Legal Question in Business Law in New York
Commission/Referal Fees on Asset Based Business Lending
Is it legal for an asset based lender loaning to individuals or companies for business purchases (i.e. not predatory consumer lending) to pay percentage based referal fees to third parties? The loans could be under an SSN or EIN. Are there license requirements to legally refer this kind of business for commission?
Asked on 8/28/07, 10:43 am
1 Answer from Attorneys
Johm Smith
tom's
Re: Commission/Referal Fees on Asset Based Business Lending
I'm not aware of any licensing requirements, but you can contact the state to confirm.
Answered on 8/28/07, 11:20 am
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