New Hires/Promotions in the Leasing Business
and Related Industries

Cary Downer was hired as Vice President, Credit Underwriting, Equipment Finance Specialist, Mitsubishi HC Capital America, Inc., Norwalk, Connecticut. He is located in the Detroit Metropolitan Area. Previously, he was at Huntington Technology Finance, starting June, 2015, Portfolio Manager Senior, promoted Portfolio Management Team Leader, Vice President.
(May, 2021 - June, 2024). Full bio:
https://www.linkedin.com/in/carydowner/details/experience/
https://www.linkedin.com/in/carydowner/

Raven Mozingo was hired as Director of Business Development, Central Region, UBEO Business Services, Austin, Texas.  She is located in Moberly, Missouri. Previously, she was Senior Documentation Specialist ,  Xerox (July, 2021 - February, 2024); Owner/Principal, Admin Central LLC (August, 2012 - July, 2021); Regional Sales Representative, GE Capital (November, 2004 - August, 2012); Senior Account Executive, CitiCapital (1999 - 2004).
https://www.linkedin.com/in/raven-mozingo/  

Leslie Sherman was hired as Strategic Partnership Coordinator, Alliance Funding Group, Tustin, California. She is located in Huntington Beach, California. Previously, she was A.V.P Funding Supervisor, Hanmi Bank (May, 2015 - May, 2023); Senior Funding Coordinator, Banc of California (May, 2015 - October, 2016); Leasing Coordinator, Financial Pacific Leasing (April, 2014 - 2015); Funder, Commerce National Bank (September,2013 - May, 2014); Operations, Maxim Commercial Capital, LLC (October, 2009 - August, 2013).
https://www.linkedin.com/in/leslie-sherman-a9912478/

Todd Thompson was hired as Vice-President, Mitsubishi HC Capital America, Dallas, Texas. Previously he was Director, Stonebriar Commercial Finance (2015 - 2024); Corporate Development Manager, Lehigh Hanson (2012 - 2015). Full bio:
https://www.linkedin.com/in/todd-thompson-4576329/details/experience/
https://www.linkedin.com/in/todd-thompson-4576329/

Eric Yu was promoted to Senior Credit Analyst, SilverChef, Canada, located Vancouver, British Columbia, Canada. He joined SilverChef as Credit Analyst, August, 2020. He joined Snap Financial Group February 2014, promoted to Senior Credit Officer (January, 2015 - July, 2017). Full Bio:
https://www.linkedin.com/in/eric-yu-8a64b110/details/experience/
https://www.linkedin.com/in/eric-yu-8a64b110/

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Connecticut Disclosure Law Kicks
in July 1, 2024
By Ken Greene, Esq., Leasing New Emeritus

       
The Connecticut disclosure law, entitled “An Act Requiring Certain Financial Disclosures” (the “Act”), became law on June 28, 2023, and takes effect this Monday, July 1, 2024. It only applies to sales-based financing (often called “merchant cash advances”) of $250,000 less, so its scope is limited. It does not apply to other types of loans or financing. There is a “no-action” period from July 1, 2024, through September 30, 2024, during which providers will not face enforcement actions for failing to comply with these laws. However, that grace period only applies to the disclosure requirements in the Act. The other portions of the Act are effective on July 1, 2024.

It is crucial to understand that the Connecticut disclosure law has its own unique mandatory disclosure format, detailed in Appendix A of the Act. It is not sufficient to use the California or New York templates. While the law does allow providers to use disclosure forms from other states if they meet the standards set by the Department of Banking (the “DOB”), the DOB has not yet made such a determination. For the time being, sales-based financing providers are not permitted to use the forms from any other state.

Additionally, sales-based financing providers must register with the DOB starting October 1, 2024.

Here are the highlights of the Act:

Exemptions:

1. Transactions of more than $250k;
2. Banks and bank subsidiaries;
3. Lenders regulated under the Federal Farm Act;
4. Commercial transactions secured by real property;
5. Transactions of at least $50k where the recipient is an in-state motor vehicle, trailer dealer, or a motor vehicle rental company;
6. Transactions in connection with the sale of products or services that the provider manufactures, licenses, or distributes, or their affiliates (presumably, captives);
7. Article 2A (“true”) leases;
8. Purchase money obligations; or
9. Providers who make no more than five commercial transactions in any 12-month period.
10. Technology providers for exempt entities who have no financial interest in that entity.

Disclosure Components:

1. Finance charges (defined under the Truth in Lending Act Regulation Z);
2. Total amount of financing;
3. Disbursement amount (amount paid to recipient minus finance charges);
4. Total repayment amount;
5. Estimated term:
6. Payment amounts:
7. Other potential fees (i.e., late payment or NSF fees);
8. Prepayment fees;
9. Collateral description; and
10. Broker compensation, if any.

Other Disclosure Requirements:

1. Renewal financing requires additional disclosures;
2. Signature on disclosure before continuing application; and
3. Mandatory use of the Act disclosure template unless the DOB approves using those from other states.

Other:

1. The contract cannot waive the Recipient’s right to notice, judicial hearing, or prior court order under the state’s prejudgment remedy laws (attachment, execution, replevin, etc.)
2. Providers cannot revoke, withdraw, or modify a specific offer made after July 1, 2024, until midnight of the third day after the specific offer is made. This does not apply if revocation, withdrawal, or modification is based on information obtained in the underwriting process or at the recipient’s request.
3. The DOB may issue implementing procedures.
4. For violations of these laws, there are penalties of up to $100k per violation, inter alia.

Next up is the tangled web of recent disclosure bills under consideration in Illinois.

The Act: https://www.cga.ct.gov/2023/sum/pdf/2023SUM00201-R02SB-01032-SUM.pdf

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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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 - Goes  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

Full List Here:
https://leasingnews.org/Pages/states_license.html

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

Time Management
By Scott Wheeler, CLFP

Originators throughout the commercial equipment finance and leasing industry (newcomers and veterans) continue to ask the following questions:

• What equipment sector has the greatest potential?
• How do I find a strong prospect list?
• What activities are most productive?
• How many prospect calls should I make in a day?
• How can I increase my production numbers?

My answer remains the same. "It depends on you and how you are efficiently using your time to be most productive."

Much can be accomplished in a 40-hour week when originators are fully engaged with both vendors and end-users. I have often witnessed originators significantly improve their production trajectory in just thirty or sixty days, when they focus on success and give 100% effort every day.

• The best equipment sectors are those that an originator knows the most about based upon her own research, experiences, and passion.
• The best prospect lists are ones that an originator develops herself based upon her own research.
• Any activity that put an originator in direct contact with a decision maker is an activity worth pursuing.
• The number of calls made is not as important as the quality of calls made.
• Originators control their own destiny by using their time efficiently and wisely. Time is money.

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

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Commercial Finance/Leasing Finance Conferences
2024 Update

Sept. 4-5: AACFB Commercial Financing Expo, New Orleans, LA
https://expo.aacfb.org/home
Registration Now Open
Brokering Essentials with Scott Wheeler, CLFP
https://leasingnews.org/archives/Jun2024/06_24.htm#aacfb

Sept. 23-24: B2B Finance Expo, Wynn, Las Vegas, NV
Synopsis and information:
https://www.b2bfinexpo.com/home

Sept. 10-12: CFLA Conference, St. John's, NL, Canada
https://cfla-acfl.ca/cfla-annual-national-conference-2024.html
Hugh Swandel, President, Meridian OneCap Commercial Credit, will be covering the conference for Leasing News

Oct. 16-18: NVLA Conference, Clearwater Beach, Florida
https://www.nvla.org/page/2024conference
Sloan Schickler, Esq., Schickler & Schickler, wlll be covering the conference for Leasing News. She is also presenting there.

Oct. 27-29: 63rd ELFA Annual Convention, Austin, TX
Convention proposals wanted
https://www.elfaonline.org/education-networking/2024/ac/63rd-annual-convention-call-for-proposals

Nov. 11-14: NEFA Fall Conference, Indianapolis, Indiana
https://www.nefassociation.org/events/upcoming
Don Cosenza, CLFP, Senior Vice President of North Mill Equipment Finance, will be covering the conference for Leasing News

To be listed, email: kitmenkin@leasingnews.org

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New Trends in the Auto Leasing Industry
By Heather Vargas

In 2024, the auto leasing industry is bouncing back slowly with the emergence of different ways to lease cars in an approachable and affordable manner. Here are the top 4 trends that are slowly shaping the current economic landscape of the auto leasing industry.

Online Leasing Platforms: With the digitization of car leasing services, more and more customers are keen to try leasing without hassle. Customers are leveraging the enhanced accessibility, digitization, and convenience for leasing new and used cars.

Also, with personalized assistance becoming increasingly common, customers find it easier to lease cars conveniently. This makes the debate between charge off vs. settlement easier since personalized assistance usually helps you with computing your repayment. It also gives you transparency about your monthly dues, helping you with financial decisions.

Subscription-Based Models: Car leasing services recently offered subscription-based models for leasing new and used cars. These plans offer great flexibility for customers, allowing them to choose which car to buy, the repayment terms, and even the price.

Leasing of Electric Vehicles: As today’s generation becomes more aware of their carbon footprint, more customers are looking for electric vehicles. Thankfully, leasing is one easy way to find your electric vehicle. It’s a good option for electric vehicles since not only are you helping the environment, but you’re also saving money by doing it.

Millennials and Gen Z Customers: The auto leasing industry is significantly shaped by the preferences of the recent and current generations, which are millennials and Gen Zs, respectively. These generations prioritize experiences over ownership and, of course, flexible and technology-based leasing options. Also, experts suggest that shortly, the auto leasing percentage will far surpass the amount of new vehicle sales by a considerable margin.

 

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

Channel Earns Third Consecutive Top 200
Workplace Recognition, Ranking Fifth is Size Category

Channel announced that, for the third consecutive year, it has been named one of the Top 200 Workplaces in Minnesota by the Star Tribune, ranking fifth amongst the top midsize companies in the state. This recognition highlights its dedication to fostering a supportive, inclusive, and dynamic work environment for its team members. We are honored to be acknowledged as a top workplace, and we remain committed to making Channel an exceptional place for our team to grow and thrive.

Rob Ceribelli, President, said, "At Channel, every team member actively contributes to creating an exceptional workplace. This commitment is reflected in our communication, our treatment of one another, our approach to community involvement, and our collaboration with partners and customers.

“Over the past four years, we have launched two additional businesses, and remain dedicated to instilling the same Channel values in these ventures to ensure our teams are both happy and motivated."

Produced by the same team that compiles the 33-year-old Star Tribune 100 report of the best-performing public companies in Minnesota, Top Workplaces recognizes the most progressive companies in Minnesota based on employee opinions measuring engagement, organizational health, and satisfaction. The analysis included responses from 149,176 employees at Minnesota public, private and nonprofit organizations. The rankings in the Star Tribune Top 200 Workplaces are based on survey information collected by Energage, an independent company specializing in employee engagement and retention.

Cindy Fleck, Managing Director, said, “We have been extremely fortunate to attract talent that perfectly fits our culture. Ensuring the right fit is always a top priority during our interview process. Despite our tremendous growth, we have maintained our unique culture by hiring team members who align with our values and support our core principles of understanding, connecting, and winning together."

Star Tribune CEO and Publisher Steve Grove said, “The companies in the Star Tribune Top 200 Workplaces deserve high praise for creating the very best work environments in the state of Minnesota. My congratulations to each of these exceptional companies.”  

Channel appreciates being honored for our commitment to outstanding performance and teamwork-driven progress. Our achievements stem from our team’s dedication and resilience, along with the lasting partnerships we’ve established. Together, we strive for continuous growth and new milestones, supporting the equipment finance industry and small business communities.

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

 

Mixed Breed
Chicago, Illinois  Adopt-a-Dog

Bodie

Male
1 Year old48.72 lbs.
Foster Home

Bodie's Story
Looking for an energetic pup to join your active lifestyle? Then look again at Bodie. This youngster is ready to play and eager to learn! He has a hearty appetite with energy waiting to be channeled. His love of treats makes him a willing candidate for training. 

Bodie is independent and can be left alone at home for four to six hours. A visit from a friendly neighbor or dog walker would be great.

Home for Bodie is where ever you are! Are you ready to amp up your game with Bodie?

Please note that while we can’t place holds on adoptable animals for your scheduled appointment, there are always plenty of homeless pets looking for a home! If you don’t meet the perfect pet, please feel free to complete a new Adoption Inquiry Form or visit our Adoption Center. Walk-ins are always welcome, but appointments are recommended for a more efficient visit!

Pippen Fasseas Adoption Center
1997 N. Clybourn Ave
Chicago, IL 60614 - Map it
773-935-7297 (PAWS)
Monday - Friday: Noon–7 p.m.
Saturday - Sunday: 11.a.m.–5 p.m.

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News Briefs

Volkswagen Will Invest Up to $5 Billion in Rivian
    will work together on software/other technologies
https://www.nytimes.com/2024/06/25/business/volkswagen-rivian-vw-investment.html

VW’s $5B Rivian investment could help
    support Georgia plant
https://www.ajc.com/news/business/breaking-volkswagen-announces-potential-5b-partnership-with-rivian/IXGYWC6M2ZCKDIXW476PX5RPCU/

Lilly collaborates with OpenAI to discover novel
    medicines to treat drug-resistant bacteria
https://www.prnewswire.com/news-releases/lilly-collaborates-with-openai-to-discover-novel-medicines-to-treat-drug-resistant-bacteria-302180973.html

'It's All Happening Again' The Supply Chain
    Is Under Strain
https://www.nytimes.com/2024/06/24/business/global-shipping-rates.html

Oakland mayor in crisis as lawyer, top aide
    jump ship following fiery speech after FBI raid
https://www.latimes.com/california/story/2024-06-25/oakland-mayor-in-crisis-as-former-allies-turn-against-her-amid-investigation 

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Yahoo Financial News on Chesswood Group Limited
Along with Recent News: CHW.TP
https://finance.yahoo.com/quote/CHW.TO/

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Sports Briefs---

Brock Purdy isn’t just 49ers QB1,
    he’s become the team’s leader
https://www.49erswebzone.com/articles/181448-brock-purdy-49ers-teams-leader/

Ex-49ers QB Jimmy Garoppolo suspended,
expected to be released by Raiders
https://www.49erswebzone.com/articles/178724-ex-49ers-garoppolo-suspended-expected-released

Klay Thompson reportedly closer than ever
to leaving the Warriors
https://www.sfgate.com/warriors/article/klay-thompson-reportedly-closer-leaving-warriors-19530649.php

Intruders run onto 18th green of Travelers Championships,
delaying Scheffler-Kim Finish
https://apnews.com/article/travelers-championship-intruders-18th-hole-police-bc3e9408e9417b8520fe866795761fe2

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California News Briefs---

Bringing Two Pandas to the San Francisco Zo0
Could Cost $70 Million over 10 Years
https://www.sfchronicle.com/sf/article/panda-san-francisco-zoo-19524414.php

Residents Demand a Halt to Panda Plans & “Business
as Usual” at Severely Mismanaged San Francisco Zoo
https://www.idausa.org/campaign/wild-animals-and-habitats/latest-news/media-release-pandas-residents-demand-an-end-to-business-as-usual-at-san-francisco-zoo/

Kimberly Vernon Of Santa Clara
Is Miss California 2024

https://www.svvoice.com/kimberly-vernon-of-santa-clara-is-miss-california-2024/

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Gimme that Wine

 

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

Bayernmoor Cellars Selected As 2024 Washington
   Winery Of The Year By Great Northwest Wine
https://www.winebusiness.com/news/article/289145

Seriously, Boxed Wine Is Really Good Now
"Cardboardeaux" has been given a serious upgrade
https://robbreport.com/food-drink/wine/box-wine-going-luxe-1235658497/

Inventories, Market Poised
for Return to Normal
https://www.winebusiness.com/news/article/289069

The best wineries in the Greater San Francisco
Bay Area, including the Wine Country
https://www.sfgate.com/best/map/best-wineries-bay-area/