New York May Soon Require Commercial Finance Licenses
By Ken Greene, Leasing News Emeritus

New York is on the brink of joining California in requiring that commercial finance lenders and brokers be licensed. Senate Bill 1450-A was introduced on January 12, 2023. It states, rather succinctly, that “no person or other entity shall engage in the business of making or soliciting commercial finance products to businesses located in New York state . . . without first obtaining a license.” The italicized excerpt of the bill emphasizes an important distinction between the prospective New York law and existing California law, which contains no geographical limitation.

The term “commercial licensing product” includes loans and lines of credit, and factoring and merchant cash advances if any single payment or advance is less than $5000. It also appears to extend to equipment leasing if the equipment cost is less than $500,000. The inclusion of equipment leasing in this bill will surely cause consternation and pushback by lessors. I am fairly certain that associations like the Equipment Leasing Financing Association (ELFA) is lobbying hard against this provision.

Like California, there are exemptions and limitations including:

1. Applies to New York state business or commercial enterprises only.
2. Applies only to transactions of less than $500,000.
3. If you make or solicit five or fewer transactions, you are exempt.
4. Banks, federal credit unions, and insurance companies are also exempt. Note that there is no express exemption for bank subsidiaries, a contentious issue in California.
5. Persons licensed under other New York laws would be exempt from this license requirement.

Beware: any transaction made without a license is deemed void! That means you cannot bring a lawsuit to recover your money.

This law is potentially more onerous than the California Financing Law, but the application
process appears to be much easier. You must have a $50,000 net worth, whether lender or broker.
But since the New York application would not require the use of the somewhat cumbersome
NMLS, it should be much easier than in California.

The bill was sent to the New York Senate finance committee on May 21, 2024. The next step will take it back to the on floor calendar of the full Senate.

There is a second bill pending which was introduced by the same senator on January 25, 2025. S3177 is, for all practical purposes, the same as S1450. It is unclear to me why a second bill was introduced, but it might have something to do with the rules of the NYS senate. The bills appear to be identical for all intents and purposes.

We will keep you posted on the status of both bills.

Senate Bill 1450-A https://www.nysenate.gov/legislation/bills/2023/S1450/amendment/A

Senate Bill 1377: https://legislation.nysenate.gov/pdf/bills/2025/S3177

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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New Hires/Promotions in the Leasing Business
and Related Industries

Brian Bjella was promoted to Chief Revenue Officer, Great America Financial Services,  working from Marshall Minnesota. His press release stating he was "emphasizing its dedication to the markets it serves and its future growth initiatives. Since joining GreatAmerica in 2010, Brian has played a pivotal role in driving growth across multiple capacities, most recently serving as Group President of Specialty Markets." He joined Great America October, 2010, as Senior Vice President, General Manager. Previously, he was President/Owner, Grandview Financial (acquired by Great America) (January, 2004 - October, 2019). He began his career at U.S. Bank January, 1993, Regional Sales Manager, Equipment Finance Group, promoted January, 1995, General Manager, Portfolio Services, promoted General Manager & Senior Vice President, Equipment Finance Group (April, 1998 - April, 2004).
https://www.linkedin.com/in/brian-bjella-59127922/

Daryl Muller, CAE, was hired as Chief Operating Officer & Corporate Secretary, Equipment Leasing and Finance Associations, Washington, D.C. He is located in the Washington, DC- Baltimore Area. He joined the National Association of Manufacturers, as Associate Vice President & Strategic Development, January, 2017, promoted Vice President, Membership, January, 2019, promoted Managing Vice President, Membership (January, 20122 - March, 2025). Full Bio:
https://www.linkedin.com/in/darylmuller/details/experience/
https://www.linkedin.com/in/darylmuller/

Christa Nuncio was promoted to Senior Relationship Manager, Amur Financial Services, Grand Island, Nebraska. She joined Amur February, 2021, Relationship Manager. Previously, she was Office Manager/Producer, Farmers Insurance (September, 2013 - Febuary.2021.
https://www.linkedin.com/in/christa-nuncio-125b47210/

Kevin Rios was promoted to Sales Leader, LEAF Commercial Capital, Inc., at their Orange, California office, where his is also located. He joined Leaf February, 2014 as Senior Account Executive.
https://www.linkedin.com/in/kevin-rios-0437b4120

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NMEF Closes $410 Million Securitization, Marking
Continued Growth and Market Confidence

North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lender and lessor headquartered in Norwalk, Connecticut, is pleased to announce the successful closing of its ninth asset-backed securitization (ABS), NMEF Funding 2025-A (“NMEF 2025-A”), a $410 million transaction. This marks a significant milestone for NMEF, reflecting continued investor confidence, diversification of capital sources, and an ongoing shift up the credit spectrum.

Investor appetite was exceptionally strong, with 42 orders across 31 unique investors, including participation from eight new institutional investors. The notes were 5.7 times oversubscribed at the final pricing test, despite competing with five other equipment securitization issuances in the market. Demand strength allowed NMEF to significantly tighten spreads from launch to pricing, closing at a 30 basis point improvement compared to its previous 2024-A transaction.

Mark Bonanno, President and Chief Revenue Officer of NMEF, said,  “NMEF 2025-A’s overwhelming reception underscores the trust and confidence investors have in our platform.

“We continue to see growing interest from institutional investors, as evidenced by the number of new participants in this transaction. Our ability to successfully execute this deal in a crowded issuance calendar speaks to the strength of our business model and the continued evolution of our asset base.”

Mitch Tobak, VP of Corporate Development at NMEF, said, “For the first time, an NMEF securitization was rated by Fitch, alongside Moody’s and KBRA, marking a significant milestone in ongoing growth and credit expansion.

“This transaction also underscores our continued diversification of collateral types, with freight transportation now representing less than 15% of the collateral pool—compared to over 50% in the 2019-A issuance. At the same time, we are moving up the credit spectrum, with over 50% of the collateral in Tier 1, our highest credit grade, and 24% being corp-only transactions. These improvements reinforce our ability to access capital efficiently while maintaining high credit quality.”

As NMEF continues to expand, this latest securitization reflects the company’s disciplined approach to portfolio management and capital markets execution. With a growing investor base and a more diversified asset mix, NMEF is well-positioned to capitalize on future opportunities and support the financing needs of businesses across the nation.

About North Mill Equipment Finance

NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 and up to $5,000,000 for investment grade opportunities, and accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, technology, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners.

The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, Murray, UT, Voorhees NJ, and Montego Bay, Jamaica. For more information, visit www.nmef.com. Taycor Financial operates as an independent division of NMEF, with a focus on developing direct and vendor origination programs. For more information, visit www.taycor.com. One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans

from its main office in Las Vegas, NV. For more information, visit www.britecap.com

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Balboa Capital Available Position
Program Manager II- Equipment Broker Sales

Ranked: The Largest U.S. Banks by Asset
by Visualcapitalist

Banks are a cornerstone of the U.S. economy, facilitating everything from consumer deposits to corporate lending and investment banking.

The U.S. has over 4,000 banks operating at different scales, from small- and mid-sized regional banks to globally-recognized investment banks.

This infographic highlights the 25 largest U.S. banks by total assets as of Q4 2024, based on regulatory filings compiled by S&P Global Market Intelligence.

Full Article with list of banks and assets
https://www.visualcapitalist.com/ranked-the-25-largest-u-s-banks-by-assets

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Leasing News Advisor, Emeritus
Ken Greene, Attorney

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

Ken is an equipment finance and commercial litigation attorney and the principal and owner of the Law Offices of Kenneth Charles Greene. He was involved in the formation of Leasing News, Inc. and represented it (pro bono) in the early days. He was a partner at Ross & Ivanjack, one of the first law firms in the country devoted exclusively to the equipment finance industry.

Ken received his B. A. at Brandeis University, graduating cum laude. He received his J.D. at Santa Clara University in 1980, also graduating with honors.

He started his own practice in Westlake Village, California, in 2013. The firm continues representing equipment finance companies, lenders, lessors, and brokers in licensing, contract review and preparation, litigation, bankruptcy, licensing, compliance, and transactions. He also represents small businesses and individuals in litigation, bankruptcy, contracts, and corporate matters and many entities and individuals in the entertainment industry.

Ken has worked with the American Bankruptcy Institute, California Bankruptcy Forum, Eastern Association of Equipment Lessors, Equipment Leasing and Finance Association, and National Equipment Finance Association. He has served on the NEFA Board twice and was its Legal Committee Chair, Legal Line Editor, Regional Committee Chair, and Conference Chairman. He was General Counsel for the American Association of Commercial Finance Brokers and presented conference panels and webinars from 2016 to 2024.

Ken is determined to give back to the community, particularly in music and theater. He served on the Board of Directors of Big Brothers Big Sisters, the Mountain Play Association in Marin, and the Marin Symphony Orchestra Association, all pro bono.  He has been and remains very active in musical theater at the school and community levels. He has produced and continues to  produce and promote concerts at Bogies in Westlake Village (now known as Louie's), and is very active in the Conejo Valley music and theater communities. Ken is also committed to producing benefit concerts for worthy causes like Ukraine relief, autism, cancer, equine healing, and more. He is also a copyrighted songwriter and spends much of his spare time playing, rehearsing, recording and performing.

He has been a frequent writer on matters of leasing law. He is an acknowledged contributor on bankruptcy issues to Miller & Starr, California Real Estate 2d (Bancroft Whitney). He has lectured on leasing law and documentation, compliance, litigation, licensing, and disclosure law. He is currently Leasing News Legal Editor and Leasing News Emeritus, and has served on its Advisory Board for years. He is published in AACFB's Commercial Break, Dealmaker Magazine, deBanked, Monitor, and other periodicals.

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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ELFF March Equipment Finance Confidence Drops
to Lowest Level Since July 2024

(ELFF Graphic)

The Equipment Leasing & Finance Foundation (the Foundation) releases the March 2025 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Overall, confidence in the equipment finance market is 58.1, down from the February index of 66.9, and the lowest index since July 2024.

Jonathan Albin, Chief Operating Officer, Nexseer Capital, commented, “It's hard to form clear opinions right now, but I am optimistic about the resiliency of the economy overall.”
,

Jim DeFrank, EVP and Chief Operating Officer, Isuzu Finance of America, Inc., explained, “If imported equipment becomes more expensive, businesses may turn to local suppliers, and with capital expenditures rising, finance and leasing could become more attractive.”

James D. Jenks, CEO, Global Finance and Leasing Services, LLC., commented, "“Keeping inflation down is very important for an economic recovery.”

Daryn Lecy, CLFP, Chief Operating Officer, Oakmont Capital Services, said, “We remain cautiously optimistic that the steady demand we are seeing will continue throughout the spring along with maintaining stable portfolio performance. The rapid pace and breadth of the changes by the new administration do cause us some concerns as to how those will affect consumer confidence and spending, labor markets, and overall GDP growth.”

Donna Yanuzzi, EVP and Head of Equipment Finance, 1st Equipment Finance, Inc., said, “Weeding through the noise, the Trump administration appears to be pro-business and regulatory realistic. This combination should drive investment and growth. However, the concerns of tariffs may impact business growth in some fashion. Now, more than ever, strategic planning will be key in navigating the opportunities and risks ahead.”

March Monthly  Survey Charts:
https://www.leasefoundation.org/mci_chart/march-2025-monthly-confidence-index-survey-charts/

Survey Results:
https://www.leasefoundation.org/industry-research/monthly-confidence-index/#results

About the ELFF Monthly Confidence Index:
https://www.leasefoundation.org/industry-research/monthly-confidence-index/about-the-monthly-confidence-index

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Fed Holds Rates Steady and Predicts Higher Inflation,
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Sports Briefs

Boston Celtics to be sold for a record price
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California News Briefs

    
Dozens of merchants agree to open at Valley Fair
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Gimme that Wine

 

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

Guglielmo Winery Marks Centennial Anniversary
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J. Lohr Estates Seven Oaks Cabernet Sauvignon Achieves  
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Sue Ebeler Wins 2024 Women & Philanthropy
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