Strapped for cash, MyPillow CEO Mike Lindell took at least two merchant cash advances. Because Lindell’s companies defaulted on payments, suits were filed in New York alleging MyPillow-related entities and Mike Lindell as a personal guarantor defaulted on the loans. Sometimes businesses that do not qualify for traditional loans look
Some assets owned by a judgment debtor may be subject to seizure by a judgment creditor. If unsecured, the assets (e.g., bank accounts, brokerage accounts) can be transferred or sold to benefit the creditor. There are other assets that require a court order to transfer assets or the debtor’s interest
Proposed changes regarding the removal and reporting of medical debt may lead you to change how you do business if you rely on credit reports when deciding whether to grant credit, In June, the Consumer Financial Protection Bureau (CFPB) proposed some major changes related to the reporting of medical debt
Earn up to 1 CPE Credit* Program Description: Alternative Dispute Resolution (ADR) clauses in Engagement Letters: The ADR process, costs, fees, and financial impact when collecting accounting fees. Learning Objective: Participants will gain an understanding of the financial implications of Dispute Resolution (ADR) clauses in Engagement Letters and it’s impact
On May 16, the Supreme Court rejected a challenge that would affect the future of the Consumer Financial Protection Bureau (CFPB). Established in 2011, the CFPB protects consumers from predatory and irresponsible lenders in the financial sector. A group that includes banks, credit card companies, mortgage lenders, other financial companies,
In April, following an investigation by Attorney General Leticia James’ office, Pathward (formerly known as MetaBank) was required to refund money to account holders after unlawfully sending frozen deposits to creditors. In addition to refunding the monies, the bank also had to pay penalties for the unlawful freezing of the
CNN reporter Fredericka Whitfield interviewed Jocelyn Nager, president of Frank, Frank, Goldstein & Nager on Sunday, March 24 to discuss former President Donald Trump’s civil fraud case. Reports stated it may not be possible for the former president to bond the state’s nearly half-billion ($500,000,000) judgment. Following the interview, the
On March 5, 2024, New York State Attorney General Letitia James filed a lawsuit against Yellowstone Capital, a merchant cash advance company, for orchestrating a predatory lending scheme. The lawsuit also names Yellowstone’s founders individually, and 30 other subsidiaries and officers. The petition alleges Yellowstone exploits small businesses through fraudulent
The New York State Attorney General’s job is to protect the citizens of the State from bad actors. That would include pursuing a Debt collection company that acts deceptively and fraudulently. New York State Attorney General Letitia James may be most recognizable from her high-profile cases including the current case
“It’s on our invoice!” Wondering if the printed language appearing on your invoice is enforceable if you go forward with a NY Debt Collection claim? More and more creditors are including language on invoices anticipating non-payment by customers. But what happens when the customer defaults? Does the fact that