Posted by Tony-VA on March 13, 2000 at 18:15:32:
I have no idea what AL law would require as far as finance licensing goes, but I would hazard a guess that your lawyer does not completely understand what it is we do. I am not a lawyer, but would not believe that a license would be required to owner finance your properties. Now maybe if you were advertising to the public to finance other properties and products that you do not own, you may need some licensing.
For what it’s worth, if they said I needed a finance license, a big fuzzy hat and unicycle, I would run out and get them in order to do these deals.
Your attorneys advice appears very sound and generic for anyone starting up a new business. Perhaps they can tell you where to look to find out. The point is that you are starting a great business, appear to have expended money and time to set this business up legal-N-proper like, don’t stop now if you are required to obtain more redtape. Also try posting this question on the legal corner here and see if Bill Bronchick can provide any input.
Yes people can sue for ridiculous amounts. I recall a person making quite a bit of money by spilling hot coffee on themselves. First things first, your company would have to have $140 million to sue for. Next, you would have to have missed some or all of the ideas at this site about asset protection. You would have to disregarded the advice above by your attorney etc. etc.
You are taking many of the right actions to set things up properly. Continue to research and develope your business and asset protection plans. Play by the rules and you will reduce much of your liability.
Best Wishes. Sorry I can’t say for certain what AL law requires.