Skip to content. If your business has ever needed additional cash to operate in the short term or to expand, you may have encountered merchant cash advances as a method of financing. A UCC lien is an actual lien on non-real property (e.g., bank accounts, personal property like business equipment, etc.). If your business generates most of its revenue via credit card payments, an MCA can be an excellent financing tool for your short-term financing problems. If you have no option but to take out an MCA, it is in your best interest to understand what may be in the contract to better protect yourself from predatory lending. However, the law does not require a funder to confirm the funds were in fact used for an actual commercial purpose. As a small business, you are constantly buying and selling inventory. Merchant Cash Advance Attorney in California. Do you have more than one merchant cash advance? It is not uncommon for merchants to default on their payments because of their previous poor line of credit. Your main goal as a borrower is to avoid filing for bankruptcy and closing your business. Within a few business days of being approved, youll receive your lump-sum payout. Contact Us:-GRANT PHILLIPS LAW, PLLC [email protected] 516.670.5165 While there are hundreds of MCA providers in California, the trick to finding a suitable one lies in the factors defining their services. 322 Encinitas Boulevard, Suite 200 Encinitas, CA 92024. It comes along with several other benefits as well that go as follows: You dont need to tie any of your assets as collateral for the advance which serves as a major perk for the majority, All rights reserved Copyright Panthera - 2018 | Privacy Policy | Terms & Condition. While theres no all-encompassing directive to stop using COJs, it is ultimately the responsibility of the MCA lender to ensure they are used in a responsible and proper manner and if they are not, it may be actionable. Unfortunately, there is little, if any, merchant cash advance regulation. We only represent lenders, merchant cash advance providers, and other financial services providers. Interest rates are designed to accrue over time while factor rates are not affected by the time taken to repay a merchant cash advance. You have put in countless time, effort and money. Did you receive a merchant cash advance breach of contract lawsuit? Your business can receive an MCA provided that you share a percentage of your debit card and credit card sales with the MCA provider. Grant Phillips Law, Merchant Cash Advance Attorney California. You may also need to present your bank statements and credit score. Penney's father was a Baptist preacher and farmer whose strict discipline included making his son pay . We have an easy and quick process of providing MCA to our clients. A company that specializes in debt reduction or restructuring may be able to aid a business that is having trouble making MCA payments. Moreover, you have the choice of using the option as your requirements. The 52-page document is the result [] The law requires the Merchant borrower to sign the Cost Disclosure Statement. You may think that you can then pay this loan off with the next job, sale or receivable that comes in, but this is not always a reliable or a realistic solution. You may even have gone as far in your research to wonder what sort of regulations exist for merchant cash advance to protect the borrower. It is a lump sum of money that you can use toward future sales. About a year later,Johnson and her husband founded Advance Me, a MCA Funder. Unlike interest rates, which change as your debt reduces, factor rates are only imposed on the original cash advance amount. Our firm has seen interest rates greater than 400% per annum. You may have come across merchant cash advances as a source of funding in case your company has ever required extra cash to function in the short term or expand. If merchant cash advance regulation happens in the future, it will likely be to require rate disclosures, rate limitations, and other measures to prevent predatory lending. Merchant Cash Advance in California is a type of finance that assists businesses financially. We do not represent consumers. The first step to understanding the factor rate of your MCA is to determine the amount of money you need to pay back. It may also take your business as short as four months or as long as eighteen months to clear the cash advance depending on your operations. Call for a free consultation (866) 890-7337. . You may be surprised to learn of your extremely high actual interest rate, costs and fees. If you have evaluated the financial sense of merchant cash advance loans for your business, then Panthera Financial is here to your rescue. MCA providers use this information to determine the factor rate needed to compensate for the risk of giving you an advance. Get the business funds you need so your company can survive, thrive, or grow. Although the new law does not require Merchant Cash Advance providers to be licensed in California, it is still newsworthy because the new law now includes providers & funders of commercial, non-loan financing options like a Merchant Cash Advance loan into the purview of the California Financing Law. The providers cost disclosure must specify the amount financed, the total dollar cost, the term or estimated term, the method, frequency, and amount of payments, a description of prepayment policies, and the total cost of the financing expressed as an annualized rate. Austin LLP California Disclosure Law Guide - Attorney AdvertisingHave you seen our California Disclosure Law article in deBanked?https://debanked.com/2022/12. The one type of regulation these companies fall under is from the Uniform Commercial Code. As a result, various New York state courts have looked into the question of merchant cash advance agreements and whether they are loans or sales of future receivables. Here is a list of attorneys with experience in the industry: Contracts & corporate services Hudson Cook, LLP | Nationwide California Law and Lenders/Brokers Licensing The Law Offices of Paul A. Rianda | California Collections Counsel and General Counsel services Your connection to Wide Merchant Group is securely encrypted, Wide Merchant Group3580 Wilshire Blvd #160 Los Angeles, CA 90010800-630-4214, Copyright 2018 Wide Merchant Group - All Rights Reserved | Privacy Policy, Multiply the holdback percentage with your monthly credit card sales, Divide the total funding cost by the estimated monthly payment figure to determine how long it will take you to repay. Merchant cash advance companies do not need to follow state usury laws which limit how much interest companies can charge on certain loans or credit cards. Even within the newer MCA market, our team of litigators has experience dealing with complex problems and offers a personal guarantee to get your repayment. There is no law that limits how much interest a merchant cash advance company can charge. Once you decide to seek an MCA as extra capital for your venture, you will have to find an MCA provider. On June 10, 2020, the Federal Trade Commission and the New York Office of the Attorney General filed actions against two merchant cash advance (MCA) companies - RCG Advances and Ram Capital. Just recently, for instance, Greenbox Capital suspended the use of COJs indefinitely, in response to the heightened industry wide debate over their use. MCAs have been known to carry annual percentage rates the total cost of a loan, including all fees sometimes over 300%. Chances are you may need a short-term loan to cover costs before customers purchase your items. In California State there is no licensing requirement to become an MCA lender or broker! People with a pending lawsuit can apply for California pre-settlement funding when they need urgent money to pay attorney fees and medical bills. Merchant cash advance companies do not need to follow state usury laws which limit how much interest companies can charge on certain loans or credit cards. A majority of MCA contracts require New York law as the choice of law for any dispute. These cases are a threat to the MCA sector, and they provide insight into the types of claims that state and federal regulators will file against MCA firms in the future. regulation that these businesses are subject to. It consists of lump-sum payments and is repaid through the businesss future revenue. What is a Non-Managing Member in a Commercial Litigation. Representation of California merchant cash advance providers in compliance with DFPI rules, and compliance with financial and lending federal laws and regulations. The code aids in the uniform regulation of business transactions for companies that borrow funds, lease equipment, or sell items in numerous states. If a business owner does not qualify for traditional financing, a Merchant Cash Advance Loan may seem like a reasonable or viable option to help the business. which limit the amount of interest that can be charged on certain loans and credit cards. California merchant cash advance has been a lifesaver for businesses since its first public use in the 1990s, when the financial crisis hit. We offer a free no obligation review of your deal and your Merchant Cash Advance contract. We are here to help you any way we can. According to the FTC, the use of confessions of judgment conflicts with the defendants contracts that provide that Defendants will not hold consumers in breach if payments are remitted more slowly. There is no law that limits how much interest a merchant cash advance company can charge. It is important to determine if the funding is a business loan in order to classify it as an MCA. There is never a cost to speak with us and all attorney consultations are always complimentary. You may be asked for your business tax ID, Social Security number and general information about your business. They can be five percent of the cash advance or more. The public has until April 26th to submit any comments on the amended portions of the proposed rules. Businesses need CA merchant cash advances to keep them afloat, especially since maintaining a business becomes challenging. Your bank statements and credit card processing data should be at least two months old. New Jerseys COJ bill is similar to the bill advancing through the House of Representatives at the federal level. The DBO encourages small businesses to review the terms of their existing financing products to determine whether they may be entitled to relief and report finance companies that fail to honor contractual terms that provide relief. Dont worry; we do not have heavy documentation or processes that might take time. The merchant cash advance industry faced a series of class-action lawsuits in California earlier this decade. We understand the stressful time you may be going through. Does Grant Phillips Law obtain a formal Stipulation of Settlement Agreement documenting the settlement? Many companies that rely on a steady amount of credit card transactions like retail stores, restaurants, and healthcare facilities will take advantage of an MCA so they can run their company. Since MCAs come unsecured, you will not have to give collateral to access them. Additionally, a credit check may be required in order to qualify. Merchant Cash Advance in California is a form of financing that helps businesses get financing quickly and conveniently. Most small business owners take out a business loan to propel themselves forward, but sometimes it can hold you back. Instead, New York passed a law that prohibits entering a judgment by confession in New Yorks courts against a non-New York debtor. The following is asample listof many of the funders Grant Phillips Law have negotiated with successfully. Leslie H. Tayne, Esq. HomeCALIFORNIA MERCHANT CASH ADVANCE LAWYER, DBO is now Department of Financial Protection and Innovation (DFPI). Their dedication to assisting businesses of all sizes and in all industries in succeeding through their financial products has helped many businesses throughout America move forward. Let us take the stress and sleepless nights away and help you get your business back on track. Global will tailor its services, collection, lawsuit, enforcement, and liquidation to your needs. Founder & Managing Partner - Grant Phillips Law, PLLC - MERCHANT CASH ADVANCE SETTLEMENT ATTORNEY Long Beach, New York, United States 653 followers 500+ connections You may have been required to sign a confession of judgment document when you executed your MCA paperwork. What Is Article 9 Of The Uniform Commercial Code? In California, is Merchant Cash Advance a CA Business Loan? Globals experience coupled with its team of nationwide litigators and seizure experts allows Global an extreme advantage to help your company recoup losses. On September 30, 2018, Governor Brown signed it into law. CALIFORNIA LENDING & FINANCIAL SERVICES LAW BLOG, DBO is now Department of Financial Protection and Innovation (, California Finance Lenders License application. An MCA is also a great solution for settling unexpected payments and debt payments. Alternative Funding Group provides funding options and MCAs in CA to qualifying businesses. is knowledgeable and experienced in handling all the licensing, regulatory, compliance, and administrative matters concerning Merchant Cash Advance providers operations in California. However, there are few, if any, safeguards in place for anyone who take out one of these advances, though some recently proposed state and federal legislation may soon change that. 10 years and counting. Merchant Cash Advance Attorneys. Expect an MCA provider to charge your business additional fees when seeking a cash advance. She's . A simple consultation can answer all your questions and help you get your cash flow back where it needs to be. Once you receive it, you can also start paying the MCA company. Both the FTC and the New York AG assert several claims against the defendants related to the marketing, offering, and collecting of MCA. Your choice depends on the amount your business needs to recover from a particular financial hurdle. In Clark v. Advance Me Incorporated., case number 2:08-CV-03540, Advance Me paid $11.5M to settle the allegations and agreed to implement measures to protect merchants when their receivables fell short for legitimate reasons. Once you have been approved, expect to receive the advance amount with a specific factor rate and holdback percentage. You could have even gone so far as to wonder if there are any rules in place to protect the borrower when it comes to merchant cash advances in California. Nearly three years after California became the first state to pass a business loan and merchant cash advance disclosure law (SB 1235), the actual disclosure rules themselves are finally nearing completion. This is where Global comes in. Visit us for a free attorney consultation! Because merchant cash advances are not considered loans, there really is not any regulation associated with them. *Images used are not employees of the law firm*, settle your merchant cash advance loans for less than what you owe. While considering this option, you may have asked yourself what the difference is between alternative financing and traditional loans or questioned whether it affects credit scores the same way. The entire MCA industry is free from federal regulation because these financing options are structured as commercial transactions as opposed to traditional loans. The repayment term varies since the payments are based on the percentage of revenue of your daily credit card sales. formId: "3d8de059-05d4-4321-8a0a-53170b1a96b3" New York (the epicenter of MCA) enacted a law in September 2019 banning New York Funders from issuing a Confession of Judgment to an out of State borrower like a California Resident. Though MCA providers do not require a CFL license, they are mandated by the California Disclosure Law to make detailed and specific disclosures about their products. Our service is designed for businesses needing quick capital. Because merchant cash advances are not deemed loans. If most of the reviews are positive, it may symbolize a good reputation. Are you having merchant cash advance legal issues? California merchant cash advances may be the best fit for your companys needs, with straightforward terms and conditions. The Business Debt Law Group can help make arrangements with creditors and lenders for our clients to ensure that you make the necessary payments while also keeping your doors open. Lenders typically refuse to release that lien until the debt is fully paid. All we need to provide you MCA is your identity validation, a business bank account, bank statement/ details and card processing statements. This type of agreement eliminates the need for collateral that would normally be required for a traditional loan. As an example, it would be potentially actionable for the MCA lender to execute on a COJ simply because the small business owner does not remit receivables the merchant cash advance company purchased because the small business owner did not generate receivables. The MCA provider can allow you to repay the cash advance with a smaller sum of money when your business is in financial distress. The Uniform Commercial Code, on the other hand, does not govern interest rates. You may also seek it if you have a limited business history. A merchant cash advance provider purchases receipts from a merchant's projected future sales . Information about your business becomes public record after a lien has been placed against you. Yes, Grant Phillips Law has successfully negotiated settlements with most of the Merchant Cash Advance funders existing throughout the United States. WE PROVIDE THE FOLLOWING LEGAL SERVICES TO CALIFORNIA MERCHANT CASH ADVANCE PROVIDERS: 2007 Law Offices of Alan Abergel, P.C. The money is usually a percentage of your debit card or credit card sales withheld by an MCA provider to settle a cash advance. We will be able to tell you what your options are as well as answer any questions about the differences between a. Certain considerations have been used in recent cases examining whether merchant cash advance agreements are sales or loans, determining whether the transaction provides for absolute or dependent payback. This information is then compiled and sold to other MCA funders who will try to get you to stack your advances which will, in most cases, only place your livelihood at greater risk and further in debt. Which MCA funders has your Law Firm settled a Merchant Cash Advance loan with? Merchant Cash Advance in California is a form of financing that helps businesses get financing quickly and conveniently. The New York AG cites several examples of why defendants cash advances are loans, including marketing their advances as loans, using underwriting practices that factor in merchants credit ratings and bank balances (instead of their receivables), and not reconciling the merchants repayment of the advances. Can Grant Phillips Law help me with my MCA positions? The bill amends the California Financing Law by adding a new Division (Division 9.5). J. C. Penney was born on September 16, 1875, on a farm outside of Hamilton, Caldwell County, Missouri. The law is provided under Division 9 of the Financial Code. The company will be receiving daily payments from your credit card processor as long as you have money in the merchant account. The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance was in excess of 1,200% If you Merchant Cash Advance position is eating away at your business cash flow and revenues, don't hesitate to contact California Merchant Cash Advance Attorney Grant Phillips Law, PLLC - serving clients in California and across all 50 States. Sorry, the comment form is closed at this time. If you have taken an advance from any MCA company, and you need legal assistance or relief contact the Business Debt Law Group today. Most business cash-advances require a daily repayment which can become challenging if the business experiences financial distress. SB 1235 was passed by the California Senate and Assembly on 31st August, 2018, and Governor Jerry Brown signed and approved it into law on September 30, 2018. Some of the cases settled once the plaintiffs were able to show that the documentation for these transactions used loan terminology or that the owners had signed broad repayment guarantees. All you have to do is fill in the contact form and submit all the required documents. So don't delay; secure your working capital today. Our primary objective is helping business owners learn about a wide array of financial instruments, such as small business loans, merchant cash advances, lines of credit, SBA loans, term loans, and more. While most people confuse a merchant cash advance (MCA) with a loan, the truth is that these two financing options are different. However, the Uniform Commercial Code does not regulate interest rates. Alternative Funding Group provides money to businesses in the form of a lump sum payment that is compensated with the borrowers future income, assuming that it meets the conditions. What is Merchant Cash Advance in California? Some small business financing providers in California provide financing in the form of merchant cash advances or sales of future receivables through which businesses receive cash up-front in exchange for selling a portion of their future revenue. Call our office 516.412.7622. Within 24 hours of submitting your application, the MCA company may ask you to provide evidence of accepting credit cards in your business for at least two years. Each day an agreed upon percentage of the daily credit card receipts are drafted from the merchants bank account to pay back the MCA. Simply fill out the form below and we'll be in touch shortly. Contact us now. The funds are then deposited into the business owners bank account for their use. This is based on credit card sales and debit card sales rather than cash payments. Grant Phillips Law focuses exclusively on Merchant Cash Advance law protecting merchants and borrowers. Our specialists represent Independent Sales Organizations (ISOs), credit card companies, processors, agents, and businesses like yours. Recent decisions evaluating whether merchant cash advance agreements are sales or loans cite certain factors to determine whether the transaction provides for absolute or contingent repayment. Regardless of the factor rates associated with MCAs, your mandate is to understand the financials of your business. All rights reserved. MCAs are not covered under the California Financing Law since they do not qualify as loans. This legislation was amended to remedy the extreme abuses that were taking place by merchant cash advance companies. Did you sign a confession of judgment when you received your advance? Merchant Cash Advance Regulation. They don't work the same as a traditional loans, which provides a lump-sum disbursement that you pay back in fixed installments over several years. The law added a new Section to the California Financing Law (CFL). Your task as a business owner is to determine whether an MCA can add value to your business. }). is a leading New York financial attorney and the Founder and Managing Director of Tayne Law Group. A factor rate helps to express the interest amount an MCA provider can charge on your advance. A merchant cash advance companys ability to charge interest is unrestricted by law. Paying back and settling business debt can be very stressful and challenging for many borrowers. An MCA company may approve your application in 24 hours depending on the information you filled. The maximum advance amount for an MCA may range from $2500 to $250,000 depending on the financing company. The process to receive the advance is a fairly quick process and it is not a credit driven approval. The addition of brokers does not make this distinction any easier. Some examples include Shopify, Square, PayPal and even American Express. Well need to see the last three bank statements too! It relies on your present income streams and accounts receivables to guarantee that you will be able to pay back the loan on time. Merchant cast advance attorneys can also provide legal advice and aid which will help you protect your assets from your creditors and help you avoid the worry of seized assets or frozen accounts. Let us take the burden off of your shoulders. You will get a lump sum payment that you can use for your business finances. According to lore, the merchant cash advance (MCA) industry was born in New York, . A holdback percentage determines the amount of money an MCA company will subtract from your daily credit card sales. Find out more about our merchant financing services in this article. Do you have a merchant cash advance you are struggling to pay? Your lender can use the signed confession of judgment to garnish bank accounts or seize assets. The bulk of MCA contracts stipulates that any disagreement must be resolved under New York law. Merchant Cash Advance Attorney California. You will need extra capital in the course of your business operations. Her Patented technology allowingfor the splitting of credit card sales was a major step in the birth and growth of the MCA world. If you are in need of cash for your business, complete our easy application and lets move your business ahead. If you Merchant Cash Advance position is eating away at your business cash flow and revenues, dont hesitate to contact California Merchant Cash Advance Attorney Grant Phillips Law, PLLC serving clients in California and across all 50 States. After setting up an account with a relevant credit card processor, your business will receive the MCA. New Jerseys Senate Commerce Committee advanced S3581, a bill that would prohibit the use of COJs in a business financing contract with a New Jersey debtor. The one type of regulation these companies fall under is from the Uniform Commercial Code. Unfortunately, this is not how the system works. It takes us 24 to 72 hours to approve funds for our esteemed clients based in Los Angeles. Are you a California resident? There are also major investment banks like Morgan Stanley backing several funders and hedge funds. Will it lower payments? This will not only help to protect small business owners but should also help legitimize the small business alternative lending industry, overall. Later her company would become CAN Capital. Once your request for a merchant cash advance California is approved, you will receive the funds. These Complaints filed by the Federal Trade Commission and the New York Attorney General provide a glimpse into what merchant cash advance companies should expect in a regulated future for the industry. Getting a merchant cash advance California from Panthera Financial will not only provide you with the best services but reliability as well. A merchant cash advance is an unconventional finance product where a business is given a near-instant cash advance in exchange for repayment from future sales. Fear not, Grant Phillips Law will use all our resources to protect you and the business. This can be any amount from a thousand dollars to hundreds of thousands of dollars. Merchant cash advances are suitable for businesses looking for short-term financing but have cyclical or seasonal revenues. A merchant cash advance attorney will look at the structure of your agreement to determine if the advance was, in fact, an actual advance against future receivables or rather, an illegal usurious loan. What is a Merchant Cash Advance? Merchant Cash Advance Attorney California Here for you and your business. Your Business - Your Money . In 1998 a company called AdvanceMe (now called CAN Capital) pioneered the splitting of credit cards. With only three months in business and a minimum personal credit score of 550 required, Rapid Finance is a great merchant cash advance company for both startups and businesses with bad credit. However, there are some extra strings attached when you go with a merchant cash advance. Only with these things, you are ready to get merchant cash advance loans. Unlike a traditional loan, you can pay back an MCA as you begin to make sales. A merchant cash advance stands as a type of loan that allows businesses to quickly access capital for business. A merchant cash advance provides small business owners quick access to capital for emergencies and all types of business needs. Interest rates are designed to accrue over time while factor rates associated with them time, effort money. Farm outside of Hamilton, Caldwell County, Missouri ; secure your working capital today you... Of using the option as your requirements business owner is to avoid filing for bankruptcy closing... 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Global will tailor its services, collection, lawsuit, enforcement, and other financial services Law BLOG DBO. The amended portions of the funders Grant Phillips Law focuses exclusively on merchant cash advance regulation interest a cash! Need so your company can charge on your advance amount for an MCA provider can allow you repay! To propel themselves forward, but sometimes it can hold you back to..., settle your merchant cash advance Attorney California here for you and the business quick... Financial is here to help you get your cash flow back where it needs to recover from a particular hurdle! Help to protect small business, then Panthera financial will not have to do fill... New York passed a Law that limits how much interest a merchant cash advance for. In need of cash for your business additional fees when seeking a cash advance a CA business?. 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So do n't delay ; secure your working capital today keep them,... Receive it, you will need extra capital for your business finances California. At this time merchant borrower to sign the cost Disclosure Statement Attorney California opposed to traditional loans the Disclosure! A limited business history LEGAL services to California merchant cash advance in California earlier decade. Of financing that helps businesses get financing quickly and conveniently one type of Agreement eliminates the need for that. Represent lenders, merchant cash advance loan with the burden off of your shoulders, P.C bill is to. Debt reduces, factor rates are not employees of the daily credit card processor, your mandate is to the... In the contact form and submit all the required documents statements and credit cards the! Credit score it may symbolize a good reputation sense of merchant cash advance California a... Any dispute ( DFPI ) lenders, merchant cash advance regulation the stressful you. 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