Leasing News - information, news, education and entertainment for the commercial bank, finance and leasing industry

######## 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.

Ameris Bancorp, Owner of Balboa Capital,
to Transfer Listing to New York Stock Exchange

Ameris Bancorp (Nasdaq: ABCB) (the "Company" or "Ameris") announced that it is transferring the listing of its common stock to the New York Stock Exchange ("NYSE") from The Nasdaq Stock Market LLC ("Nasdaq").

Ameris's common stock is expected to begin trading on the NYSE on Tuesday, July 23, 2024, and will continue to be traded under its current ticker symbol "ABCB" after the transfer. Ameris's common stock is expected to continue to trade on Nasdaq until the close of the market on Monday, July 22, 2024. To commemorate the event, members of Ameris's executive team and its board of directors will ring the Opening Bell at the NYSE on Tuesday, July 23, 2024.

Palmer Proctor, Chief Executive Officer of Ameris, stated, “We are excited to announce the transfer of Ameris's common stock listing to the NYSE, the world's premier stock exchange.

"We believe this strategic move will provide enhanced visibility and a strengthened market position for our Company."

John Tuttle, Vice Chair, NYSE Group, said, "We're thrilled to welcome Ameris to the New York Stock Exchange.

"As an NYSE-listed company, Ameris joins our community of icons, disruptors and many of its peers, leveraging the membership value that our exchange uniquely provides."

About Ameris Bancorp

Ameris Bancorp is the parent of Ameris Bank, a state-chartered bank headquartered in Atlanta, Georgia. Ameris operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris manages $25.7 billion in assets as of March 31, 2024, and provides a full range of traditional banking and lending products, treasury and cash management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris at https://www.amerisbank.com

[headlines]
--------------------------------------------------------------

New Hires/Promotions in the Leasing Business
and Related Industries

Ralph Gelley was hired as Senior Managing Director, Sheridan Capital, Chicago, Illinois. He is located in Miami, Florida. Previously, he was Vice President, Meridian Capital Group (July, 2018 - June, 2024).
https://www.linkedin.com/in/ralph-gelley-5a6228160/

Dan Johnson was hired as Asset Sales Support Specialist, DLL, Wayne, Pennsylvania. He is located in Mount Laurel, New Jersey. Previously, he was Account Executive, RLS Logistics (June, 2023 - October, 2023); Finance Specialist, Navitas Credit Corporation (October, 2021 - June, 2023); Special Products Analyst, Cenlar FSB (April, 2021 -- November, 2021).
https://www.linkedin.com/in/dan-johnson-545a64126/

Monica Larios was promoted to Funding Manager, Reliant Capital, Columbus, Ohio. She is located in Laguna Hills, California. She joined Reliant August, 2021, Funding Specialist, promoted Funding Team Lead (November, 2021 - November, 2023). Previously, she was Documentation Specialist, Partners Capital Group (May, 2021 - July, 2021). She began her financial career 2019, Junior Funder, Winnpointe Corporation dba Interactive Mortgage, promoted Docs Out/Doc Drawing (2020 – 2021).
https://www.linkedin.com/in/monica-larios-b888a31b1/1).\

Katlyn Pudlo (Hardecopf) was promoted to Credit Training and Development Coordinator, GreatAmerica Financial Services, Cedar Rapids, Iowa. She joined GreatAmerica May, 2018, Credit Analyst I,II, promoted August, 2022, Credit Functional Leader, Credit III.
https://www.linkedin.com/in/katlyn-pudlo-hardecopf-6b6744109/

Wren Rex was promoted to Senior Managing Director, Post Road Equipment Finance, Westport, Connecticut. She joined Post Road as Managing Director, (March, 2019 - June, 2024). Vice President, Prudential Capital Group (December, 2015 - February, 2019). She joined GE Capital November, 2009, Program Manager, promoted June, 2010, Manager, Institutional Information Operations.
https://www.linkedin.com/in/wren-rex-6ab39842/

Kirsten Sinopoli, CLFP, was promoted to Program Manager, DLL, Philadelphia, Pennsylvania. She joined DLL October, 2018, Structured Sales Support Analyst, promoted Account Executive (April, 2020 - July, 2024).
https://www.linkedin.com/in/kirsten-sinopoli

[headlines]
--------------------------------------------------------------

Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

The Broker’s Limited Disclosure Law Obligations
Ken Greene, Leasing New Emeritus

In my last article, I addressed some of the reasons why lenders (referred to in most commercial financing disclosure laws as “providers” or “financers”) should heed the new disclosure laws and regulations popping up in many states. This article discusses what, if anything, a finance broker must do to comply.

The short answer is, generally, “very little.” However, given the number of calls I have received from brokers who believe they are legally obligated to prepare and provide disclosures in a financing transaction, I aim to dispel that misconception.

It is clear that, in California, the apparent leader in the disclosure world, broker obligations are limited to (1) transmitting to the borrower the unaltered disclosures received from the lender, (2) providing evidence of transmission to the lender, and (3) maintaining copies of the disclosures for four years.

California law expressly relieves the broker of the burden of evaluating the accuracy of the disclosures and any liability for non-compliant disclosures prepared by the lender.

The New York disclosure regulations are virtually identical to the ones in California. Utah, Florida, Kansas and Georgia are fairly silent on the issue, but the statutes seem to place the burden on the provider to prepare the disclosures.

Connecticut may be different. It distinguishes between the financer and the provider and places the onus of disclosures squarely on the provider, not the financer, which differs from other states. By definition, “provider” includes “broker,” so it appears that whoever provides the loan documents, whether the loan provider or the loan broker, must also prepare the disclosures.

I am quite familiar with the disclosure regulations, having read them several times. Some are models of clarity; others are not. It is sometimes difficult to ascertain from statutory language how regulators and courts will interpret the law. That is why I always recommend retaining counsel familiar with the equipment finance industry and the disclosure laws for the state where you are located or undertaking a transaction. That is the safest way to ensure compliance.

Please note the recent remarks on the subject as well as the complete list of states with disclosure laws as well as the information on the laws passed that follows this
article.

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

[headlines]
--------------------------------------------------------------

License and Registration United States

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

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia

Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland

Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey

New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina

South Dakota
Tennessee
Texas
Utah
Vermon
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Washington, D.C.
Puerto Rico

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
Connecticut commercial financing disclosure law – Went into effect January 1, 2024
Georgia commercial financing disclosure law – Went into effect January 1, 2024
Kansas Commercial Financing disclosure law - Went into effect July 1, 2024

Six States Reintroduce Commercial Disclosure Financing Bills

North Carolina – Small Business Truth in Financing Act
Missouri – Commercial Financing Disclosure Law
New Jersey – An Act concerning commercial financing
Illinois – Small Business Truth in Lending Act
California – Commercial Financing Bill
New York – An Act to amend the banking law and the administrative code of the city of New York, in relation to regulating commercial finance licensing

ELFA Interactive State Map to Track Financial Disclosure Regulation Activity
Free to Non-Members --- PDF Required
https://www.elfaonline.org/advocacy/state-issues/lenders-license

Why You Should Not Ignore Disclosure Laws
https://leasingnews.org/archives/Jul2024/07_15.htm#why

Illinois Disclosure, Licensing, and Database Bills
A significant shift in the state's financial landscape
https://leasingnews.org/archives/Jun2024/06_28.htm#ill

[headlines]
--------------------------------------------------------------

Latest News on Canada-based Chesswood
Credit Facility Action Plan

It appears many of the companies controlled by Chesswood have stopped originations until the credit facility action plan is arrived at. As reported by Leasing News, the expiration date was July 15, 2024, but now has been extended to August 2, 2024. This follows the announced non-compliance with its minimum borrowing base covenants under its U.S. $300,000,000 syndicated revolving credit facility.

As reported, some of the companies have closed, others are not originating new deals, such as Pawnee, and perhaps, Tandem has seen employees let go or left for green pastures.

The Chesswood press release stated, “there can be no assurance as to the timing for completion of any capital raise or sale transaction for the Company or one or more of its business units. As such, no undue reliance should be placed on any expectations as to the occurrence of any of the foregoing and any impact on the Company or shareholder value arising there from."

The group itself and operating subsidiaries:

www.PawneeLeasing.com
www.TandemFinance.com
www.VaultPay.ca
www.VaultCredit.com
www.Rifco.net
www.WaypointInvestmentPartners.com
www.EasyLegal.ca

QuickFi Selected as Finalist for the Best Embedded Finance Solution
at the 2024 Finovate Awards

William (Bill) Verhelle, Founder of Quckfi, Harbard Partners First American Equipment Finance wrote in LinkedIn:

“QuickFi is honored to receive this recognition. We believe Embedded Finance is going to be a BIG DEAL, especially in business equipment finance. Over $1.1 trillion of business equipment is financed in the U.S. every year.

“Embedded Finance in business lending is fundamentally different compared to the automation of the 40-year-old sequential workflows used by nearly all banks and finance companies today.

“Embedded Finance is borrower self-service. It’s nearly instant (because the processes are all completed simultaneously instead of sequentially). And it’s available 24/7/365, with LIVE support also available to customers 24/7/365.

“Imagine how Embedded Finance will dramatically improve the customer buying experience for business equipment financed at purchase.

“We are honored to be recognized as the leader in the development of this revolutionary Embedded Finance technology in the U.S. and Canadian equipment finance markets.

“Congratulations to the dedicated QuickFi team that has worked tirelessly to achieve this recognition!”

[headlines]
--------------------------------------------------------------

Office Vacancy Rates Climb Above 20 Percent
Vacancies in the U.S. Office Real Estate Sector

In June 2024, 34 million out of 154 million U.S. workers aged 16 and older were engaged in remote work, roughly half of whom had a telework quota of 100 percent as per U.S. Census Bureau data. The increasing acceptance of hybrid or fully remote work in a variety of industries coupled with many companies applying cost-cutting measures after pandemic growth spurts has led to a jump in vacant office spaces in the United States.

Preliminary data from Moody's commercial real estate market analysis for the second quarter of 2024 shows the share of empty offices has hit a historic high of 20.1 percent.

The role of big tech companies in this development is evident when drilling down to the changes in specific metro areas. For example, San Francisco exhibited a vacancy percentage increase of 5.4 points and effective rents shrinking by 4.7 percent over the past twelve months.

The Raleigh-Durham metro, also known as the Research Triangle due to its three elite universities and large concentration of tech and life science companies, experienced an office vacancy rate increase of 4.7 percent between the second quarters of 2023 and 2024.

By Florian Zandt, Statista

[headlines]
--------------------------------------------------------------

Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

One of last year’s best films (“The Boy and the Heron”) is finally available, along with challenging science-fiction (“The Beast”), full-throttle action (“Furiosa: A Mad Max Saga”), allegorical horror (“I Saw the TV Glow”) and breezy thrills (“The Ministry of Ungentlemanly Warfare”), in a wide-ranging batch of streaming releases.

The Beast (Amazon Prime, Apple TV): Never one to shy away from bold visions, French filmmaker Bertrand Bonello (“Nocturama”) delivers what might be his masterpiece with this dazzling science-fiction opus. Set two decades from now, it envisions a dystopian future where a global catastrophe has diminished the world’s population and Artificial Intelligence lords over human beings. With emotions deemed actively dangerous, people must shed complex feelings to advance in their careers. Gabrielle (a superb Léa Seydoux) accepts this “purification” process and time-travels to her previous lives in different epochs, where she meets different versions of Louis (George MacKay), the man she loves. Blurring timelines to dreamy effect, Bonello’s remarkable film is a heady, challenging maelstrom of arresting ideas and surreal images centered on themes of fear and technology. With subtitles.

The Boy and the Heron (Amazon Prime, Apple TV): Thankfully not following up on his early retirement plans, Japanese animation master Hayao Miyazaki (“Spirited Away”) returns with a deeply felt fantasy that ravishingly mixes youthful curiosity with twilight serenity. Mahito is a boy struggling with the death of his mother, as he and his father and his pregnant stepmother move to a new town. There, Mahito is pestered by a gray heron, a seemingly magical bird that informs him that his mother is still alive. With the help of an elderly maid named Kiriko, the boy ventures into a magical world full of creatures both benign and threatening. One of last year’s best releases, Miyazaki’s film abounds in gorgeously imaginative style and a profound sense of wonder, loss, and perseverance.

Furiosa: A Mad Max Saga (Amazon Prime, Apple TV): Veteran director George Miller delivers another master class in action cinema in this blazing follow-up to “Fury Road,” the new installment in Australia’s great post-apocalyptic franchise. Rather than mysterious wanderer Mad Max, however, the film focuses on the origin of Furiosa, the previous film’s fierce heroine. As she strays from her safe sanctuary and into the radioactive wasteland, Furiosa (played as a teenager by Alyla Browne, then as an adult by Anya Taylor-Joy) falls in with a biker gang led by the deranged Dementus (Chris Hemsworth). Caught in the fight for dominance between Dementus and Immortan Joe (Lachy Hulme), the budding warrior is tapped with a dangerous mission. Brimming with explosive grunge and thrilling stunts, Miller’s epic showcases his volatile imagination.

I Saw the TV Glow (Amazon Prime, Apple TV): Writer-director Jane Schoenbrun continues to be a unique cinematic voice with this striking horror drama, which further cements the promise of their previous film, “We’re All Going to the World’s Fair.” Beginning in the 1990s, the story follows Owen (Justice Owen), a shy teenager who’s introduced to a mysterious TV show by an older classmate, Maddy (Brigitte Lundy-Paine). The two bond over the show, called “The Pink Opaque,” turning viewings into a private ritual. When one day Maddy disappears, however, Owen finds his perception of reality itself slowly becoming unglued. Using hallucinatory genre tropes to analyze identity in its many transformative incarnations, Schoenbrun offers a potent allegory that’s at once specific and universal in its sense of dread and revelation.

The Ministry of Ungentlemanly Warfare (Amazon Prime, Apple TV): British gangster specialist Guy Ritchie (“The Man from U.N.C.L.E.”) goes to war in this tongue-in-cheek WWII action thriller, which often plays like a slick emulation of Quentin Tarantino’s masterful “Inglourious Basterds.” Combining real-life figures with fictitious derring-do, the plot centers on Gus March-Phillips (Henry Cavill), a spy hired by British naval officer (and future James Bond creator) Ian Fleming (Freddie Fox) to head a dangerous mission for Prime Minister Winston Churchill. With a motley crew of maverick agents, Gus is assigned to destroy a Nazi U-boat off a Spanish island—a top-secret job that could change the course of war. What follows is a series of hairy stunts and narrow escapes that showcases Ritchie’s flair for breezy, synthetic, action-filled entertainment.

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

News Briefs

Mortgage rates fall below 7% for
first time in months
https://www.mercurynews.com/2024/07/18/mortgage-rates-fall-below-7-for-first-time-in-months/

Mercedes-Benz to install EV chargers
at 100 Starbucks
https://www.ajc.com/news/business/starbucks-and-mercedes-benz-are-trying-to-recharge-customers-and-their-carCourt halts

Ford to Invest $3 Billion in Canada to Boost
F-Series Pickup Production
https://www.wsj.com/business/autos/ford-to-invest-3-billion-in-canada-to-boost-f-series-pickup-production-e906785a?mod=business_lead_pos5

Las Vegas is slowly losing one of
its most intimate traditions
https://www.sfgate.com/travel/article/las-vegas-lounge-shows-in-peril-19578034.php

Why Tahoe can't solve its bear problem, ears sniff out
easy-to-find trash plus raid houses
https://www.sfgate.com/renotahoe/article/lake-tahoe-bears-trash-garbage-collection-19535187.php

[headlines]
--------------------------------------------------------------

Comedian Bob Newhart, deadpan master of sitcoms
and telephone monologues, dies at 94
https://www.sfchronicle.com/entertainment/article/comedian-bob-newhart-deadpan-master-of-sitcoms-19582492.php

[headlines]
--------------------------------------------------------------

Sports Briefs---

Guy Fieri unveils ‘Ballpark Bites’ clothing
line to celebrate MLB’s best eats
https://www.pressdemocrat.com/article/sports/guy-fieri-ballpark-bites-mlb-shirts/

[headlines]
--------------------------------------------------------------

California News Briefs---

UC Regents OK state-of-the-art $1.49 billion
Oakland children’s hospital
https://www.mercurynews.com/2024/07/18/oakland-hospital-build-real-estate-property-healthcare-medical-child/

S.F. small business owners can use this map to
see more than 1,000 available commercial spaces
https://www.sfchronicle.com/bayarea/article/vacancy-map-19582068.php

Condo prices at beleaguered San Francisco Millennium
Tower drop to as low as $649,000
https://www.sfgate.com/bayarea/article/millennium-tower-san-francisco-price-drop-19582654.php

Review: Rolling Stones fans find complete
‘Satisfaction’ at Levi’s Stadium
https://www.eastbaytimes.com/2024/07/18/review-rolling-stones-fans-find-complete-satisfaction-at-levis-stadium/

[headlines]
--------------------------------------------------------------

Gimme that Wine

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

Russian River Valley’s Carlisle Vineyards and Winery
to close shop as owners toast retirement plans
https://www.pressdemocrat.com/article/lifestyle/russian-river-valleys-carlisle-vineyards-and-winery/

New Generation of Wine Drinkers
Seek New Wine Club
https://www.winebusiness.com/news/article/290109

Vineyard and Winery Real Estate Update
Napa and Sonoma
https://vineyardandwinerysales.com/newsletter/vineyard-and-winery-real-estate-update-napa-and-sonoma/

Beaulieu Vineyard Begins Ambitious Renovation
at Historic Napa Winery
https://www.winespectator.com/articles/beaulieu-vineyard-announces-renovation

Couples Who Share Drinking Habits Stay
Together—And Live Longer
https://www.winespectator.com/articles/couples-who-share-drinking-habits-live-longer-wine-and-health-study

Chateau Montelena and The Francis House Unveil
Exclusive VIP Wine Experience for Hotel Guests
https://www.winebusiness.com/news/article/290113

TWE launches $10m automation in Barossa winery
...fully operational in June 2024
https://theshout.com.au/twe-launches-10

[headlines]
----------------------------------------------------------------

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?

You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live