New Hires/Promotions in the Leasing Business
and Related Industries

Scott Divona was hired as Senior Vice President, New England Regional Manager, Equipment Finance, Boston, Massachusetts. He is located in Providence County, Rhode Island. Previously, he was Vice President, People's Capital and Leasing Corp. (March, 2014 - December, 2015); Vice President, Citizens Asset Finance (1999 - 2014); Regional Sales Manager, Textron Financial, 1989 - 1998).
https://www.linkedin.com/in/scott-divona-163b91b//

Jeffrey Gocken was promoted Vice President, National Sales Manager, Construction, Transportation and Industrial, PEAC Solutions, Mount Laurel, New Jersey. He is located in Jensen Beach, Florida. He previously was Director, National Sales Manager. Prior, he was at DLL, starting February, 2002, Regional Sales Manager, Construction and Industrial. He joined Key Equipment Finance, June, 2005, then VP, Global Vendor Program Manager, DLL (December, 2006 - January, 2023).
https://www.linkedin.com/in/jlgocken/

Kathy Havlik, CLFP, was promoted to Senior Vice President and Regional Sales Director, KeyBank Commercial, Cleveland, Ohio. She is located in New York, New York. She joined KeyBank June, 2008,
Leasing Manager, promoted January, 2011, Senior Vice President and District Manager, Greater New York City Area.
https://www.linkedin.com/in/kathyhavlik/

Sean Kelly was hired as Regional Sales Manager, PNC Vendor Finance Construction and Industrial Equipment, Cleveland, Ohio. He is located in Boulder, Colorado. Previously, he was at Key Equipment Finance, starting May, 2016, Sales ACT Associate, promoted May, 2017, Vendor Sales Representative, then Account Manager (January, 2020 - June, 2023).
https://www.linkedin.com/in/sean-kelly-95ab369b/

Michael Kianmahd was promoted to Chief Executive Officer, Maxim Commercial Capital, LLC., Los Angeles, California. He joined Maxim in 2012 as Executive Vice President. Previously, he was Cofounder and Founding Board Member, Cross Campus (2012 - 2022); Underwriter, Real Estate Banking, JP Morgan Chase (2010 - 2012).
https://www.linkedin.com/in/michael-kianmahd/

Joe Knotts is now Fractional Sales Leader, Sales Xceleration, St. Louis, Missouri. He is located in Metro Jacksonville. He invites you to take a private and free "Sales Agility Assessment" by contacting him at jknotts@salesxceleration.com. Previously, he was Senior Vice President, Ascentium Capital (2017 - 2023); Director of National Accounts, Navitas Lease Corp. (February, 2013 - August, 2017); Regional Sales Manager, Wells Fargo Capital Finance (October, 2008 - January, 2012); Strategic Account Executive, Solutions Sales Specialist, IKON Office Solutions (2002 - 2008).
https://www.linkedin.com/in/joeknotts/

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Will Pennsylvania Be the Next State
to Adopt a Commercial Disclosure Law?
By Kenneth Greene, Leasing News Emeritus

On October 24, 2023, the Pennsylvania House of Representatives re-introduced its Commercial Finance Disclosure Law (“CFDL”) as an amendment to its 1974 Loan Interest and Protection Law (“LIPL”). The LIPL is primarily a consumer residential mortgage usury law.

The House Bill 1792 amendment is comparatively simple. It would require lenders to provide specific information to small businesses, defined in the LIPL as “a business of fewer than 500 employees”. The specific information includes the usual disclosures, though it curiously omits any requirement that the entire loan amount be disclosed. This is what must be disclosed at the time a specific offer is made:

• Total amount of funds provided;
• Total cost of financing;
• Term;
• Payment terms;
• Prepayment policies;
• Total cost of funds expressed as an annualized rate.

The bill appears to apply to every type of commercial transaction, including loans, leases, merchant cash advances, factoring, and other commercial products. As written, there are no exemptions to the CFDL for banks or any other entity and no exemptions for particular types of transactions.

Based on the LIPL, there is a six percent cap on loans of $50,000 or less. If the LIPL and CFDL are merged, business loans will have no interest cap. If passed, it also seems possible that the combined LIPL and CFDL amendment would create a private cause of action for statute violations, meaning an individual could sue. This would be a substantial deviation from the commercial disclosure laws of virtually every other state. That, plus the placement of the law within the LIPL, might give rise to an argument that this section of the law might only pertain to usury claims.

The amendment, in its entirety, is sure to draw challenges from various industry lobbyists. The banking industry will almost certainly not allow Pennsylvania to become the only state that mandates disclosures and will demand an exemption for non-depository institutions. The equipment finance industry will also lobby for an exemption for operating (true) leases, as it has before.

The bottom line is that this is a well-intentioned piece of legislation that will require substantial revisions to pass legislative and judicial muster.

HB 1792 [CFDL:] https://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm

LIPL (USURY LAW):
https://www.dobs.pa.gov/Documents/Statutes/Loan%20Interest%20and%20Protection%20Law.pdf

Ken Greene
Law Office of Kenneth Charles Greene
Tel: 818.575.9095
ken@kengreenelaw.com
www.kengreenelaw.com

 

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License and Registration
A State-by-State Analysis of License Requirements for Lenders and Brokers

• Virginia sales-based financing disclosure law – Went into effect July 1, 2022

• California commercial financing disclosures – Went into effect December 9, 2022.

• Utah commercial financing disclosures – Went into effect January 1, 2023.

• Florida disclosure law and broker law  -  Went into effect July 1, 2023

• New York commercial financing disclosure law – Went into effect August 1, 2023

The law in these two states went into effect this year, so keep records starting now. Reports are due in 2025. Also note companies may be audited this year, information may be required before year-end.

• Connecticut commercial financing disclosure law – Went into effect January 1, 2024
  
  
• Georgia’s commercial financing disclosure law – Went into effect January 1, 2024

“I know personally, besides the financials and tax returns, plus credit, they were more interested in the backup receipts and even the files on specific transactions. I had the accountant plus our bookkeeper present for the appointment (as I remember we had to pay for auditors travel time and cost here). One auditor came back for a second time as we really couldn’t produce all they were wanting to see in the original time they were doing the auditing. We were much more prepared the next time. Never had a third audit.” - Editor.

Full Information by State:
https://leasingnews.org/Pages/states_license.html

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Leasing and Finance Industry Help Wanted

 

Would You Hire You?
By Ken Lubin, ZRG Partners, Managing Director

This is a personal accountability and responsibility question. If you walked out the door for an interview, sales call, or even a date, this is a question you must ask yourself.

How do you look? Is your story dialed in? How is your attitude? Are you likable? Are you willing to do what it takes, no matter what? Do you make excuses? Have you done all of your homework on the hiring manager, company, team? Are all the boxes checked off so that you will be remembered as a person they must hire or do a deal with?

I know it is a different way of thinking but now it is on your shoulders. I know for me, this is an opportunity to be better prepared to win. If I look in the mirror on my way out the door and I am not ready to have a definitive yes, it is time to adjust so that I am.

Before you next interview, sales call, yearly review, or date, ask yourself this very important question, “Would You Hire you?”

Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin

 

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What to Know about 2024 Changes
to the Electric Vehicle Tax Credit
By Mathew W. Daus, Esq.

Changes to the federal electric vehicle (EV) tax credit are set to take effect Jan. 1, reflecting a push by the Biden administration to focus the financial incentives on domestically produced vehicles.

The changes to the tax credit, which tops out at $7,500, will exclude certain EVs that include internationally sourced components from eligibility, while for the first time allowing some buyers to access the credit right after buying an eligible vehicle.

Starting Jan. 1, the tax credit will become redeemable as a point-of-sale rebate among dealers registered with the IRS, whereas previously car buyers needed to claim it on their taxes the following year. 

The tax credit bars vehicles including components or critical minerals from “foreign entities of concern” (FEOC) from being eligible for the credit. In November, the Biden administration issued rules for determining which entities fall under this disqualification. This includes companies fully or partially controlled by the governments of China, Iran, North Korea, or Russia.

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

Full Report:
https://thehill.com/policy/energy-environment/4379404-what-to-know-electric-vehicle-tax-credit-2024-changes/

 

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Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

Start the new year with a batch of critically acclaimed releases, ranging from award-winning mysteries (“Anatomy of a Fall”) and warm crowd-pleasers (“The Holdovers”) to harrowing epics (“Killers of the Flower Moon”) and provocative character studies (“May December” and “Priscilla”).

Anatomy of a Fall (Amazon Prime, Vudu): Ambiguity in its many shades is the subject of Justine Triet’s acclaimed French drama, which won the top prize at 2023’s Cannes Film Festival. In the chilly expanses of Grenoble, a mysterious event forever changes the life of novelist Sandra (Sandra Huller). When her husband Samuel (Samuel Theis) is found dead from a fall by their blind son, Daniel (Milo Machado Grainer), she finds herself the main suspect in a case that might be an accident, a suicide, or a murder. Thrust into a ruthless trial, Sandra sees every detail turned into a piece of evidence—a courtroom ordeal that reaches its pinnacle when Daniel steps in as a witness. Searching for truth in a landscape of doubt, Triet’s film is consistently engrossing. With subtitles.

The Holdovers (Peacock): Nearly twenty years after “Sideways,” director Alexander Payne re-teams with actor Paul Giamatti for this melancholy comedy-drama, which reveals a certain mellowing of the filmmaker’s typically acerbic worldview. Unfolding in a New England prep school during Christmas in 1970, it focuses on three contrasting people forging unlikely bonds and divulging new emotional sides while stuck together. There’s Paul Hunham (Giamatti), a curmudgeonly instructor forced to supervise pupils who openly dislike him. There’s Angus (Dominic Sessa), a troubled student who manifests his family troubles through troublemaking. And there’s Mary (Da’Vine Joy Randolph), a feisty volunteer cook. Leisurely, observant, and often funny, Payne’s warm crowd-pleaser brims with touching moments.

Killers of the Flower Moon (Amazon Prime, Vudu): The great Martin Scorsese follows “The Irishman” with another extraordinary epic of societal rot in this sprawling drama, which uses a true story to delve into one of American history’s darkest chapters. The story is set in Oklahoma during the 1920s, when the discovery of oil on Osage tribal land led to a series of killings of indigenous people. At its center is a trenchant triangle: former World War I soldier Ernest Burkhart (Leonardo DiCaprio), his Osage wife Mollie Kyle (Lily Gladstone), and Ernest’s monstrous uncle, William King Hale (Robert De Niro). Greed and betrayal thrive in these wide open plains, as the rise of capitalism is connected to the tragedies upon which nations are often built. Others in the vast cast include Jesse Plemons and Brendan Fraser.

May December (Netflix): A master of layered, provocative melodrama, Todd Haynes (“Carol”) is in top form in this complex examination of performance, camp, and cinema itself. Two decades after their scandalous romance, Gracie (Julianne Moore) and her much younger husband Joe (Charles Melton) find themselves again under a magnifying media lens, this time a Hollywood camera. When actress Elizabeth (Natalie Portman) comes to stay with them as research for her role as Gracie, the precarious order of the cozy Maine household begins to crumble. Nested in a movie-within-a-movie structure, Haynes uses the plot mainly as a jumping-off point for analyzing the curious relationships between the characters, which deconstructs the nature of storytelling and makes for sterling turns by Moore, Portman and Melton. The results are assured, unsettling, and darkly funny.

Priscilla (Amazon Prime, Vudu): Sofia Coppola (“Lost in Translation”) continues to refine her cinematic expression of graceful feminine aching with this intriguingly rarefied study of Priscilla Presley, which at times plays like a low-key companion piece to Baz Luhrmann’s recent, cacophonous “Elvis.” Taking place from the late 1950s to the early 1970s, the film chronicles the feelings of young Priscilla (played by Cailee Spaeny), who, as a teenage army brat, was introduced to the King of Rock ‘n’ Roll himself, Elvis Presley (Jacob Elordi). Marked by absences, emotional manipulation, and abusive hints, their relationship is a troubled one as Priscilla languishes in the lavish cage that is their Graceland home. With her characteristic blend of delicacy and ruthlessness, Coppola crafts a poignant examination of the power plays lying beneath manicured surfaces.

Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday

Brittany Spaniel
Los Angeles, CA  Adopt-a-Dog

Reah

Female
Spayed
Medium Size
Almost 3 Years old
Good in a Home
with Dogs
Prefers Home without
Cats

Reah is a very sweet, maternal, almost 3-year-old, just waiting for her furever home. Reah has lived her entire life with her parents and two siblings so she will do best in a home with another sweet dog to play with. While Reah is close to her mom, Juliet - and would love to be adopted with her - she is not good with other female dogs.

Reah is her foster dad's favorite and he has been working with her training and manners. Any adopter will be expected to continue with this training. As with any Brittany, Reah will need daily exercise and play-time with her new family. Because she is naturally affectionate, Reah needs a home where she will receive lots of attention. She also needs a home with a reasonable-sized yard with a secure 6-foot physical fence.

Reah is spayed, current on her vaccinations, heartworm negative, and microchipped. She will do fine in a home without kids, or in a home with older, responsible kids. She will not be adopted to a home with cats.

Reah's adoption fee is $400.00. If you are interested in making Reah a member of your family, please visit www.nbran.org and complete the on-line application found under the Adopt tab. Once the application has been completed, you will be contacted by your state coordinator. A phone interview, home visit and vet check will be required as part of the approval process. Please realize that all our dogs are placed in the most appropriate home for their individual needs. We do not operate on a first-come, first-serve basis.

Reah is eligible for our canine railroad and can be transported up to 1400 miles from LA with the last leg (100) being driven by the adopter

National Brittany Rescue & Adoption Network
Los Angeles, CA
Location Address
999 Main street
Los Angeles, CA 90067
Get directions
doglover95966@yahoo.com
916-296-5195

Prefer to see if you will match:
https://www.petfinder.com/user/profile/create/

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Results are in: Wheeler Business Consulting
2023 Compensation and Production Survey

In December 2023, Wheeler Business Consulting LLC conducted its eighth annual industry-wide compensation and production survey of originators. A total of 110 individuals participated in the survey.

The survey confirmed that the commercial equipment leasing and finance industry remains a lucrative opportunity for originators. Below are detailed charts developed from the survey:

86% of originators are satisfied with their current position within the commercial equipment leasing and finance industry.

The sample group was made up of 38% bank originators, 45% originators from independent finance and leasing companies, and 17% from syndication/broker companies.

The survey included 22% of originators with less than 5 years of experience, 20% of originators with 5 to 10 years of experience, and 58% with 10 years or more of experience.

The survey consisted of 71% small ticket originators, 26% middle-market originators and 3% large-ticket originators.

Originators' Compensation

Originators' income remained strong in 2023 with 51% of originators having personal earnings in excess of $200.0K and 28% having incomes in excess of $300.0K.

Originators' Production

Production also remained strong for originators with 63.6% of originators producing in excess of $10.0M in 2023. It is notable that originators producing in excess of $35.0M decreased by 5% in 2023 over 2022. Lower-level productions of less than $5.0M continue to decrease year over year with only 15% of originators producing less than $5.0M. 

The survey includes information related to compensation structures, origination channels, and general questions related to individual trends.

For the Full Report with Graphics and Charts (four pages):
https://www.wheelerbusinessconsulting.com/wheeler-business-consulting-llc-compensation-survey.html

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com 
Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: scott@wheelerbusinessconsulting.com

News Briefs---

Samsung to kick off year of AI phones
    with new launch this month in San Jose
https://www.eastbaytimes.com/2024/01/03/samsung-to-kick-off-year-of-ai-phones-with-new-launch-this-month/

Fed Minutes Showed Officials Feeling
    Better About Inflation
https://www.nytimes.com/2024/01/03/business/economy/federal-reserve-meeting-december.html?login=smartlock&auth=login-smartlock

Is Kauai the new Maui?
    "The virtues and differences of both Hawaiian Islands."
https://www.sfgate.com/hawaii/article/is-kauai-the-new-maui-18561703.php

Where the Job Market Is Heading in 2024, in Six Charts
    Forecasters expect unemployment to edge higher and hiring to slow
https://www.wsj.com/economy/jobs/where-the-job-market-is-heading-in-2024-in-six-charts-49f5c5f5?st=ovlfw3b0piigdkj&reflink=desktopwebshare_permalink

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How a billionaire grocer from New Hampshire
    built one of Boston’s biggest tech companies
https://www.bostonglobe.com/2024/01/03/business/rick-cohen-symbotic-cs-grocers-new-hampshire/

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Sports Briefs---

NFL Power Rankings: Are the Eagles the team to beat
https://nflrankings.theringer.com/power-rankings

Playoffs clinching scenarios
https://www.espn.com/nfl/story/_/id/39231065/nfl-week-18-playoff-picture-2023-clinching-scenarios-standings-division-races

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California News Briefs---

California office building sells
    at 52% less than 2018 price
https://www.eastbaytimes.com/2023/12/27/la-office-building-sells-at-52-less-than-2018-price/

Bay Area city once dubbed the 'murder capital'
of US had zero murders in 2023
https://www.sfgate.com/bayarea/article/bay-area-murder-capital-had-no-murders-in-2023-18587708.php

California tech founder relinquishes nearly 1,000
acres of private land for public use
https://www.sfgate.com/bayarea/article/california-mendocino-forest-thomas-creek-18586075.php

These are the touristy SF restaurants
actually worth visiting
https://www.sfgate.com/food/article/sf-best-tourist-restaurants-18550275.php

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8    

Wine of the week: Cache Creek, 2020 Majestic Elk,
    Cache Creek Vineyards, Lake County Red Blend
https://www.pressdemocrat.com/article/lifestyle/wine-of-the-week-cache-creek-2020-majestic-elk-cache-creek-vineyards-la/

Scarecrow: America's Oldest Cabernet
    one of the most-sought wines in the United States
https://www.wine-searcher.com/m/2024/01/scarecrow-americas-oldest-cabernet

U.S. Spirits Market Rises to 42%
  Just Under 300 Million Cases
https://www.shankennewsdaily.com/2024/01/02/34586/exclusive-u-s-spirits-market-rises-4-2-to-just-under-300-million-cases/

Texas Wine Industry Shines With Elisa Christopher Wines
    ' Innovative Sparkling Wine Production
https://www.winebusiness.com/news/article/281191

2020 Malbec
Bronze Medal Winner San Francisco Chronicle Wine Competition! This Texas High Plains Malbec, is Chris's favorite red wine. Blackberry and cassis notes, this smooth finishing wine is perfect with foods ranging from Manchego cheese to steak!
https://elisachristopherwines.com/