Firms that apply for and receive the charter will likely be regulated similarly to traditional banks. The Securities and Exchange Commission also indicated some level of involvement, although to what extent is not yet clear. It may turn out that 2017 signals the start of a more regulated and consistent fintech industry, opening the door to significantly more small business lending. As with any loan, small business owners are encouraged to ask tough questions to determine the loans true cost and, if necessary, to consult with an attorney before signing. Robert can be reached at firstname.lastname@example.org. Know the Law is a bi-weekly column sponsored by McLane Middleton, Professional Association. We invite your questions of business law.
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