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MortgageLiz
142 Posts |
 Posted - 05/12/2008 : 07:59:58 AM
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DOES ANYONE KNOW IF THERE ARE SPECIFIC RULES/REGULATIONS, PERHAPS LICENSING REQUIREMENTS IN OPENING UP YOUR OWN MERCHANT $ ADVANCE COMPANY.?
DO MOST SUCH FIRMS HAVE A JOINT RELATIONSHIP WITH MANY LENDERS, OR DO THEY FUND THEMSELVES? I ASSUME THE 1ST. AS I UNDERSTAND USURY LAWS DO NOT PERTAIN TO THESE BUSINESSES.
WOULD APPRECIATE KNOWLEDGEABLE RESPONSES
THANK YOU |
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Tim Thompson
283 Posts |
Posted - 05/12/2008 : 08:01:48 AM
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| There are no licensing requirements, And all the people I know that have opened one have many lenders/funders |
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CoralSnake
10298 Posts |
Posted - 05/12/2008 : 08:42:56 AM
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Usury does not apply, since the contracts are worded as a 'cash advance' not a 'loan'. These are not lending companies.
These companys fund themselves. There are only a handful of the actual 'lendeing' (or should i say cash-advancing) companies. The rest are just resellers. There are thousands of resellers. |
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