Commercial Lending Licensing
BuckleySandler regularly advises banks, commercial lenders, insurance companies, investment funds, private equity funds, hedge funds and investment advisors on state licensing requirements applicable to brokers, lenders, servicers, collectors and investors of commercial loans and leases, including equipment leases and loans, mezzanine loans, mortgage loans and unsecured loans. We prepare 50-state licensing surveys and analyze particular business plans for licensing and regulatory implications. For clients whose activities subject them to state licensing, our licensing team is available to provide full-service assistance to apply for and obtain requisite licenses.
We also advise clients on all federal and state regulatory requirements potentially applicable to commercial lending, including:
- Home Mortgage Disclosure Act (HMDA) reporting and record keeping
- Equal Credit Opportunity Act (ECOA) compliance, including new requirements for data collection in connection with small businesses and minority-owned business under the Dodd-Frank Act
- Community Reinvestment Act (CRA) compliance
- Bank Secrecy Act/Anti-Money Laundering/OFAC requirements
- Fair Credit Reporting Act (FCRA)
- Flood Insurance requirements
- Appraisal requirements
- State usury laws and loan fee limitations
- Unfair and Deceptive Acts and Practices laws
- State debt collection laws, including collection practices limitations applicable to commercial finance transactions
- State licensing related compliance requirements, including record keeping, reporting and regulatory examinations