It is 2010 all over again. We saw it in the mortgage industry after the 2008 meltdown and we are seeing it again today. Protections for the borrowing public – to make sure that they are being taken care of in the most professional manner possible. It is starting with a few states: California, New York, New Jersey, Nevada, and Utah – to name a few. However, in all reality, Disclosures and Licensing have always been here.
The Leasing News along with Ken Greene, do a great job of breaking down what each state is doing and where we are all going. In addition – there are additional resources that speak to this very topic.
Leasing News A State-by-State Analysis of License Requirements for Lenders and Brokers
New Disclosure Laws A Leasing & Finance Observation to what is happening in the world of Equipment Financing
NEFA Fireside Chat w/Jesse – California Disclosure Laws with Andy Alper and Shervin Rashti
Debanked, Monitor, and the AACFB all have good stories/resources about the subject as well. More laws, regulations, and licensing are coming down the pike. Prepare yourself by keeping up to date on the latest and greatest changes. Stay in touch with the associations as they have resources for making sure you are compliant. This is going to have an effect on all of our processes – we must be diligent in our practices and work together to make sure we will continue to be successful in our respective businesses.