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March 13, 2003
Headlines---
Pictures from the Past---1995---Schwartz/Hall
Classified Ads---Outsourcing---
(free ads)
Commercial
Money Center---court filings/agreements
California
Finance Lender's Law-The Other Side of the Coin
There
are Three Ways to Read "Leasing News"
UAEL
Spring Education Conference May 1-4
Beware
March 15: Diesel prices could soar, OPIS says
ORIX
Names Bill Fite EVP/Group Mgr.Equip. Finance
Special Slide Presentation:
#### Denotes Press Release
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Pictures from the Past---1995---Schwartz/Hall
“Standing: 1996 United Association of Equipment Leasing President
Elect Oren Hal. Insert: Saturday
keynote speaker Art Schwartz, ( originally a management service provider,
then the first executive secretary of the organization.)”
November, 1995 UAEL Regional Reporter
--------------------------------------------------------------------------------------------
Classified Ads---Outsourcing--- (free ads)
Backroom: All Locations
Are you a broker or a rep for a major lessor? Want to just
market and leave the backroom an packaging functions to us? Call us.
Email:nationalbusinesscredit@yahoo.com
Back Office: Atlanta, GA. Let Tax Partners handle
your sales and use tax compliance duties w/less risk and cost than in-house.
Largest tax compliance firm in U.S. email:sales@taxpartners.com
Back Office: Portland, OR
Tired of paying and training a documentation person? Cut
your expense and try outsourcing. Ideal for any part of the USA Call
for information 503-492-3183. Email:Trina.Drury@verizon.net
Back Office: Northbrook, IL
Our staff of CPA's and lease professionals can handle any
or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income
tax, accounting, etc. Email:ngeary@edwinsigel.com
Back Office: San Rafael, CA
We can run your back office from origination to final payoff.
30 years experience in commercial equipment lease and loan portfolio
management. Email:gmartinez@phxa.com
Backoffice: Atlanta , GA. GlobalTech Portfolio Services
provides world class lease, loan administration and asset management
for equipment and vehicles. Current portfolios $1 billion. Contact Alan
Zeppenfeld 678-816-2216 email:azeppenfeld@globaltechfinancial.com
Collections and Asset Management: Great References.
Ability to liquidate entire portfolio with excellent results. email:
hardesty@alltel.net
Collections - repossessions: Tampa, FL.
IRTC Contingencies: Commercial Collections- Skip Trace- Repossessions-judgment
served- Investigations- Asset Remarketing& No Cost Warehousing East
Coast USA.Call 813-467- 4324 ask for Robert or email to Robertmbs@covad.net
Collector: Near Boston, MA
My name is John Kenny. I have 14 years experience in leasing
collections. I currently offer outsourced services to clients nationwide
on a contractual, contingency basis.Email:ReceivablesMgmt@prodigy.net
Collector: Fountain Valley, CA
Commercial Collector with a track record of collecting lost
leasing deposits and advance payments on unfunded deals. If you have
been burned, we are the ones to call. 1-888-278- 0658 ext. 233. Email:jcasperson@omniusco.com
Collector: Saint Louis, Mo.
Complete commercial collection agency. Licensed bonded in
all states and will out performed any other agency! Call 1-800-659-
7199 ext.315
email: jfloyd@lindquistandtrudeau.com
Full list available at: http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm
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Commercial Money Center---court filings/agreements
These are the links for the PDF files. Please be advised
that some of the files are too big to be opened on a 56K modem. You may give it a try, as it depends
on how “clean” your telephone line is.
The actual terms are in Kipperman's Declaration as Exhibit
"A". The
Motion makes for nice reading and is a readers digest version
of the
terms.
The second link on this email is 161 pages long the size
is 8.7M.
Just to let you know these are official public court documents:
http://www.leasingnews.org/PDFFiles/Finlayson%20Decl%20re%20Netbank%20Lakeland
%20Settlement.pdf
http://www.leasingnews.org/PDFFiles/Motion%20re%20Netbank%20Lakeland%20
Settlement.pdf
California Finance Lender’s Law—The Other Side of the
Coin
According to a Department of Corporation Public Information
Officer Kim Melzer-Coveyou, the definition on whom should have a Finance
Lender’s License “...depends on the intent of the parties. Each situation
is different.”
To request the definition, an “interpretive opinion” is made
on a “case-by-case”
basis. To request this “interpretive opinion,” here is the procedure and form to
follow in the State of California:
http://www.corp.ca.gov/commiss/rel61c.htm
Yesterday, you heard from lenders, super brokers, and brokers
who did not
have a license, nor required it. Here is the other side of the coin:
Peter Eaton, CLP, Pentech Financial
“What follows is a Memo that is included in our standard
New Broker Package.
Except for two business referral sources that were "grand
fathered" in that
do not have a California Lenders Law License, all brokers
that have referred
business to us with their client and equipment located in
California are
required to show evidence of having the license or having
applied for the
license.
“Our research indicates this is the proper procedure to be
followed
under the current guidelines for those companies making consumer
or
commercial loans. This
does not apply to those companies doing only
commercial leases. However,
since we structure loans and leases, depending
on the age of the equipment; we have determined that our
referral sources
should be licensed under The California Finance Lenders Law.
The reaction
to this in the broker and small lessor community is mixed.
Some of my
sources have moved forward to become licensed and others
have elected not to
become licensed.
“Apparently there are banks and funding sources in California
that do not require their sources to be licensed as they write only
leases.
“These guidelines are more clearly explained in the California
Code of Regulations. “
Anyone wishing more detail can call me at
408.874.5802.
Peter Eaton
Memo
To: Pentech Intermediary Markets Group Referral Network
From: Peter Eaton
Effective immediately all individuals/sole
proprietorships, corporations or other business entities referring business
to Pentech Financial Services, Inc. will be required to have a California
Finance Lenders Law License in order to submit lease transactions for
companies or equipment located in California.
Those already in possession of
a California Finance Lenders Law License should forward a copy to me
at their earliest convince.
Those who have submitted an application
for a California Finance Lenders Law License but have not received their
approved license, should forward me a copy of their completed application
at their earliest convince.
Those not currently in possession
of a California Finance Lenders Law License should contact the Department
of Corporations, State of California, 320 West Fourth Street, Los Angeles,
CA 90013, # (213) 576-7690 to secure their application.
Please contact me if you have any
questions.
From Ken Greene, Esq., California attorney
“ I learned that lesson the hard way! The most revealing
test as to
whether equipment finance brokers in California must be licensed
under our
Finance Lender's Act arises when you attempt to defend a
non-licensed broker
before the Department of Corporations, which has initial
jurisdiction over
these matters.
“I had a case like that last year. The Department had issued
a
Cease and Desist Order effectively barring my client from
brokering leases
until it obtained a license. We sought to fight the matter,
and were blessed
with an administrative hearing before the Department of Corporations,
to be
held in about 45 days. During this time my client remained
unable to broker
leases.
“ In the course of working closely with counsel for the Department
I
learned that it is their learned opinion that every equipment
lease broker
must have the license. Though
initially requesting an administrative
hearing, we did not pursue it when we became aware of the
outcome in advance.
Whereas we could have gone to court for a trial before a
California state
judge after its disposition by the administrative judge at
the Department of
Corporations, the cost and delay would have been prohibitive.
“ I had researched the law on more than one occasion even
prior to that
case and find it more than a little ambiguous. I have also
attended panels,
and am in fact scheduled to speak at the EAEL Conference
next month on this
issue. I have heard the opinions of many attorneys I highly
respect regarding
this highly contentious issue.
“It appears that most lawyers not engaged in defense of this
issue
before the Department are of the opinion that the license
needed, even if all
you do are commercial transactions. That is easier said than
done, and I know
that smaller companies do not want the cost and additional
burden of applying
for a license. However, it appears the cost of not having
a license, if you
are "caught" by the Department of Corporations,
can be potentially
devastating. I am thus compelled to revise my earlier opinion
and, at this
point, believe the license is mandatory irrespective of the
character of the
lease. I know there are those who would read the statute
differently, as I
once did. However, my opinion is based upon my experience
with the
enforcement agency, rather than a desktop interpretation
of the written law,
so all I can say is beware and, in my humble opinion, be
cautious.”
Ken Greene
Law Offices of Kenneth C. Greene
938 B Street
San Rafael, CA 94901
Tel: 415 721 7900
Fax: 415 256 9922
E-mail: KGreene100@aol.com
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Nnovative Data Systems
To be added to: http://www.leasingnews.org/elease/software.htm
Company Name and Year Founded: Nnovative Data Systems, Inc.
(please hyperlink company name to www.ndsisoftware.com) - 1995 (h)
CEO: David C. Hernly, Sr.
Employees: 12
# Clients: 14
Major Clients: FirstMerit Bank, Frost Leasing (Frost National
Bank), Affinity FCU and 3 Way Leasing
:
(h) LeaseComplete©
is a comprehensive lease accounting and management system for the leasing
industry. A true 32-bit Windows-based product, LeaseComplete boasts
a robust feature set capable of supporting both equipment leasing and
vehicle leasing. This lease servicing system is able to marry complex
accounting features and ease of use in a way until now not available
in the software industry. A truly competitive and proven product that
combines its richer features with realistic pricing to bring a superior
alternative to today's marketplace. Please compare LeaseComplete to
the other software systems to find out why this new alternative is the
better alternative.
Here is what one of our users says about the product and
NDSI:
"LeaseComplete has proven to be a solid and reliable
product to handle all aspects of managing and servicing our growing
equipment lease portfolio. Although relatively new, it has weathered
several challenges including a very aggressive conversion schedule.
The support and continued additions to the system are provided by a
company, NDSI, who insures quality service by proven professionals in
credit software development and industry knowledge. Based on my experience
their support has been second to none in both turn around of issues
and attention to our expanding needs. LeaseComplete will compare favorably
with any product, especially when you consider cost, features, and superior
support."
Harry Kaplun, President, Frost Leasing Corporation, San Antonio,
Texas
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UAEL
Spring Education Conference May 1-4
“Want
to spend a few days enjoying the Sunny Southern California Desert? Check out the attached spouse activities that
will be a part of United Association of Equipment Leasing's Spring Education
Conference May 1-4, 2003!
Leave
your winter weather, bring your spouse, get a tan, and take advantage
of Spa Las Palmas, one of the finest spas in the country! See you there!”
http://www.leasingnews.org/PDFFiles/Spouse%20Insert.pdf
Register
online at www.uael.org
Jessica
Roell
UAEL
78120
Calle Estado, Suite #201
La
Quinta, CA 92253
(760)
564-2227 x21
(760)
564-2206 fax
Beware March 15: Diesel prices could soar, OPIS says
Landline Magazine
February may be the shortest month, but it concluded 2003
with some of the largest fuel price increases on record in U.S. markets,
according to Oil Price Information Service (OPIS).
Thanks to global war worries, the Venezuelan oil strike,
the first sustained cold winter of the decade, and low inventories,
average nationwide prices for gasoline could soon surpass $1.70 a gallon,
and diesel prices could approach $1.85-$1.90 a gallon before the Ides
of March.
February 2003 began with nationwide diesel pump prices of
$1.54 a gallon, but the month closed with a nationwide average of just
under $1.80 a gallon, up 26 cents. A year ago, average U.S. retail diesel
prices were $1.22 a gallon, more than 60 cents a gallon below where
they are likely to peak this March, OPIS reported.
Meanwhile, all types of predictions are being made about
what may occur in world oil markets the next 40 days. Already, "wartime
planning meetings" are being held among large and small companies
throughout the petroleum distribution chain, OPIS said.
OPIS is a source of U.S. wholesale, spot and retail petroleum
prices, tracking more than 85,000 daily retail gasoline prices, and
70,000 rack and spot prices for heating oil, gasoline, diesel, kerosene,
jet fuel, LP Gas, residual fuel, natural gas, MTBE and ethanol. More
than 100 billion gallons of fuel are purchased annually based on an
OPIS Price Index.
Wall Street Journal reports on plight of truckers
The Wall Street Journal reported in its March 11 edition
about the effect high fuel prices are having on small business truckers.
"Many truckers never fully recovered from the hit they
took in 2000, and now they are being hit again even harder," Todd
Spencer, executive vice president of the Owner-Operator Independent
Drivers Association, told The Journal.
The story noted that after recent increases, leaving the
average nationwide diesel price above $1.70, a number of small trucking
operations and owner-operators are unable to make a profit and have
parked their trucks. Others, the newspaper said, have been forced to
take jobs as company truckers.
“The latest woes for truckers come shortly after the industry
was left reeling in 2000 and 2001 from what some executives called a
‘perfect storm,’” the newspaper reported, “a combination of rising fuel
prices, a slowing economy, rising insurance premiums and dropping values
of used trucks.”
Land Line Magazine is written by and for professional truckers
operating trucks and semi-trailers in for-hire transportation of exempt
and regulated commodities. Editorial policy encompasses informing truckers,
the trucking industry and various government agencies that regulate
trucking, of the views of professional truckers. News and feature articles
are compiled to keep professional truckers updated on legislation, industry
activities and trends, and how these affect his or her business in particular.
Landlinemag.com
(In Santa Clara, California, the average regular gasoline
price is $2.09 per gallon with Supreme at $2.29 average.
I have seen it as high as $2.49, with Costco the best price.
Yes, I’m talking about “self-serve.” All this talk about $1.71 per gallon
being the statewide average--not in Northern California. editor)
############## ###############################################
ORIX Financial Services Names Bill Fite EVP/Group Mgr. of Equipment Finance
(working on story about replacement of management at Orix.
Readers with
inside information, please give us your comments or direct
us to a source.
Not to get behind in the “new,” here is their press release:)
ORIX Financial Services, Inc. (OFS) is pleased to announce
that Bill Fite has been named Executive Vice President/Group Manager,
Equipment Finance. In his new role, Fite will lead the Equipment Finance
Group (EFG) in generating quality new business within the construction,
transportation, and general manufacturing and production equipment segments
of the organization. He will also oversee operations and credit management
for EFG.
As Executive Vice President/Group Manager for EFG, Fite will
report to Jay Holmes, Chairman and CEO of ORIX Financial Services, Inc.
"Bill's outstanding performance with OFS provides a strong foundation
for his future success," says Holmes. "His proven track record
of building motivated, focused teams is ideally suited to his new position,
as he works closely with all levels of the organization to develop and
implement strategic business initiatives."
Fite joined OFS in January 2001 as Executive Vice President/Director
of Marketing and Sales. He brought a wealth of talent and hands-on leadership
to the company, with over 23 years of senior managerial experience in
the equipment finance and leasing industry. Prior to joining OFS, Fite
worked for ABN AMRO's Lease Plan USA unit, serving as Senior Vice President
and Senior Executive of the Equipment Finance and Leasing Division.
He has also held various sales and sales management roles with Citizens
and Southern National Bank, Citicorp Industrial Credit, and Westinghouse
Credit Corporation.
While attending West Georgia College, Fite earned a business
degree with a concentration in Finance. He also received First Team
All America honors in baseball. After graduation he served in the U.S.
Army Special Forces.
ORIX Financial Services, Inc. is a wholly owned subsidiary
of ORIX Corporation, a publicly traded international diversified financial
services organization with assets in excess of $47 billion.
################# ##############################################
_________________________________________________________________
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News Briefs---
Oil Futures Hit 12-Year High on News of Inventory Decline
http://www.nytimes.com/2003/03/13/business/13OIL.html
Trade deficits narrows as exports rise, imports fall
http://www.accessatlanta.com/ajc/business/0303/12trade.html
Want to fix the state's budget problem? Don't cut services.
Raise taxes. That, at least, is the recommendation of the Anderson Forecast,
a respected economic prognosis produced each quarter by UCLA's Anderson
School.
http://www.signonsandiego.com/news/business/20030312-9999_1b12anderson.html
"As profits return, businesses will start spending
again on equipment."
http://www.bayarea.com/mld/mercurynews/business/5372731.htm
McDonald's comparable sales drop for 12th month in row
http://www.signonsandiego.com/news/business/20030312-1349-mcdonalds-sales.html
Wine Glut in California
http://www.washingtonpost.com/wp-dyn/articles/A18506-2003Mar13.html
Ease of Paperless E-Mail Sidelines the Forlorn Fax
http://www.nytimes.com/2003/03/13/technology/circuits/13faxx.html
Sports Briefs---
Super Bowl MVP, Ex-Ram FB Sign With Cards As Free Agents
http://www.theredzone.org/news/031203c.asp
Cards Land Free Agent Quarterback Jeff Blake
http://www.theredzone.org/news/031203d.asp
2003 Salary Cap Status For Each NFL Team
http://www.theredzone.org/caproom.asp
http://www.mitforumcambridge.org
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www.leasingnews.org
Leasing News, Inc. 346 Mathew Street, Santa Clara, California 95050 E-Fax: (781)459-4789 kitmenkin@leasingnews.org 
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