Merchant Cash Advance Attorney Virginia

 Merchant Cash Advance Attorney Virginia

·         Do the majority of your business revenues go towards daily ACH payments?

·         Did you personally guarantee your MCA loan?

·         Did the funder make you sign a COJ / Confession of Judgment or Agreed Judgment?

·         Is there a UCC filed against your business?

·         Are you paying a fixed amount on your MCA loan despite a change in your business cash flow?

·         Are funders, their attorneys or collection agencies calling, texting and harassing you?

·         Does your Credit Card Terminal have a lock box?

·         Do you need to change your MCA repayment schedule to monthly payments from daily?

·         Are your business or individual bank accounts frozen?

·         Have your clients or vendors been contacted by your Merchant Cash Advance funder?

·         Did you attempt to restructure payments to the Merchant Cash Advance funder due to a fluctuation in your sales volume and revenues? Was it granted?

·         Were you asked to put up any personal collateral like your residential home?

If you answered yes to any of these questions, contact Grant Phillips Law, PLLC helping California based Merchants. A law firm focusing on settling Merchant Cash Advance loans for clients across all 50 States. Merchant Cash Advance Attorney California. Grant Phillips Law, your Merchant Cash Advance Attorneys California. Let us review your MCA contract for illegalities. Let’s settle your Merchant Cash Advance loan with your MCA Funder.

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Did you know?

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. For example a borrower from California takes out an MCA from a New York based MCA funder, that funder cannot issue the California based borrowing merchant a Confession of Judgment / COJ.

·         Did you sign a Confession of Judgment?

·         Did you sign a legal document called an “Agreed to Judgment?”

Contact the Attorneys at Grant Phillips Law, PLLC. Your Merchant Cash Advance Attorneys California to preserve your legal rights, enforce those rights and protect you and your business.

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California Merchant Cash Advance Law:

On August 31, 2018,the California Senate and Assembly passed SB 1235. On September 30, 2018, Governor Brown signed it into law.

The law added a new Section to the California Financing Law (CFL). The CFL generally covers both consumer and commercial lenders. 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.

In time, many feel that the CFL will require Merchant Cash Advance funders to be licensed.

Nevertheless the law does require a funder offering a form of “commercial financing,” of $500,000 or less to a merchant / borrower, must now provide the Merchant with a Cost Disclosure Statement before completing the transaction. The law requires the Merchant borrower to sign the Cost Disclosure Statement.

Interestingly the new California Law refers to “commercial financing,” meaning the loan or financing is for a corporate / commercial purpose. However, the law does not require a funder to confirm the funds were in fact used for an actual commercial purpose.

The Cost Disclosure Statement must state clearly the amount financed, the total costs involved, the length of time, the frequency and amount of payments to be made as well as state clearly the method of how payment is made, an explanation of pre-payment consequences, and state the total cost of the financing as an annualized percentage rate.

Are you a California resident? Send Grant Phillips Law your Merchant Cash Advance contract for a free legal review and analysis for compliance with California law. GPL, your California Merchant Cash Advance Attorneys. Fighting, Settling and Litigating for Merchants across California and the entire United States.

Unfortunately the new law does not provide guidance on the disclosures as it related to their definitions, what they should contain from a content perspective, nor does it describe the methods for calculating the items requiring disclosure as well as not describing the manner, time structure and format of the disclosures.

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