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Happy New Year: California CFL Lenders and Originators
Can Work at Home if Computer/Cellphone are Encrypted
by Ken Greene, Leasing News Legal Editor

California AB 2001 passed by the Assembly and Senate and signed into law last year by the governor authorized an employee of a California Financing Law (“CFL”) licensee, when acting within the scope of employment, to perform work on the licensee’s behalf at a remote location. There are, of course, conditions attached, including a prohibition against storing a consumer’s personal and business information at the remote location on their computer or cellphone without being encrypted.

Prior law was clear that you could not conduct the business of a CFL finance lender or broker at any location that was not approved and licensed by the Department of Financial Protection and Innovation (“DFPI”). The duration of the still pending COVID Pandemic and the number of people working at home have apparently had an impact on this prohibition.

The employees of California Finance Law licensees can now work at a remote location under the following conditions (summarized):

1. A “remote location” can be a personal residence or a temporary non-public location not owned or leased by the licensee or employee;
2. In person consumer interactions are prohibited;
3. Storage of certain records are prohibited unless properly encrypted.
4. Requires certain equipment that safeguards consumer personal information;
5. Adoption of policies and procedures for oversight and control of employees and the safeguarding of records by employee data security training, maintenance of security logs and related protocols; and
6. All books that the Commissioner is entitled to examine must be made available at the licensed location.

Information to be stored is personal and business information such as social, security, bank accounts, personal and business credit information, as well as information gathered that is private information and not meant for the public.

Whether encryption can be accomplished without technical help, perhaps on line or at the remote location, depends on several factors.

Google search definition:

"1. Data encryption is the process of encoding messages so it can only be viewed by authorized individuals. Encryption is widely used in systems like e-commerce and Internet banking.
2. The four basic types of encryption systems are:
• Advanced Encryption Standard (AES)
• Triple DES
• Blowfish
• Rivest-Shamir-Adleman (RSA)

The very serious downside of end-to-end encryption is that if the key is lost, no one, including you, will be able to get to the information stored.

If there are readers who have had technical help on line or at their remote location in installation of encryption, Leasing News would certainly like to learn about your experiences to share with other, name withheld if required. Please email kitmenkin@leasingnews.org and state if you want your name withheld in quoting your experience.

Whether other states will be adopting this new requirement is not known at this time.

Ken Greene
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
Alternate: kengreenelaw@outlook.com

Ken Greene Leasing & Finance Observations
https://leasingnews.org/Pages/greene_observations.htm

AB-2001
https://www.tenaco.com/wp-content/uploads/2022/09/CA-AB-2001-08-27-22.pdf

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The Top Four Leasing/Finance Funder Websites
In North America

Alexa Rank is a rank (number) used to measure the popularity of a website among millions of other websites on Internet. Google is #1. Amazon discontinued the free posting and noted that on January 1, 2023 would end support for paid subscribers. Leasing News has been using siteworthtraffi.com. We don’t know if we will be able to continue these ratings, but hopefully will be able to in February. The results of the latest ratings were run on December 31, 2022.

It should be noted bank owned and subsidiaries often are in the bank internet listing therefore not counted, as well as both brokers and super brokers are not included.

If your company is a recognized Funder by Leasing News and has less than a 1,000 rating, please email kitmenkin@leasingnews.org to be included in the next Company listing.

Note: Visiting the sites can give those in the industry the view of the website, but not their marketing ability to receive so many visitors. Information about the company with what they offer is noted below the ratings and might give an inroad to their marketing.

Clicklease
146,227
https://www.clicklease.com/
https://leasingnews.org/Funders_Only/New_Broker.htm#click

National Funding
300,148
https://www.nationalfunding.com/
Information on company being updated

Balboa Capital
640,952
https://www.balboacapital.com/
https://leasingnews.org/Funders_Only/New_Broker.htm#balboa

TimePayment
904,471
www.timepayment.com/lease-brokers
https://leasingnews.org/Funders_Only/New_Broker.htm#time

Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support/Work

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If You Are Going to Lease or Purchase an EV Vehicle
Do it in Next Three Months, Before New Tax Requirements
By Matthew W. Daus, Esq.

2022 was the year that electric vehicles entered the mainstream. Not everyone has one but buying an EV no longer makes you an outlier. Driven by policy initiatives from governments and billions of dollars in investment from automakers, we can safely say the EV industry has begun to take shape.

Over the next year, that landscape will develop beyond the foundations of 2022. Here are some of our best guesses for what you can expect.

There will be a race to sell U.S.-built EVs in the first quarter of 2023.

The Inflation Reduction Act, which the Biden administration passed in August, has already had a huge effect on the EV industry as automakers work to onshore their supply chains and factories. However, with certain aspects of the IRA’s EV tax credit rules now to be delayed until March 2023, we are expecting to see EV sales take off in the first quarter of the year.

Under the legislation, eligible EVs could qualify for a $7,500 tax credit if they meet the requirements of being built in North America and having sourced critical battery materials from the U.S. or free trade agreement countries. Those rules were meant to go into effect on January 1, 2023, but the U.S. Treasury Department has delayed guidance on the critical materials rule until March. And it is a good thing, too. While automakers in 2022 scrambled to set up factories in the U.S., most critical materials still come from China, so they need time (likely years) to set up new supply chains.

The delay means that a whole host of North American-built cars will now be eligible for the full refund, at least for the first three months of the year. The biggest winners will probably be Tesla and General Motors, whose sales caps under the previous EV tax incentives will be waived in the new year. But others – like Ford, Nissan, Rivian, and Volkswagen – have all got a lineup of NA-built EVs that are ready to reap the benefits.

Click Here to Read More:
https://techcrunch.com/2022/12/27/an-ev-plosion-awaits-in-2023-and-itll-be-packed-with-tech

Matthew W. Daus, Esq.
Partner and Chairman, Windels Marx Transportation Practice Group
President, International Association of Transportation Regulators,
Transportation Technology Chair, University Transportation Research Center
Contact: mdaus@windelsmarx.com
156 West 56th Street | New York, NY 10019
T. 212.237.1106 | F. 212.262.1215

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Top Ten Leasing News Read by Readers
December 27 to December 29

(1) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Dec2022/12_29.htm#hires

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Dec2022/12_27.htm#hires

(3) Funder List "A"
Funders Please Update Your Listing if Out-of-Date
https://leasingnews.org/archives/Dec2022/12_29.htm#fundera

(4) My Day Starts Backwards
Placard
https://leasingnews.org/archives/Dec2022/12_27.htm#day

(5) Funders Looking for Broker Business
Update
https://leasingnews.org/archives/Dec2022/12_27.htm#looking

(6) Online Academy for Lease & Finance Professionals
Noted a Major Reason for the Growth of CLFP’s
https://leasingnews.org/archives/Dec2022/12_29.htm#clfp

(7) Academy for Certified Lease & Finance Professionals
January, 2023 to May, 2023 Updated
https://leasingnews.org/archives/Dec2022/12_29.htm#academy

(8) Report Shows Quarterly New Jersey Recreational Cannabis
Sales Surpassed $100 Million for First Time
https://leasingnews.org/archives/Dec2022/12_29.htm#report

(9) Used Tesla prices drop nearly 20%
as flippers can’t find buyers
https://nypost.com/2022/12/27/used-tesla-prices-drop-nearly-20-as-flippers-cant-find-buyers/

(10) ‘A sea change’: Biden reverses decades
of Chinese trade policy
https://www.politico.com/news/2022/12/26/china-trade-tech-00072232

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This Day in American History

  1749 - Benning Wentworth issued the first of the New Hampshire Grants, leading to the establishment of Vermont.
    1777 - General George Washington’s Continental Army defeated British forces at the Battle of Princeton, New Jersey.
    1793 - Political and social reformer Lucretia Coffin Mott (d. 1880) born in Nantucket, MA.
http://memory.loc.gov/ammem/today/today.html
    1823 – Stephen F. Austin received a grant of land in Texas from the government of Mexico.
    1831 – The building & loan association in the US organized at Frankford, Pennsylvania.
   1834 – The government of Mexico imprisoned Stephen F. Austin in Mexico City.
    1852 – The first Chinese emigres landed in Hawaii.
    1861 – Delaware rejected a proposal to join the Confederate States of America, deciding to remain in the Union.
    1870 – Construction began on the Brooklyn Bridge.
    1876 - Hill Institute opened in Florence, MA. Originally called the Florence Kindergarten, because it was in the home of its founder, Samuel Lapham Hill, it become known as the Hill House and later to the name known today as the first free Kindergarten.
    1888 - Marvin Stone, of Washington, D.C., filed a patent for a drinking straw made out of paraffin-covered paper, replacing natural rye straws. It revolutionized drinking soda pop, not only a drug store fountains, but baseball games, beach, and all outdoor events.
    1889 – The world’s largest telescope at the time, the James Lick telescope at the Lick Observatory, east of San Jose, measuring 91 cm in diameter, was used for the first time.
    1889 – An admissions convention seeking statehood was held in Ellensburg, WA.
    1897 - Marion Davies, born Marion Cecilia Douras (d. 1961) at Brooklyn, NY. She made her first appearance on film in 1917. Her romantic and professional involvement with newspaper magnate William Randolph Hearst ensured the type of publicity that would launch her to stardom. Her films included When Knighthood Was in Flower, The Patsy and Show People. She had a mansion on Santa Monica Beach and as kids we would visit. When she was in a good mood, she was friendly and gave us soda. When her house was vacant, it became a place for us to meet as we knew how to enter, plus guards remember us as her friends.
    1899 – The first known use of the term “automobile” appeared in an editorial in The New York Times.
    1903 - President Theodore Roosevelt signed a bill establishing South Dakota's Wind Cave as a national park and preserve. It was the first national park established for the preservation of a cave.
    1904 - Eddie Lang Birthday
http://www.redhotjazz.com/lang.html
    1907 – Ray Milland was born Alfred Reginald Jones (d. 1986) in Wales.
His screen career ran from 1929 to 1985, and he is best remembered for his Academy Award-winning portrayal of an alcoholic writer in “The Lost Weekend” (1945), a sophisticated leading man opposite a corrupt John Wayne in “Reap the Wild Wind” (1942), the murder-plotting husband in Hitchcock’s “Dial M for Murder” (1954), and as Oliver Barrett III in “Love Story” (1970).
    1909 - Victor Borge was born Børge Rosenbaum (d. 2000) in Denmark. Comedian, conductor, and pianist who achieved great popularity in radio and television in the US and Europe, his blend of music and comedy earned him the nicknames "The Clown Prince of Denmark," "The Unmelancholy Dane," and "The Great Dane.”
    1910 - Stanley George "Frenchy" Bordagaray (d. 2000) was born in Coalinga, CA. He played Major League Baseball with several clubs between 1934 and 1945 with a .283 career batting average. Bordagaray gained publicity through the press through his colorful personality and various gimmicks. He grew a mustache in a time when baseball players were expected to be clean shaven. He told the following story, "I was making $3,000 a year playing baseball, so I figured I could at least have fun while I was not getting rich. But after I had [the mustache] about two months, Casey [Stengel] called me into the clubhouse and said, 'If anyone's going to be a clown on this club, it's going to be me.'"
    1919 – Herbert Hoover was put in charge of war relief in Europe.
    1920 - Boston Red Sox owner and theatrical producer Harry Frazee sold pitcher-outfielder Babe Ruth to the New York Yankees for $125,000 and a $300,000 loan. Frazee used the loan several years later to produce “No, No, Nanette,” a hit musical.
    1921 - The University of Wisconsin, Madison, WI on station 9XM made the first weather broadcast. Other radio stations copied this popular news.
    1929 – William S. Paley, 27, became the president of CBS. In 1927, Samuel Paley (William’s father), Leon Levy (Leon Levy was married to Paley's sister, Blanche), and some business partners bought a struggling Philadelphia-based radio network of 16 stations called the Columbia Phonographic Broadcasting System. Samuel Paley's intention was to use his acquisition as an advertising medium for promoting the family's cigar business, which included the La Palina brand. Within a year, under William's leadership, cigar sales had more than doubled, and, in 1928, the Paley family secured majority ownership of the network from their partners. Within a decade, William S. Paley had expanded the network to 114 affiliate stations. Paley's recognition of how to harness the potential reach of broadcasting was the key to his growing CBS from a tiny chain of stations into what was eventually one of the world's dominant communication empires. During his prime, Paley was described as having an uncanny sense for popular taste and exploiting that insight to build the CBS network. As war clouds darkened over Europe in the late 1930s, Paley recognized Americans' desire for news coverage of the coming war and built the CBS news division into a dominant force just as he had previously built the network's entertainment division. The lessons of his success in radio carried well into the booming pst-war medium, television.
    1930 - The first diesel engine car trip was made by Clessie Lyle Cummins of the Cummins Engine Company, Columbus, IN, with a stock model engine weighing 1,200 pounds, delivering 50 horsepower at 1,000 revolutions per minute with four cylinders of 4.5x6 inch bore, installed in a seven-passenger Packard sedan. He left Indianapolis, IN this day and arrived in New York City on January 6, covering 792 miles at a total fuel cost of $1.38.
    1933 – Minnie D. Craig became the first woman elected as Speaker of the North Dakota House of Representatives, the first woman to hold a Speaker position anywhere in the United States.
    1938 – The March of Dimes was established by President Franklin D. Roosevelt, himself a victim of the disease, to fight polio.
    1939 - Hockey Hall of Fame Left Wing Bobby Hull birthday, Point Anne, Ontario, Canada. In his 23 years in the NHL and WHA, Hull played for the Chicago Black Hawk, Winnipeg Jets and the Hartford Whalers. He won the Hart Trophy as the NHL's most valuable player twice and the Ross Trophy as the NHL's leading point scorer three times, while helping the Black Hawks win the Stanley Cup in 1961. He also led the WHA's Winnipeg Jets to Avco Cup championships in 1976 and 1978. He led the NHL in goals seven times, the most of any player in history (tied by Alexander Ovechkin in 2017–18) and led the WHA in goals one additional time while being the WHA's most valuable player two times. He was elected to the Hockey Hall of Fame in 1983 and in 2017, Hull was named one of the '100 Greatest NHL Players' in history.
    1939 - Gene Cox, 13, served on the House floor as aide to her father, Representative Eugene Cox (D-GA), on opening day of the 76th Congress. She was paid $4 for three hours of work and there were no objections to her one-day service. More than 30 years later, however, there was much debate when Senator Jacob Javits (R-NY) nominated a female to be a real Senate page.
    1945 - Admiral Chester Nimitz, placed in command of all US naval forces, began planning assaults on Okinawa and Iwo Jima in Japan.
    1945 – Stephen Stills of Crosby, Stills, Nash and Young, was born in Dallas.
    1946 – As a reward for his wartime cooperation, NY Governor Thomas Dewey commuted Charles "Lucky" Luciano's pandering sentence on condition that he not resist deportation to Italy. Luciano was tried and successfully convicted for compulsory prostitution and running a prostitution racket in 1936 after years of investigation by DA Thomas E. Dewey. He was given a thirty-year prison sentence, but during World War II an agreement was struck with the Department of the Navy through his associate Meyer Lansky in order to protect New York's harbors from Axis U-boats. Dewey almost failed to keep his end of the bargain and it took months to finally come up with a solution to release Luciano. He was deported to live his life freely outside the U.S.
    1947 - For the first time, the opening of Congress was televised.
    1947 – William Dawson became the first African American to head a Congressional committee.
    1949 - Metronome All-Stars (Parker, Gillespie, Ventura, etc.) cut “Victory Ball,” “Overtime,” and many more, New York City
    1952 – “Dragnet” starring Jack Webb, premiered, on NBC. “The facts, ma’am, just the facts.” During its early success on radio, “Dragnet” was popular enough to move to television. More important was that it brought continuity between the television and radio series, using the same script devices and many of the same actors. This original ran through 1959, then became “Badge 714” in syndication that may still be seen on cable networks occasionally. On Webb's death in 1982, LA Police Chief Daryl Gates announced that badge number 714, which was used by Joe Friday in “Dragnet”, would be retired. Los Angeles Mayor Tom Bradley ordered all flags lowered to half-staff in Webb's honor for a day, and Webb was buried with a replica LAPD badge bearing the rank of sergeant and the number 714.
    1957 - Hamilton Watch Company, Lancaster, PA introduced to the public the first electric watch. The movement was powered by a small energy cell guaranteed to operate the watch for a year. It had no mainspring and had 35 percent fewer parts than an automatic or self-winding watch.
    1959 - Alaska, which had been purchased from Russia in 1867, became the 49th state. The area of Alaska is nearly one-fifth the size of the rest of the United States.
    1962 – Ground was broken for the 8th Wonder of the World, the Houston Astrodome.
    1965 - Three brothers became the first from one family to serve in the Senate. Three sons of Joseph Patrick Kennedy and Rose Kennedy of Boston, MA. are John Fitzgerald Kennedy, senator from Massachusetts, who was sworn in on January 3, 1953; Edward Moore Kennedy, also from Massachusetts, who was sworn in on January 9, 1963; and Robert Francis Kennedy, senator from New York, who was sworn in on January 3, 1965.
    1971 – NFL football, Bay Area chapter. AFC Championship Game: Baltimore Colts beat Oakland Raiders, 27-17; NFC Championship Game: Dallas Cowboys beat San Francisco 49ers, 17-10.
    1973 - A group headed by shipping executive George M. Steinbrenner, III, bought the New York Yankees from CBS for $10 million. During Steinbrenner's 37-year ownership from 1973 to his death in July 2010, the longest in club history, the Yankees earned seven World Series titles and 11 AL pennants. The team continues under the family ownership with Steinbrenner’s sons, Hal and Hank.
    1976 - Martha Elizabeth Keys, Democrat of Kansas and Andrew Jacobs, Jr, Democrat of Indiana, were married at Topeka, KS, to become the first congressional representatives to marry each other.
    1977 – Apple Computer incorporated
    1980 – One of the greatest catches in Super Bowl history was made by David Tyree, born in Livingston, NJ. His “Helmet Catch” in 2008 on the New York Giants' final drive of Super Bowl XLII, came at a crucial moment in continuing the drive that eventually resulted in the Giants scoring a last-minute touchdown, resulting in a 17–14 victory over the previously undefeated New England Patriots. The pass was thrown by QB Eli Manning, see below.
    1981 – Eli Manning was born Elisha Nelson Manning IV in New Orleans. Son of QB Archie Manning and brother of Peyton Manning, Eli is the winner of two Super Bowls with the Giants, MVP in each and holds Giants franchise records for most passing yards, TD passes, and completed passes in a career.
    1983 – Dallas Cowboys running back, Hall of Famer Tony Dorsett, set the NFL record for the longest run from scrimmage, ripping off a 99-yarder against the Minnesota Vikings.
    1987 - Cleveland quarterback Bernie Kosar passed for 487 yards, an NFL playoff record to date, to lead the Browns to a double-overtime 23-20 victory over the New York Jets in an AFC divisional playoff game. The following week, Cleveland lost the AFC championship game, also in overtime, to the Denver Broncos by the identical score.
    1987 – The Rock and Roll Hall of Fame inducted its first female artist, Aretha Franklin.
    1989 - “The Arsenio Hall Show” premiered on TV. Arsenio Hall became the first African-American to host a successful syndicated late-night talk show. The show attracted a younger audience than that of Johnny Carson's “The Tonight Show” and effectively limited the impact of CBS's 1989 late-night entry, “The Pat Sajak Show.” Hall was successful in booking soul and rap music acts that had rarely been seen on other shows. His was also the show on which presidential candidate Bill Clinton appeared, playing the saxophone in dark glasses. Hall was named by TV Guide (June 1990) as its first “TV Person of the Year.”
    1991 – Wayne Gretsky scored his 700th career goal, against the NY Islanders.
    1993 – The greatest comeback in NFL history occurred when the Buffalo Bills’ backup QB, Frank Reich, engineered a 41-38 OT victory over the Houston Oilers in the AFC wild card game.
    1996 – The first clamshell flip mobile phone, the Motorola StarTAC, goes on sale. Eventually 60 million are sold….and many are still in service!
    2004 - After hosting the show for over 30 years, Casey Kasem gave up the hosting duties of radio’s "American Top 40" to Ryan Seacrest.
    2018 - Previously unknown, the ancient Beringians people were unearthed in Alaska; they are believed to be the earliest known Native Americans at 11,500 years old.

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