Unlike consumer lenders and real estate mortgage brokers, lessors of business equipment have generally enjoyed freedom from state licensing requirements.
State Licensing: A Trap for the Unwary?
Unlike consumer lenders and real estate mortgage brokers, lessors of business equipment have generally enjoyed freedom from state licensing requirements. A survey of state laws presented at this year's Equipment Leasing Association Legal Forum, however, has revealed that certain state licensing requirements do exist for commercial lessors, especially where motor vehicle leasing is concerned. This article describes certain of these requirements and highlights some of the areas in which there are statutes pertaining to licensure; the reader is advised to check the law in each state where he or she is doing business and never take freedom from licensing for granted.
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