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Monday, December 18, 2023
Today's Leasing News Headlines
Broker/Funder/Industry Lists | Features (wrilter's columns)
Sports Briefs ######## surrounding the article denotes it is a press release, it was not written by Leasing News nor has the information been verified, but from the source noted. When an article is signed by the writer, it is considered a byline. It reflects the opinion and research of the writer. [headlines] Correction
James "Jim" R. Jackson Jr., Co-CEO the Alta Group was the first to contact Leasing News: "I must say that I was disappointed to read in this morning’s newsletter that Jim Merrilees, our Vice Chairman at The Alta Group, LLC, is now retired. "Jim does great work and assists us with business development efforts through his extensive and impressive network in the industry. He has authored several recent articles for industry publications and continues to share his knowledge and insight with all of us here at Alta." Leasing News was able to reach Jim, who confirmed he joined The Alta Group, July, 2022. Merrilees was quite active in the industry from his days as head of Colonial Pacific Leasing, the first with developing a Super Broker group exclusive to Colonial Pacific, and using early FinTech programming. He is also one of the first to promote Super Brokers, other specific leasing companies and brokers who would submit deals to Colonial Pacific. They either had reached their limit with the leasing Happy Holidays, Jim Jim Merrilees, CLFP [headlines] New Hires/Promotions in the Leasing Business
[headlines] Leasing and Finance Industry Help Wanted [headlines] Balancing Experience and Innovation in Hiring In the competitive landscape of modern business, the debate between hiring seasoned professionals versus those who bring fresh perspectives and innovation is more relevant than ever. As companies strive to maintain their edge and adapt to rapidly changing markets, the decision of whom to bring into executive roles has far-reaching implications. The Case for Experience Seasoned professionals bring a wealth of benefits to an organization. Their extensive experience in the field allows them to navigate complex challenges with ease, drawing on a deep well of knowledge and past learning. They are often well-versed in industry best practices, have established networks, and can provide stability and continuity, especially in times of crisis. Experienced executives are adept at risk management, having faced various business cycles and market fluctuations. They bring proven leadership skills, are able to mentor younger team members, and can navigate the intricate dynamics of a well-established corporate structure. Their familiarity with regulatory environments and operational intricacies of the industry can be invaluable. The Argument for Innovation On the other hand, executives who bring fresh perspectives and are known for their innovative approach can be vital for companies looking to disrupt traditional markets or stay ahead in fast-evolving industries. These individuals are often more adept at leveraging new technologies, adopting cutting-edge methodologies, and thinking outside the traditional paradigms. Innovative leaders tend to foster a culture of creativity and experimentation, crucial for businesses aiming to lead in their fields. They can be instrumental in driving digital transformation, appealing to new customer demographics, and leading the charge in sustainability and social responsibility initiatives. Their fresh outlook can challenge the status quo, leading to groundbreaking strategies and products. Striking the Right Balance The ideal scenario for many organizations is to find a balance between experience and innovation. This can be achieved by assembling a diverse team of executives, where seasoned professionals and innovative thinkers work together, combining the strengths of experience with the freshness of new ideas. Alternatively, organizations can seek individuals who embody both qualities - experienced professionals who have continually adapted and embraced innovation throughout their careers. The Role of Corporate Culture and Goals The decision also heavily depends on the specific needs and culture of the organization. For startups and companies in dynamic sectors like technology or renewable energy, an innovative leader might be more beneficial. In contrast, industries such as finance or manufacturing, where experience and an understanding of complex regulatory landscapes are crucial, might benefit more from seasoned executives.
The Ultimate Hire [headlines] -------------------------------------------------------------- CLFP Foundation Adds 10 New CLFPs
The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 10 individuals who recently sat through the 8-hour online proctored CLFP exam, have passed.
Angela Landers completed the online, self-paced ALFP and earned her CLFP letters earlier this month. She shares, "I came into the Equipment Finance industry four years ago as green as they come. As I began to learn more about the industry, my interest grew in obtaining as much information as possible, so I would feel like I am an asset to my company. As I continued my journey to further educate myself, it was clear that I found something that I truly enjoyed doing." Joanne Ludeman of Financial Pacific shares, "Taking the CLFP exam, was important for me to show my true professional dedication to my job, company and industry of leasing. What came out of it most was truly the journey to get there and a broader understanding of peer work statements within the business. “Reviewing with CLFP staff, company peers and reading the handbooks gave me a strong foundation to provide me a basis of overall knowledge needed. Leasing is technical with lots of vocabulary so the journey of studying and drilling down to the next question and answer was really where the true value lies. The path to get to certification was as important as taking the exam." The CLFP designation identifies an individual as a knowledgeable professional to employers, clients, customers, and peers in the commercial equipment finance industry. There are Certified Lease & Finance Professionals and Associates located throughout the United States (including Puerto Rico), Canada, India, Pakistan, Africa, and Australia. For more information, visit http://www.CLFPFoundation.org. [headlines] Leasing & Financing Books for Christmas Leasing & Financing Books
“Industry data shows that the need for equipment and other product financing has evolved over the past few decades to where now nine out of ten U.S. companies use leasing or other forms of third party financing to acquire the equipment or other products they need. For market-aggressive companies offering products for sale, having an available in-house customer product leasing and financing program as a product marketing strategy can dramatically increase their ability to close product sales. “In the past, establishing an in-house financing activity was difficult and expensive, requiring unique and substantial additional business operational and financing components in addition to an extensive learning curve. This is no longer the case. In recent years, there have been wide-spread market advances surrounding the financing of equipment and other products that enable forward-thinking companies to cost-effectively establish their own in-house product financing activity, using readily available, state-of the-art financing software programs, and third-party back-office services to manage any part of the financing process. “This book will provide a product vendor with the turnkey know how it needs to assess the viability of establishing an in-house equipment financing operation, as well as the various considerations needed to set up and run its own cost-effective and profitable product financing activity.” https://www.amazon.com/Equipment-Leasing-Financing-Business-Strategy/dp/194999192X
Amembal & Halladay Announce Amembal & Halladay proudly announce the release of their two new publications. The two represent the 17th and 18th publications published by the firm, respectively.
Table of Contents: $245 U.S. Orders ---------
Preface: $245 U.S. Orders Amembal & Halladay is the world's most highly respected training and consultancy firm in the equipment leasing and finance industry. The firm has trained over 80,000 leasing professionals throughout the world: provided advisory, consultancy, and professional development services to a host of equipment finance and leasing firms; and, published 18 industry best-sellers. For additional information, including table of contents, availability, and pricing click here: amembalandhalladay.com/publications/
Equipment Leasing in Canada Hugh Swandel, Senior Managing Director-Canada, The Alta Group, recommends, noting, "It was great to be asked to contribute to this new book on equipment financing in Canada. It is now the most current source of information you can get on all aspects of the Canadian industry. Jon Fleisher has coordinated contributions from an all star team of authors." Available for $195 as Preorder: Scott A. Wheeler, CLFP, a thirty-four year veteran in the commercial equipment leasing and finance industry, has compiled his favorite sales tips into an easy-to-read format for veteran and novice commercial equipment leasing and finance professionals. "'Call to Action,' 134 pages, is designed to assist individuals to think outside of their current comfort zone, to increase their productivity, and to enhance their personal value proposition," Scott Wheeler explains. "Each chapter in this book touches upon a significant area in the finance and leasing industry. The sales tips are followed by call to action exercises to stimulate group discussions and individual reflection. "Professionals throughout the equipment finance and leasing industry will benefit greatly from using this book as a reference guide and workbook for self-improvement." $19.95 at Amazon Scott is a well-known author for several leasing publications, including Leasing News, plus issues a weekly newsletter as well as conducts a school for training entrepreneurs to become independent leasing brokers. Scott A. Wheeler, CLFP
"The book is handsome with 142 very readable pages. This book, mainly targeted at new entrants whether countries, sectors or individuals, examines the features of all the component parts of this business and explains each without the complication of local environments. This gives the reader the basic knowledge to grow the various financial products within their own jurisdiction and shape them to suit their customer’s requirements." Table of Contents It is easily available at $36.50 at Amazon:
The Successful Equipment Lease Broker He is a real estate broker in the Greater Seattle area. $39.95 Barnes & Noble
Start Your Own Leasing Company! Company appears to have a collection of “how to” books. They have return policy for printed books only. Book: $44.95 Download $19.46 https://www.businessbooksource.com//books/274/start-leasing-company.cfm
The CLFP Foundation Professional Handbook The Certified Leasing and Finance Professional designation is the only certification for the Equipment Finance Industry. There are currently 571 active Certified Lease & Finance Professionals and Associates in the United States, Canada and Australia. Amazon $70.00/Also available on Kindle The History of the CLP Handbook
Three Volume Set; loose leaf; updated with revisions $1,747 Print Secured Transaction for the Practitioner
Workouts and Enforcement for the Secured Creditor and Equipment Lessor
[headlines] Top Ten Leasing News Read by Readers (1) Does Leasing Financing History Repeat Itself? (2) New Hires/Promotions in the Leasing Business (3) New Hires/Promotions in the Leasing Business (4) Lease Corporation of America and its affiliation (6) Gender Pay Gap Widens with Education Levels (7) Missouri’s Third Attempt: The Persistent (8) Pennsylvania Considers Annual Fee (9) The Role of Emotional Intelligence in Executive Success (10) Commercial Finance/Leasing Finance Conferences -------------------------------------------------------------- Border Collie/Mix with Labrador Retriever
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Penalties For Failure To Comply Several polls of equipment finance companies conducted within the past few months have confirmed a disturbing trend in the industry. Some are moving out of the states that require disclosures. Some equipment finance companies are changing their products (i.e., to operating leases only) rather than undertaking the task of disclosure. Most critically, more than a few equipment finance companies ignore the disclosure laws. This article will address what can happen to those who disregard the laws. CALIFORNIA NEW YORK There is a fine of up to $2000 per violation or, if willful, $10,000 per violation. NEW YORK REGS: https://www.dfs.ny.gov/system/files/documents/2023/01/rf_finservices_23nycrr600_text.pdf
UTAH There is a penalty of up to $500 per violation and up to $20,000 for using the same noncompliant disclosures. UTAH REGS: https://le.utah.gov/xcode/Title7/Chapter27/C7-27_2022050420220504.pdf
VIRGINIA Damages (amount unspecified) VIRGINIA REGS: https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+CHAP0516
GEORGIA $500 per violation, not to exceed $20,000 for all violations arising out of the same transaction GEORGIA LAW:
FLORIDA FLORIDA LAW:
CONNECTICUT Up to $100,000 CONNECTICUT REGS: https://trackbill.com/bill/connecticut-senate-bill-1032-an-act-requiring-certain-financing-disclosures/2369045/ Note that these penalties are not generally exclusive of other civil and potentially criminal fines and penalties. In some but not all states, a private cause of action exists for borrowers. That would leave the damage issue in the hands of a judge or jury, so a judgment might well include consequential and punitive damages. In those states where the Attorney General has the only right to enforcement, the AG could still pursue RICO or unfair business violation claims. The bottom line is if you are doing business in a state with these laws, follow them and get legal advice if you decide you don’t need to. You may have options, but ignoring the law is no way to run a business.
[headlines] News Briefs--- FDIC-run Signature Bridge Bank sells Costco’s hottest item isn’t rotisserie chickens AT&T to buy Rivian EVs as part Good News: You Don’t Have to Sleep With Your Spouse E-Signature Company DocuSign Explores a Deal Federal agency quashes Georgia’s plan
[headlines] Maui vacation rental owners oppose housing
[headlines]
Christian McCaffrey scores 3 TDs and 49ers Arthur Smith blows it for Falcons Cowboys-Bills live updates: Lopsided loss drops Even though Bill Belichick won’t say it, Andy Reid, Patrick Mahomes given big fines [headlines]
San Francisco School District faces $421 million deficit; Court approves $180 million property tax cut [headlines] Gimme that Wine
http://www.youtube.com/watch?v=EJnQoi8DSE8 Believe It or Not: Vintage Reviews [headlines] This Day in History https://leasingnews.org/archives/Dec2019/12_18.htm#history ------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: -------------------------------------------------------------- http://www.gasbuddy.com/ -------------------------------------------------------------- Weather See USA map, click to specific area, no commercials -------------------------------------------------------------- Traffic Live--- Real Time Traffic Information You can save up to 20 different routes and check them out with one click, -------------------------------- Wordle https://www.powerlanguage.co.uk/wordle/ |
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