I won't keep you waiting. Can money be lent without money lending license If someone lends money to few persons on interest to earn extra income without money lending license and if cheque is bounced insufficient funds then can he borrower be sued under negotiation instrument act Anonymous User.
Connect with top Cheque Bounce lawyers for your specific issue. Connect with a Lawyer. Answers 2 votes. Googling your legal issue online? Advocate J.
Advocate Rajeev Nigam. Advocate Bala Janaki. See More Cheque Bounce Lawyers. Cheque Bounce Case. You do not need a securities license if you are brokering your own money or institutional money. This is the information my attorney gave me for my business in CO and I know DORA is looking to crack down on unlicensed private money brokers here. I have heard that you can get the "finders" designation in Texas for brokering "private money.
It is no different than cutting someone in as a JV partner on a RE deal for finding a buyer. It isn't a commission if the person is a pro rata partner in the deal. That is my understanding at least. Paying people is okay too as long as you don't tie their compensation to finding money.
That is what I have read and heard at least. Hi, well we have several issues here, the OP had a key word, "broker". Eddie, very good point and I think you're had! If I follow your comment. By the definition of an owner occupant being exempt, your business entity is not an owner occupant!
Perhaps you as an individual could make the loan to the company and secure that with a DOT. Now that the loan is in place, your company might be able to sell it sub-2 with an assumption. Funding deals is a very sticky thing. SImply calling yourself a "partner" or the deal a joint venture may not cut it. How you structure a deal really doesn't matter, until something blows up and people end up in front of a judge, then your deal will likely be disected.
If a "broker" has no other activity in a deal other than passing funds from one hand to another and is to reap a benefit, you're likely a broker regardless of what you want to be known as.
The heading on your agreement, the names used to describe yourself does not establish the relationship between the parties in a transaction, the function of the players and the means implemented to facilitate any deal establish your position. If the law requires that you have a license to this and that, and you don have a license, you need to find a way to do your deal without you doing this or that, otherwise, get a license.
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Create post. Rotate Log in or sign up to reply. Hard money can fall in the gray. The answer will also vary by the state. John Corey. In Colorado, you must be licensed. What if you could invest in real estate the way billion-dollar institutions do? Good Luck! Although it was already said, this post is way old and the poster probablly doesnt care anymore, as Ron pointed out, you can create up to 5 loans per year WITHOUT a license, this includes TEXAS, once you hit your 5th loan you now need a license.
Only way I could see this being bad is if you owner financed 6 or more, and then went to forclose, but the lendee would have to know about this law, and most investors dont even know about this There was lots of discussion about getting around this, and creating multiple LLC 's and such to advoid getting in trouble, but im not sure, there was never a definant answer. Bill PS. I don't want to get into a dispute You may be able to create up to five per year of your OWN notes.
Good luck! I am in ohio looking to get hard money private loan to get two homes going. Back to the original thread on licensing State laws can be stricter NOTE: request for loans should go to the separate subgroup on private lending.
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