.”
The CLFP Foundation also presented some of their own awards during the Funding Symposium business luncheon.
For extra fun, this year’s Funding Symposium included three additional networking events as fund raisers. On Friday night a large group headed into the famous of Mall of America to Skydeck Sports Grille and Lanes for a fun dinner and a night of games. That event raised funds for NEFA’s Chris Walker Education Fund. On the previous day a group headed into Minneapolis for a tour of the new stadium of the NFL’s Minnesota Vikings. In the afternoon, was a fun golf tournament at Mouse Mountain Adventure Golf, inside the Mall of America. The net proceeds from both of Thursday’s events, conceived by local Member, Shawn Smith, of Dedicated Commercial Recovery, Inc., will be donated by NEFA to Children International.
About National Equipment Finance Association
The National Equipment Finance Association (NEFA) is a national association serving small to mid-sized independent equipment finance companies, lessors and brokers. NEFA is a strong association offering enhanced educational programs and premium networking opportunities with broad geographic and industry segment diversity. The mission of NEFA is to provide a forum for members to pursue personal and professional growth and promote ethical business practices through advocacy, networking and industry involvement.
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(Leasing News provides this ad as a trade for investigative
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Shawn Halladay London Conference Nov. 7th & 8th
Amembal & Halladay is pleased to present our newest seminar, “IFRS 16 – Managing the Changes to Lease Accounting”, being held in London, November 7 and 8, 2016. The seminar will be conducted by Mr. Shawn Halladay, Managing Director of Amembal & Halladay, the recognized global expert on lease accounting.
This seminar is geared for all leasing professionals including front office personnel – who need to creatively engage with the customer, as well as back office administrators and those charged with complying with and reporting leasing activities. Sales teams, CFOs, Finance Directors, Controllers, Accounting Policy personnel, lease administrators, financial analysts, corporate accountants, and regulators will all benefit from this program.
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A pair of vibrant dramas (“Queen of Katwe,” “Being 17”) comes to theaters, while new DVD releases offer stripped-down suspense (“The Shallows”), subversive satire (“Beyond the Valley of the Dolls”) and a moody thriller (“Elevator to the Gallows”).
Queen of Katwe (Walt Disney Pictures): Vibrant director Mira Nair (“Salaam Bombay”) brings her colorfully humanist touch to this inspirational story, based on the life of Ugandan chess prodigy Phiona Mutesi. As she struggles in the slums of Katwe, 10-year-old Phiona (played by Madina Nalwanga) finds solace by learning chess at a local missionary program run by Robert Katende (David Oyelowo). Her interest in the strategies that go into these games allows her to expand her education, and contests soon grow in size and importance. With support from Robert as well as her mom Nakku (Oscar-winner Lupita Nyong’o), Phiona begins to expand her horizons beyond Katwe. The outline sounds like just another feel-good crowd-pleaser, yet Nair’s direction and the performances bring charm and joy to this tale of intelligence overcoming life’s hardships.
Being 17 (Stranded Releasing): A specialist in genteel yet passionate dramas for the past four decades, French filmmaker Andre Techine (“Wild Reeds”) serves up another impeccably modulated character study with this fine coming-of-age story, set in a small town by the Pyrenees mountains. At is center is the growing relationship between two teenage classmates, Tom (Corentin Fila) and Damien (Kacey Mottet Klein), who push beyond their initial antagonism to discover they harbor feelings for each other. Their newfound feelings are complicated by their respective families, including Damien’s emotionally volatile mother (Sandrine Kiberlain). With characteristic watchfulness and evocative insight, Techine paints a richly naturalistic view of adolescent highs and lows that resonates long after the closing credits. With subtitles.
The Shallows (Sony): Action specialist Jaume Collet-Serra (“Unknown,” “Non-Stop”) serves up another bit of ingenious suspense with this lean account of primal survival, featuring a vivid turn by Blake Lively. Lively stars as Nancy, a young traveler from Texas who, getting away from some personal matters at home, hopes to find relaxation in an isolated beach in Mexico. The idyllic surf soon darkens, however, when a marauding shark circles the waters, leaving the heroine stranded on rocks. With only a wounded seagull by her side and the tide rising by the minute, Nancy can depend only on her own skills to make it out alive. Stripping plot down to the basics, Collet-Serra’s film creates a modestly scaled but undeniably visceral tale of primal fears and triumphs.
Beyond the Valley of the Dolls (Criterion): Gonzo cult filmmaker Russ Meyer goes (sort of) mainstream in this wild 1970 box-office hit, an uproarious Hollywood satire boasting a script from none other than legendary reviewer Roger Ebert. The kaleidoscopic view of the entertainment industry centers on an all-girl band called The Kelly Affair, whose young lead singer Kelly McNamara (Dolly Read) travels to Los Angeles to seek fame and fortune. She and her friends quickly fall in with the decadent L.A. scene, embodied by the enigmatic Z-Man (John Lazar), a powerful rock promoter with a few secrets up his sleeve. More of a send-up than a sequel to Jacqueline Susann’s campy “Valley of the Dolls,” Meyer’s movie is a subversive and outrageously entertaining time capsule that illustrates the director’s inimitably lecherous camera.
Elevator to the Gallows (Criterion): Part of the French New Wave group that changed the face of cinema in the late 1950s and early 1960s, director Louis Malle (“Atlantic City”) made his feature debut with this moody 1958 thriller, coming to DVD courtesy of Criterion. The Hitchcockian plot centers on the illicit affair between a married woman (portrayed by New Wave icon Jeanne Moreau) and one of her husband’s employees (Maurice Ronet), who becomes stuck in an elevator while attempting to leave the scene of a crime. The tension of their story is contrasted with another young couple off on an outlaw lark of their own. Featuring stylish views of Paris nightlife and scored to an improvised jazz score by the legendary Miles Davis, Malle’s film is ripe for rediscovery. With subtitles.
Labrador Retriever & Boxer Mix
Meet Beauregard! This happy pup is nothing short of adorable both in looks and personality. He is a young pup, probably about 10-11 months old and loves life. We can't say more positive things about this boy. Beauregard was saved from a high kill shelter where he was at risk of euthanasia simply because he ran out of time. We are thankful that we were able to save him and give him a second chance at life. Now he just needs a home! Beauregard cannot love people more and enjoys playing with dogs too! Since he is young he will need some guidance and training so that he can be the perfect and well behaved dog we know he can be. Contact us if you think he might be a match for you!
All interested parties must fill out an Adoption Application, which will be reviewed to find the best possible match. You can find our application online at: http://www.thepetrescuecenter.org/adopt/adoption-application.html.
Completed applications can be submitted online, faxed to (949) 743-5878 or emailed to: firstname.lastname@example.org
Our adoption fee is $300 for dogs and includes neuter, microchip, flea treatment, deworming, veterinary exams, and current vaccinations while in our care. This fee helps to defray the costs incurred for these and other pre-adoption expenses.
The Pet Rescue Center
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