Tallahassee, Fl., April 23, 2019 – In an effort to prevent mortgage lender licensing restrictions that would negatively impact the legitimate private lending community, Geraci LLP, as General Counsel for the American Association of Private Lenders, spoke on behalf of lenders nationwide at the Florida state capitol in Tallahassee. The legislation in question, SB 1632 and SB 1730, included language that inhibits professionals in the private lending sphere. Attorney Nema Daghbandan from Geraci LLP spoke on the floor, urging the legislature to re-think the language included in the measure.
“Right now, you can make an impact. Rather than being a passive recipient of legislation that does not make sense, you can make your voice be heard and help defeat this special interest bill. We will continue fighting against licensing for business purpose lenders on behalf of our clients and AAPL but we need your help in this fight.” ~ Nema Daghbandan
On April 1, 2019, Geraci spoke on behalf of AAPL in front of the Florida’s Banking and Insurance Committee in opposition to SB 1632. Had that bill passed, it would have required that all business purpose mortgage lenders be licensed in the state of Florida. In light of this outspoken opposition, SB 1632 was tabled; however, similar language was included in in a rider to SB 1730, again requiring all business purpose mortgage lenders to be licensed in the state of Florida. Geraci LLP, again on behalf of AAPL, spoke in opposition of this bill in front of the Senate Infrastructure and Security Committee, and all but one Senator agreed that these restrictions could be detrimental to private money lenders in the state of Florida. In a separate conversation with Rep. Fischer in the House of Representatives, he said the House does not plan on including the language in a House Bill that is to be presented in conjunction with SB 1730. At the time of this release, Section 7 of this bill referring to business purpose mortgage licenses still is attached to SB 1730.
The combined efforts of AAPL, Geraci LLP, and several local Florida private lending companies have become the catalyst for change. Senator Stargel on the Senate Committee on Rules introduced an Amendment on April 22 to remove the controversial language requiring mortgage lender licenses to extend capital to business-purpose borrowers. However, she withdrew this same amendment during debate on April 23. The Senator’s sponsor, Senator Lee has continued to openly promise to work on the language to bring a compromise.
Geraci LLP would like to thank those who assisted in this crucial action, including the Tallahassee REIA who came in force to help fight this special interest bill. To watch Mr. Daghbandan’s opposition to SB 1730 on the floor, visit https://www.youtube.com/watch?v=41A3BvNpB7Q
About Geraci LLP
A full-service law, media, and consulting firm, the Geraci team is at the forefront of the ever-changing non-conventional lending space and caters to non-conventional lenders worldwide. Our legal departments include Banking & Finance, Corporate & Securities, and Litigation/Bankruptcy, while our recently-formed Geraci Media Group not only organizes conferences, but also provides a full array of media services to help raise your brand awareness.