New Kansas Disclosure Law
Ken Greene, Leasing News Emeritus

On April 12, 2024, Kansas enacted its Commercial Financing Disclosure Act (the Act). The new law takes effect on July 1, 2024. It will apply to commercial transactions of $500,000 or less, including sales-based financing, factoring, and commercial loans.

The Act mandates the following disclosures in commercial transactions:

1. Total amount of funds provided to the business;
2. Total amount of funds disbursed if less than the total amount provided;
3. The total amount to be repaid to the provider;
4. The total cost of the transaction, determined by subtracting the total amount provided from the total amount to be repaid;
5. The manner, frequency, and amount of each payment; and
6. A statement re: any costs or discounts associated with the prepayment of the amount due to the provider.

There is no APR disclosure requirement.

The statute contains the following exemptions:

1. Depository institutions (generally, banks) and their parents, subsidiaries, and affiliates owned and controlled by the depository institution;
2. Providers regulated under the Federal Farm Credit Act (after all, this is Kansas);
3. Commercial transactions secured by real property;
4. Leases.
5. Purchase Money Obligations
6. Motor vehicle dealers or vehicle rental companies, subject to certain specified conditions;
7. Money transmitters; and
8. Providers that consummate not more than five transactions in a 12-month period.
9. The Act prohibits brokers from charging advance fees or making false or misleading statements.

The penalties for violating the Act are up to $500 per violation with a $20,000 maximum. This increases to $1000/$50,000 if the violations occur after the Attorney General has notified the company of a previous violation. Finally, the new law does not create a private cause of action and can only be enforced by the Kansas AG.

Overall, pretty straightforward and reasonable rules on the yellow brick road.

The Act:
https://www.kslegislature.org/li/b2023_24/measures/documents/sb345_00_0000.pdf

License and Registration United States
A State-by-State Analysis of License Requirements for Lenders and Brokers
https://leasingnews.org/Pages/states_license.html

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

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AP Equipment Financial Leadership Training
By Nick Fong, CLFP, in LinkedIn Posting

Nick Fong, CLFP, Chief Marketing Officer Chief Technology Officer at AP, posted in LinkedIn:

"Had the unique and amazing opportunity to visit Japan for a leadership training event held by our parent company Tokyo Century Corporation / 東京センチュリー.

"It was filled with international networking, collaboration, and learning. It was fascinating how, even though we are worlds apart, we all value the same things in leaders. Decisiveness, vision, communication, and empathy are all universal traits that are held in high value in true leaders, regardless of country or culture.

"Thanks to all the wonderful individuals and the head office for this amazing chance. And it is always good to connect with our counterparts such as Michele DeBoer, CLFP, Vice President at Tokyo Century (USA), Inc."

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Unconfirmed, but from highly reliable source: "Pawnee has stopped funding all deals and suspending originations.” Thus the press release, plus its statement, and recent 1st Quarter press release follows. - Editor)

 ###Press Release#######################

Chesswood Provides Strategic Review Update
Evaluation by Special Committee
Special Committee Points Toward Sale of Units or Whole Company

About Chesswood Group Limited
Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors. Our shares trade on the Toronto Stock Exchange (under the symbol CHW).

TORONTO - Chesswood Group Limited ("Chesswood" or the "Company") (TSX: CHW) is providing an update on its previously announced evaluation of the strategic direction of the Company being supervised by a special committee of its board of directors (the "Committee").

Over the course of its review to date, the Committee has come to the view that, based on a variety of factors, including the challenging economic conditions facing specialty finance companies, together with ongoing capital constraints of the Company, it is in the best interests of the Company to actively pursue a sale of one or more of its business units or the Company as a whole, and failing such sale or sales, to commence an orderly wind down of one or more of its business units.  During this process, several parties have indicated an interest in acquiring the Company or certain of its business units, although the current macro-economic environment has dampened valuations from what may be achievable in the future once interest rates are lowered and other performance issues are resolved.

Recently, it came to the Company's attention that, after properly adjusting for a system error, the Company is not in compliance with its minimum borrowing base covenants under its U.S. $300,000,000 syndicated revolving credit facility (the "Credit Facility"). The system error does not affect the calculation of the Company's receivables and other assets or the liabilities reported in its financial statements and related MD&A.

Chesswood has received a waiver from its syndicate of lenders under the Credit Facility for the period to July 15, 2024 which will permit it to pursue transactions to remedy the breach, all while allowing its day-to-day operating activities to substantially continue. This waiver will need to be revised and extended as Chesswood executes on its plans that will bring it back into compliance with the terms of the Credit Facility.

The Company's intention is to continue negotiations with the various parties that have expressed an interest in the Company or its business units while at the same time, augmenting its capital position through various initiatives, including capital-raising activities.

While the Company has obtained an initial waiver in relation to the Credit Facility covenant breach, there can be no assurance that any required changes or extensions to the waiver will be obtained. Further, there can be no assurance as to the timing for completion of any other 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. 

Full Press Release (includes forward-looking statements within the meaning of applicable securities law).
https://www.newswire.ca/news-releases/chesswood-provides-strategic-review-update-870376998.html

Chesswood Group Limited First Quarter 2024 Results
https://www.newswire.ca/news-releases/chesswood-announces-first-quarter-2024-results-864335514.html

For information on Chesswood Group Limited and its operating subsidiaries:
www.ChesswoodGroup.com                                       
www.PawneeLeasing.com 
www.TandemFinance.com 
www.VaultPay.ca
www.VaultCredit.com 
www.Rifco.net
www.WaypointInvestmentPartners.com 
www.EasyLegal.ca 

###Press Release#######################

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Leasing and Finance Industry Help Wanted

CLFP Foundation Add 18 New CLFPs
With Photos

The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 18 individuals who recently sat through the online proctored CLFP Exam, have passed.  They are:

Shayan Adl, CLFP Associate
Sr. Relationship Manager, Dext Capital

Jessica Anderson, CLFP
Project Analyst,
U.S. Bank Equipment Finance

Lisa Burks, CLFP
Vice President of Documentation, Equify Financial LLC

Graham Falde, CLFP
Vice President,
U.S. Bank Equipment Finance

Monica Hawk, CLFP
AVP
Credit, North Mill Equipment Finance

Joshua LeClere, CLFP
Collections Manager,
 U.S. Bank Equipment Finance

Dante Lockhart, CLFP
Analyst, North Mill Equipment Finance

Michelle MacCalman, CLFP
Contract Administrator,
Dext Capital

Laura Morin, CLFP
Retail Sales Representative - Distribution Finance Services, U.S. Bank Equipment Finance

Timothy Murphy, CLFP
Equipment Lending Officer, Machinery Partner

Daniel Nuss, CLFP
SVP, Business Line Leader,
U.S. Bank Equipment Finance

Sarah Nyseth, CLFP
Sales Support Manager,
U.S. Bank Equipment Finance

Daniel Presciutti, CLFP
Vice President of Sales
– Food & Beverage Division, First American Equipment Finance

Krystle Riggi, CLFP
Business Analyst IT,
North Mill Equipment Finance

Adam Shuman, CLFP
AVP – Lender Finance,
First Citizens Bank Equipment Finance

Annette Simmons, CLFP
Documentation Specialist,
Equify Financial LLC

Kim Tieu, CLFP
Credit Manager,
Dext Capital

Hannalora Van Nevel, CLFP
Quality Analyst,
U.S. Bank Equipment Finance

Daniel Nuss, US Bank Equipment Finance attended the U.S. Bank ALFP in May and shares, “I chose to pursue the CLFP designation as although I have been in the industry for a while in various sales and leadership positions, most of my exposure and experience have been limited to a few areas and only a high level in others.

“The program is a great, fully encompassing and detailed view into all the major aspects of our industry. It has allowed me to broaden my understanding and embrace the areas with which I was not as familiar. It was challenging, but extremely rewarding!”

Jessica Anderson of U.S. Bank Equipment Finance, said, “U.S. Bank continues to provide its employees with so many opportunities to support both personal and professional growth.

“Studying and sitting for the CLFP was a great way to learn more about the equipment finance industry and the many components that go into building its foundation. It helped me understand the ‘why” behind the “what’. Not only did it offer up an incredible professional development opportunity, but it was also a very impactful personal growth journey."

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.

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CLFP Growth by Company
Three or More CLFP’s

First American Equipment Finance, a City National Bank Company 150 DLL 106 U.S. Bank Equipment Finance 70 The Huntington National Bank 62 Ascentium Capital LLC 44 Stearns Bank NA-Equipment Finance Division 39 Arvest Equipment Finance 36 Channel 35 Amur Equipment Finance 34 Oakmont Capital Holdings, LLC 31 AP Equipment Financing 30 North Mill Equipment Finance 28 Key Equipment Finance 28 Financial Pacific Leasing, Inc., an Umpqua Bank Company 27 First Citizens Bank Equipment Finance 26 Navitas Credit Corp. 21 ECS Financial Services, Inc. 20 KLC Financial, Inc. 18 GreatAmerica Financial Services 18 Odessa 16 Stryker 15 Orion First Financial LLC 13 Northland Capital Financial Services, LLC 13 Ivory Consulting Corporation 12 Cadence Bank 11 Transport Enterprise Leasing LLC 10 Fleet Advantage, LLC 10 Beacon Funding Corporation 10 Alliance Funding Group 10 1st Source Bank 10 Wintrust Specialty Finance 9 Tokyo Century (USA) Inc. 9 Taycor Financial 9 Tamarack Technology, Inc. 9 Solifi 9 Quality Equipment Finance 9 LTi Technology Solutions 9 Great American Insurance 9 Canon Financial Services, Inc. 9 Dext Capital 8 FIS 7 Crossroads Equipment Lease & Finance LLC 7 Commercial Equipment Finance, Inc. 7 Auxilior Capital Partners, Inc. 7 Univest Capital, Inc. 6 Mitsubishi HC Capital America, Inc. 6 Leasepath 6 Civista Leasing and Finance 6 Cisco Systems Capital Corporation 6 BMO Harris Equipment Finance Company 6 Nexseer Capital 5 LEAF Commercial Capital Inc. 5 First Commonwealth Bank 5 FinWise Bank 5 CoreTech Leasing, Inc. 5 Western Equipment Finance 4 UniFi Equipment Finance, Inc. 4 Truist 4 Milestone Bank 4 First Foundation Bank 4 Commercial Capital Company, LLC 4 Verdant Commercial Capital 3 Ten Oaks Commercial Capital LLC 3 TD Equipment Finance, Inc. 3 Siemens Financial Services, Inc. 3 QuickFi by Innovation Finance 3 PEAC Solutions 3 OnPoint Capital, LLC 3 Northteq, Inc. 3 NCMIC Finance Corporation 3 MAZO Capital Solutions 3 M&T Bank 3 Lion Technology Finance, LLC 3 John Deere Financial 3 Hanmi Bank 3 Fifth Third Bank 3 Falcon Equipment Finance, a division of Falcon National Bank 3 Equify Financial LLC 3 Commonwealth Bank of Australia (CBA) 3 Commerce Bank 3 Balboa Capital a Division of Ameris Bank 3 APEX Commercial Capital Corp. 3 Wallwork Financial Corp 3

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Top Ten Leasing News Read by Readers
June 10 - June 14

(1) Roglieri in Jail Without Bail Update
By Ken Greene, Esq., Leasing New Emeritus
https://leasingnews.org/archives/Jun2024/06_14.htm#roglieri

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Jun2024/06_10.htm#hires

(3) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Jun2024/06_12.htm#hires

(4) Greedy Dealers Pound New York
   Auto Leasing Brokers
By Sloan Schickler, Esq.
https://leasingnews.org/archives/Jun2024/06_12.htm#greedy

(5) Trucking jobs take a big hit in May
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https://leasingnews.org/archives/Jun2024/06_10.htm#trucking

(6) The Best Compliment
Placard
https://leasingnews.org/archives/Jun2024/06_12.htm#best

(7) Americans Didn't Let Inflation Spoil Their Appetite
By Felix Richter, Statista
https://leasingnews.org/archives/Jun2024/06_10.htm#americans

(8) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Jun2024/06_14.htm#hires

(9) Commercial Finance/Leasing Finance Conferences
2024
https://leasingnews.org/archives/Jun2024/06_14.htm#conf

(10) Mapped: Where Tesla and BYD Make Their Cars
by VisualCapitalist
https://leasingnews.org/archives/Jun2024/06_12.htm#mapped

German Shepherd Mixed Breed
Salt Lake City, Utah Adopt-a-Dog

Febrero
Male
1 Year old
Black/Brown
Neutered

"I'm pretty laid back, but I will be there for when you want someone to talk to. I love attention and petting, but it's okay when you are doing something else. I will be here waiting for you, and happy to see you too! I am really easy to have around.

*Very smart
*Needs to be treated gently
*Loves Toys
*Loves Treats
*Active/Athletic
*Good with other dogs
*Walks well on a leash
*Needs Training
*Affectionate
*Needs time to warm up to new people and situations

"Please email Adoptions@slco.org with questions

I've been in the shelter since 04/04/2024
I'm at Salt Lake County Animal Services in Kennel K62 and my animal ID number is 139350. Salt Lake County Animal Services is open Tues – Sat, from 10 AM – 6 PM. Adoptions ending at 5PM. Adoptions are done on a first come, first serve basis.

Salt Lake City Animal Services
https://slco.org/animal-services/adoption/search-adoptable-pets/?t=Dog&g=Male
(385) 468-7387
Email Adoption
Fax: (385) 468-6028
Mailing Address
511 West 3900 South
Salt Lake City, Utah 84123

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Commerce Sellers Surpasses $1B in Loans Since Inception
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IRS plans to raise $50 billion over 10 years,
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Saudi Arabia's petro-dollar exit:
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China’s Lust for Durian Is Creating Fortunes
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SF rolls out first 100 license plate reader
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Sports Briefs---

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California News Briefs---

‘Eye-burning smoke and ash’: Winemakers share
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Hundreds evacuated, structures burn as Point Fire
grows past 1,000 acres
https://www.cbsnews.com/sanfrancisco/news/point-fire-near-lake-sonoma-burns-sunday/

Solar window company decides to place its
USA headquarters in San Jose
https://www.mercurynews.com/2024/06/17/san-jose-solar-energy-

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Gimme that Wine

 

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

Orange County Wine Society Announces the Winners
   of the 2024 OC Fair Commercial Wine Competition
https://www.winebusiness.com/news/article/288798

Laurie Jervis: Longtime Winemaker and Consultant
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Keeping It in the Family: Next Generation
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