MERCHANT CASH ADVANCE ATTORNEY UTAH

MERCHANT CASH ADVANCE ATTORNEY UTAH

WHAT LAWS GOVERN A MERCHANT CASH ADVANCE IN UTAH?

• Utah like Virginia, enacted regulation governing Merchant Cash Advances and MCA Funders and Brokers alike. Like VA, UTAH now requires that MCA Funders and Brokers register as Merchant Cash Advance Providers. They must register with the UTAH Department of Financial Institutions.
• UTAH’s new MCA regulation went into effect January 1^st, 2023 and is known as the Commercial Financing Registration and Disclosure Act or (CFRDA).
• Beyond the registration component of the law, there also exist certain disclosure requirements like VA, CA and NY States.
• The CFRDA’s registration and disclosure regulations apply to Providers and a “Provider” is defined as “a person who consummates more than five commercial financing transactions in [Utah] during any calendar year.”
• The interesting component of the UTAH MCA Law is that the CFRDA addresses bank partner programs by defining “provider” to include “a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers.”
• An “accounts receivable purchase transaction” is defined as “a transaction in which a business forwards or otherwise sells to a person all or a portion of the business’s account…or payment intangibles…at a discount to the accounts’ or payment intangibles’ expected value.”
• Entities to which the CFRDA does not apply include Banking Depository Institutions, nor to subsidiaries of a depository institution. The CFRDA also doesn’t apply to Merchant Cash Advances that are secured by real property
• The CFRDA requires that an MCA Funder or Broker provide a business contemplating the origination of a Merchant Cash Advance “the total dollar cost of the commercial financing transaction,” but unlike Virginia, Utah do not require an Annual Percentage Rate or APR disclosure, similar to New York’s Merchant Cash Advance laws and regulations.

Merchant Cash Advance Attorney UTAH

• Do the majority of your business revenues go towards daily or weekly ACH payments for your MCA?
• Did you sign a Personal Guarantee in order to obtain your Utah MCA loan?
• Did the funder make you sign a COJ / Confession of Judgment?
• Is there a UCC Restraining Notice or Lien filed against your Merchant business, its bank accounts, receivables, vendors or client accounts?
• Has your Utah Merchant Cash Advance funder contacted your clients directly in order to instruct them to send money owed to you, to them instead, claiming it as receivables?
• Are you paying a fixed amount on your MCA loan despite a change in your business cash flow, revenues and receivables?
• Are Utah Merchant Cash Advance funders, their attorneys or collection agencies calling, texting, and harassing or threatening 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 Utah merchant or individual bank accounts levied/frozen or restrained?
• Have your clients or vendors been contacted directly by your Utah 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?
• Were any of your requests to change a payment amount or payment schedule granted?
• Were you offered a Merchant Cash Advance Reconciliation?

If you answered yes to any of these questions, contact:

Grant Phillips Law, PLLC a New York Law Firm focusing on settling Merchant Cash Advance loans for clients across all 50 States and Merchant Cash Advance loans in UTAH.

Merchant Cash Advance Attorney Utah

Did you know?

New York State enacted a law on August 31^st, 2019 banning New York Funders from issuing a Confession of Judgment to a Utah Resident and Utah Merchant.

For example a borrower from Utah takes out a Merchant Cash Advance from a New York Merchant Cash Advance funder, that funder cannot issue or ask the Utah borrowing merchant to sign a Confession of Judgment / COJ.

• Did you sign a Confession of Judgment?
• Did you sign a legal document called an “Agreed Judgment?”

Contact the Attorneys at Grant Phillips Law, PLLC. Your Merchant Cash Advance Attorneys, 516.670.5165.

Merchant Cash Advance Attorney Utah

Why are the majority of Merchant Cash Advance Brokers, Merchant Cash Advance ISO’s and Merchant Cash Advance Funders based out of New York City?

New York City remains the hub of finance and financial transactions throughout the world. Like most alternative forms of finance, the world of Merchant Cash Advance found a stronghold in New York City and being an alternative form of financing was attractive to alternative investors, whom are predominantly located in New York City and close to Wall Street. The coming together of investors and operators of Merchant Cash Advance funders was able to be facilitated in New York City, with both parties being located in or around Wall Street and New York City.

Also, with Manhattan at the epicenter of economic and world finance, coupled with the fact that the largest lenders, banks, private equity and law firms are generally located there, it is no wonder that Merchant Cash Advance loans are dominated by New York based lenders.

Another major reason that Merchant Cash Advance funders set up shop in New York State, is because, prior to the law being repealed, New York Law permitted Merchant Cash Advance funders to issue a borrowing Merchant, the infamous “Confession of Judgment.” As stated, last year (Aug 31^st, 2019), this law was updated to prohibit New York MCA funders from issuing a COJ to a Utah resident.

If you have a Merchant Cash Advance position with any funder in New York, Utah or across the entire United States, contact the law firm of Grant Phillips Law, PLLC 516.670.5165.

We are Merchant Cash Advance Attorneys providing assistance and relief to all Utah merchant borrowers. Our law firm has the knowledge, compassion and experience to handle all your Merchant Cash Advance positions, no matter what State they originated from, including Utah State.

GRANT PHILLIPS LAW, PLLC – Merchant Cash Advance Attorneys for Utah & all 50 States across the country.

If you signed a Confession of Judgment with your MCA Contract, reach out to your Merchant Cash Advance Attorney for help and advice. 516.670.5165

LET US REVIEW AND ANALIZE YOUR MCA CONTRACTS FOR FREE AS PART OF OUR FREE CONSULTATION – OFFERED TO MERCHANT CASH ADVANCE BORROWERS IN UTAH AND ALL 50 STATES.

Grant Phillips Law, PLLC fights for you, your business and lending justice.

Merchant Cash Advance Attorney Utah

Did you know?

Twenty Three (23) year ago information about Merchant Cash Advance loans became available and publicly accessible. Specifically, an individual by the name of Barbara S. Johnson is listed as the official inventor of split-funding, a system that allows for automatic loan repayment to the funders from a single credit card processor shared with the Merchant. Ms. Johnson obtained a Patent for this system in 1997. Her story is fascinating. Johnson was running four Gymboree Playgroup & Music franchises. Unable to get working capital to fund a summer marketing campaign, she wondered whether she could borrow against future credit card sales derived from parents bringing their kids back for fall classes. About a year later, Johnson and her husband founded Advance Me, a MCA Funder. Her Patented technology allowing for the splitting of credit card sales was a major step in the birth and growth of the MCA world. Later her company would become CAN Capital.

Merchant Cash Advance Attorney Utah

Did you know?

The interest rate or effective APR on a Merchant Cash Advance is so excessive and in turn profitable for Merchant Cash Advance funders that large publicly traded companies have also entered the Merchant Cash Advance arena. Some examples include Shopify, Square, PayPal, Amazon and even American Express. There are also major investment banks like Morgan Stanley backing several funders and hedge funds.

Merchant Cash Advance Attorney UTAH

Did you know?

The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance was in excess of 2,000% – This is NOT a misprint, again this law firm has seen several Merchant Cash Advance Contracts with an effective APR of 2000%!

If you Merchant Cash Advance position is eating away at your business cash flow and revenues, don’t hesitate to contact Utah Merchant Cash Advance Attorney Grant Phillips Law, PLLC – serving clients in Utah and across all 50 States. Merchant Cash Advance Attorneys.

Merchant Cash Advance Attorney UTAH

Did you know?

In Utah State there is no licensing requirement to become an MCA lender or broker! Some States are beginning to take a look at this, but at present no background checks, licensing, bond requirements or laws exist, to govern the creation of a Merchant Cash Advance funder and or broker.

Merchant Cash Advance Attorney Utah

You have questions: We have answers.

• Is my bank account safe during settlement negotiations?
• What is the Legal Representation fee?
• Can you handle a settlement with any funder?
• Do the lawyers at Grant Phillips Law review and inspect each contract and all accompanying paperwork for flaws, illegality or unreasonable clauses?
• Will the funder continue to ACH my account during settlement negotiations?
• Will the hiring of Grant Phillips Law end the phone calls, texts and constant harassment?
• Should I change my credit card processing machine?
• Should I switch my bank account?
• What can I do during settlement negotiations?
• How long does a settlement take?
• Will a settlement show on my credit?
• My funder is contacting my clients and receivables, will a settlement put a stop to it?
• Is the law firm of Grant Phillips Law equipped to tackle any funder?
• Can Grant Phillips Law represent me if I am a resident in a State out of UTAH? Can you put an end to daily payments?
• Are you able to put me into a Monthly payment plan?
• Can you lower my principal?
• What if I payoff my loan early?
• How does a settlement work when I have multiple or stacked positions?
• Does Grant Phillips Law obtain a formal Stipulation of Settlement Agreement documenting the settlement?
• What happens to my Merchant Cash Advance loans if I file bankruptcy?
• What happens to the personal guarantee when a settlement is reached?
• If a Judgment has already been filed against my business and I, can it be vacated?
• What is a reconciliation? How does it help me? Will it lower payments?

For answers to these questions and any other you may have, don’t hesitate to contact the Merchant Cash Advance attorneys at Grant Phillips Law, PLLC. A Merchant Cash Advance Law Firm. Let us take the stress and sleepless nights away and help you get your business back on track. You have put in time, money, equity, experience and knowledge into building your business. It feeds you, supports your family, creates jobs and as such is worth fighting for. Let Us Help You! Grant Phillips Law, Merchant Cash Advance Attorney UTAH.

Merchant Cash Advance Attorney Utah

Can Grant Phillips Law help me with my MCA positions?

Yes, Grant Phillips Law has successfully negotiated settlements or filed lawsuits against most of the Merchant Cash Advance funders. Our law firm has settled Merchant Cash Advance loans with virtually every funder, big to small, Utah based to non-Utah based, as well as negotiating very large loan balances to small payoff amounts and everything in between, our law firm has seen it and handled it for our Merchant Cash Advance clients.

Merchant Cash Advance Attorney UTAH

Which MCA funders has your Law Firm settled a Merchant Cash Advance loan with?

The following is a sample list of many of the funders Grant Phillips Law have EITHER negotiated with, or sued successfully.

Please note: if you do not see your specific funder listed, it is still very likely that we have negotiated and settled a Merchant Cash Advance loan with them but they are not listed here because this list is only a sampling of Merchant Cash Advance funders we have worked with:

GRANT PHILLIPS LAW, PLLC – your Merchant Cash Advance Law Firm.

• REPRESENTING MERCHANTS ACROSS THE UNITED STATES.
• REPRESENTING CLIENTS WITH MULTIPLE POSITIONS.
• REPRESENTING CLIENTS WHO SIGNED PERSONAL GUARANTEES.
• REPRESENTING CLIENTS WHO HAVE ALREADY BEEN SUED BY A FUNDER OR THEIR ATTORNEYS.
• REPRESENTING CLIENTS WHO ALREADY HAVE A JUDGMENT AWARDED AGAINST THEM.