Do the majority of your Florida business revenues go towards daily ACH payments? Did you personally guarantee your Florida Merchant Cash Advance loan? Did your funder make you sign a COJ / Confession of Judgment or an Agreed Judgment? Is there a UCC filed against your Florida business? Are you paying a fixed amount on your MCA loan despite a decrease in revenues? Are funders, their attorneys or collection agencies calling, texting and harassing you? Does your Florida based Credit Card Terminal have a lock box? Do you need to change your MCA repayment schedule to monthly payments from daily? Are your Florida business or individual bank accounts frozen, attached or levied? Have your clients or vendors been contacted by your Merchant Cash Advance funder? Did you attempt to restructure payments to your Merchant Cash Advance funder due to a fluctuation in sales and revenues? Was it granted? Were you asked to put up any personal collateral like your residential home?
If you answered yes to any of these questions, contact Grant Phillips Law, PLLC helping Florida Merchants. A law firm focusing on settling Merchant Cash
Advance loans for clients across all 50 States. Florida MCA Attorneys. Grant Phillips Law, your Merchant Cash Advance Attorneys in Florida. Let us review your Merchant Cash Advance Contract for illegalities. Settle your Florida Merchant Cash Advance loan with your Florida Merchant Cash Advance Funder.
Florida Merchant Cash Advance Law
In Florida, Merchant Cash Advance law governs both Merchant Cash Advance Funders and Merchant Cash Advance Merchants.
Under Florida Merchant Cash Advance law, one ofthe most important factorsin distinguishing a traditional loan (Usury applies) from a Merchant Cash Advance in Florida is
whether the Florida Merchant must repay his Merchant Cash Advance loan unconditionally (i.e. No matter what happens). When Merchant repayment is unconditional and
absolute, no matter circumstance,the Florida Merchant Cash Advance Funder is committing criminal usury because the Courts will likely rule such factsto be a loan and not
Remember under Florida Merchant Cash Advance law a merchant isselling itsfuture receivables but only ifreceivables are in fact generated by the business. Ifthe business
does not generate sufficient receipts due to adverse business conditions, beyond the control ofthe merchant,the the losses and changesto receivables must be borne by the
Funder, i.e.the FUNDER must carry the lossifrevenues decrease.
A Florida merchant’slegal duty isto deliver future account receivablesto the MCA Funder, but only ifthe businessis a going concern and actually generating receivables.
In other words; Unconditional re-payment of a Merchant Cash Advance, is illegal in Florida.
One of the most essential components of a bona fide Florida Merchant Cash Advance rather than a traditional loan, is that the Merchant
does not have to unconditionally repay the loan(s).
A Merchant isselling itsfuture receivables, but only to the extent that receivables are generated by the business.
Legally in Florida, ifthe Florida Merchant does not generate sufficient receipts due to adverse business conditions, natural disasters or other incidences beyond the control of
the Merchant,the Merchant Cash Advance Funder must suffer the loss.
In turn,the Merchant, agrees not to engage in fraud or other practicesthat intentionally deniesthe Merchant Cash Advance Funder its purchased receivables. In other
words, at loan inception,the Florida business owner Merchant guaranteesthat its business will not breach any clause in the Merchant Cash Advance contract.
Ifthe Merchant’s obligation to deliver the Funder future receivablesis conditioned strictly upon the continuance ofthe merchant’s business and in turn the generating of
actualreceivables,the cash advance transaction will not be considered a loan and not subject to commercial usury laws or state licensing lawsthat apply to traditional loan
If one reviewsthe Common Law, one will find that for a Florida “Merchant Cash Advance” to be found to be a Loan, and subject to a state usury laws as well aslicensing
requirements,the advance must be repayable by a Merchant to the Funder no matter what happens and without exception.
On the other hand, Florida MCA Law holdsthat ifthe obligation to repay is conditional with exceptionsto repayment,the transaction generally will not be a Florida loan. This
Common Law rule appliesto Florida as well as all 50 States.
COURTS VIEW ON A LOAN VERSUS A MERCHANT CASH ADVANCE IN FLORIDA
The archetypal description of whether a transaction is a sale of future receivables or a loan,the U.S. Second Circuit Court of Appeals described the distinction asfollows:
“A sale isthe transfer of property in a thing for a price in money. The transfer ofthe property in a thing sold from a buyer to a seller for a price isthe essence ofthe
transaction. And the transfer is a transfer ofthe general or absolute property as distinguished from a special property.
A loan of money is a contract by which one delivers a sum of money to another and the latter agreesto return at a future time a sum equivalent to that which he borrows. In
order to constitute a loan there must be a contract whereby, in substance one party transfersto the other a sum of money which that other agreesto repay absolutely,
together with such additionalsums as may be agreed upon for its use. Ifsuch be the intent ofthe parties,the transaction will be considered a loan without regard to itsform.
In re Grand Union Co., 219 F 353, 356 (2d Cir. 1914) (internal citations omitted) (cited asthe “classic definition of a loan” by Cazenovia College v. Renshaw, 222 F.3d 82 (2d Cir.
2000)) Therefore provided the Merchant Cash Advance transaction does not require the Merchant to “repay the MCA loan absolutely ’such a transaction should not be
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2000)). Therefore, provided the Merchant Cash Advance transaction does not require the Merchant to “repay the MCA loan absolutely,’such a transaction should not be
considered a loan. If a merchant cash advance transaction is deemed to be an unconditional promise to repay, a court may re-characterize it as a loan.”
The answer to dealing with a delinquent Florida MCA loan or one that is eating away at all your hard earned revenuesisto face the Florida Merchant Cash Advance funder on
equal footing, by retaining an attorney with more than 17 years of Debtors Rights experience and 10 years of Merchant Cash Advance law for borrowers. With the help and
expertise of a Florida Merchant Cash Advance Attorney, your contract will be reviewed for legality, your story and facts will be listened to and acted upon ifthere are any
illegalities. A qualified law firm willto prove the transaction to be illegal, flawed or fraudulent as well as have it ruled to be a loan and thussue for usury and attorney’sfees
if applicable. Your Florida Merchant Cash Advance Attorney will amongst many other legaltools argue some ofthe following (if applicable):
Prove the entire Florida MCA dealto be a loan and subject to Florida usury law. Florida Merchant Cash Advance funders claim their businessesto be legal. However, if your
Florida Merchant Cash Advance Attorneys discover any illegalitiesin the Florida Merchant Cash Advance Contract or factsthat create a loan rather than a Merchant Cash
Advance,they will use thisto force a settlement in your favor or to sue the Florida MCA funder for fraud.
These rights can be invoked and protected immediately upon retaining a Florida MCA attorney. Select a Florida Merchant Cash Advance Attorney to analyze your MCA
transaction, facts and Contract for flaws and illegalities and have them take action on your behalf,to the fullest extent ofthe law.
Grant Phillips Law seeksjustice for our clients and we stand shoulder to shoulder with you as you battle the Florida Merchant Cash Advance funder. At Grant Phillips Law you
are never alone. Contact: You will ALWAYS speak to one of our attorneys, never support staff and you will be provided with the personal cell phone of your lawyer.
Our fee is a one-time flat fee. Cost: Data over the last 7 years has shown our law firm to be the cheapest Merchant Cash Advance Law Firms in the USA. Our Legal
Representation Fee is cheaper than any other MCA law firm or Debt Settlement Company throughout the country. [Bring a verified representation proposal from
another law firm and we will match it and discount it by 10%. Expertise: 17 years Debtor Representation. 10 years of MCA representation of Merchants. Thousands
of Bankruptcies filed.
Grant Phillips Law is unafraid to obtain justice for our Merchant clients. As such, if we find fraud or other illegalities in your case, we will
consider suing the funder accordingly. To date this law firm has obtained numerous multi-Million Dollar Settlements for clients who are
victims of fraud. We have sued funders for large cash settlements and if your case warrants it, we will do the same for you.
Don’t take it on the chin. Preserve your opportunity to get true justice for the crazy interest you have paid to the Florida Merchant Cash Advance funder who is debiting your
Florida Merchant Cash Advance Law has held that to be a legal Florida Merchant Cash Advance the transaction better “walk,talk and act” like a real Florida Merchant Cash
Advance versus a loan merely dressed up as an MCA.
Merchant Cash Advance Attorney Florida
Did you know?
New York (the epicenter of MCA) enacted a law in September 2019 banning New York Fundersfrom issuing a Confession of Judgment to an out of State borrower like a
Florida Resident. For example a borrower from Florida takes out an MCA from a New York based MCA funder,that funder cannot issue the Florida based borrowing Merchant
a Confession of Judgment / COJ.
Did you sign a Confession of Judgment? Did you sign a legal document called an “Agreed to Judgment?”
Contact the Attorneys at Grant Phillips Law, PLLC. Your Merchant Cash Advance Attorneys in Florida to preserve your legal rights, enforce those rights and protect
you and your business in Florida.
Are you a Florida resident? Send Grant Phillips Law your Merchant Cash Advance contract for a free legal review and analysis for compliance with Merchant Cash
Advance Law in Florida
Grant Phillips Law, your Florida Merchant Cash Advance Attorneys.
Fighting, Settling and Litigating for Merchants across Florida and the entire United States.
The experienced and compassionate lawyers at Grant Phillips Law can help you evaluate your Merchant Cash Advance contract for strict compliance with Florida MCA Law.
Your Merchant Cash Advance Attorney Florida.
Merchant Cash Advance Attorney Florida
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 islisted asthe official inventor ofsplit-funding, a system that allowsfor automatic loan repayment to the fundersfrom a single credit card processor shared with
the Merchant. Ms. Johnson obtained a Patent for thissystem in 1997. Her story isfascinating. 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 Florida
Did you know?
The interest rate or effective APR isso excessive and in turn profitable for a Merchant Cash Advance funder,that large publicly traded companies have entered the Merchant
Cash Advance lending arena. Some examplesinclude Shopify, Square, PayPal and even American Express. There are also major investment bankslike