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Leasing News is a web site that posts information, news, and
entertainment for the commercial alternate financing,
bank, finance and leasing industries

kitmenkin@leasingnews.org
   


Tuesday, February 20, 2018


Today's Equipment Leasing Headlines

Leasing Veteran “Marathon Mike” Passes Away
  December 17, 1938 – February 9, 2018
Position Wanted – Credit
   Seattle, WA – Or Will Work Remotely
Top Stories -- February 13- February 16
   (Opened Most by Readers)
California Seeks to Require Interest Rate Disclosure
  in Commercial Loans, MCA, Capital Leasing
     By Tom McCurnin, Leasing News Legal Editor
Top Nine Leasing Company Websites
   in North America 
Leasing Industry Ads---Help Wanted
  Account Executive/National Account Manager
Leasing News Advisor
  Don Meyerson
Current Regulations in United States
   Not Official, Compiled from Many Sources
State Licensing and Usury Laws:
An Updated Overview of a Few Troublesome States
   By Barry Marks, CLFP
GreatAmerica Completes 17th Term Securitization
  $5.6 Billion in Placements since 1995 – 500 Employees
Boxer Mix
   St. Louis, Missouri   Adopt-a-Dog
Attorneys Who Specialize in
   Banking, Finance, and Leasing
News Briefs---
Chicken chaos as KFC closes outlets
Closed more than half of its 900 UK outlets/Ran out of Chicken
Harley-Davidson still to close Kansas City plant
   Despite Missouri delegation plea
Deutsche Bank to cut up to 500 jobs
  Revenues Fell 15% Last Year
US rep, Boston councilor weigh in on status of Wynn
   and future of Everett casino
State proposes $23M pedestrian walkway over Mystic River
  to the Wynn Casino and Resort in Everett

Broker/Funder/Industry Lists | Features (writer's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months

www.leasingcomplaints.com (Be Careful of Doing Business)
www.evergreenleasingnews.org
Leasing News Icon for Android Mobile Device 

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[headlines]

--------------------------------------------------------------

Leasing Veteran “Marathon Mike” Passes Away
December 17, 1938 – February 9, 2018

“Attached obituary for Mike Dunn, Greensboro, GA.  Mike was my boss at Manufacturers Hanover Leasing in the 1980’s, the biggest bank leasing company at the time, $3 billion in assets. He was a leasing pioneer with Westinghouse Credit, Manufacturers Hanover Leasing, Chrysler Capital (all in Atlanta); and, prior to his retirement, Wells Fargo Leasing in the Pacific Northwest.”
   William Plummer


Michael Peel Dunn 1938 – 2018
Michael Peel Dunn passed away in his home at the age of 79 in Eatonton, GA on February 9, 2018, after a suffering from a rare form of cancer. He was born on December 17, 1938, in Savannah, GA to the late Hyman and Sadie Peel Dunn. The family moved to Atlanta, GA when Michael was just 6 years of age. He studied business at both Mercer University and Georgia State University. Michael is survived by his loving wife Carol Schwalbe Dunn, of Eatonton, GA, formerly of Atlanta, GA and Savannah, GA. Mr. Dunn has one daughter, Laurie Dunn Attaway and one granddaughter, Jennie E. Attaway.  
 
Michael worked for Westinghouse Credit Corporation in Atlanta, GA. Mr. Dunn accepted a job in the Pacific Northwest working for Wells Fargo Leasing as a Vice President from 1993 to 2005. He received many awards and had great accomplishments in both companies. After retiring from Wells Fargo Leasing, he became a Private Banker with Wells Fargo Bank in Greensboro, GA. During his career he received many awards and accolades for his business successes.

“Marathon Mike” as he was known, illustrated his passion for running and fitness – he ran over 200 marathons and half-marathons in his lifetime. He has been a member of the Marathon Maniacs for over 20 years and spent many weekends literally “on the road,” running marathons in the lower 48 states excluding Alaska and Hawaii.  
 
Michael also enjoyed being an extra in over 15 movies, most notably as a judge in each “Hunger Games” movie and a corpse in ”Last Vegas”. Michael and Carol retired to Reynolds Lake Oconee in 2005. Michael was a member of the Lake Oconee Lutheran Church and in lieu of flowers please make any donations to Lake Oconee Lutheran Church and mark them for the church’s general fund. All donations will be greatly appreciated.

Memorial Services were held Friday, February 16, 2018.
McCommons Funeral Home

http://www.mccommonsfuneralhome.com/obits/obituary.php?id=659205

Visit us at www.mccommonsfuneralhome.com to sign the online guest register

 

[headlines]
--------------------------------------------------------------

Position Wanted – Credit
Seattle, WA – Or Will Work Remotely

Each Week Leasing News is pleased, as a service to its readership, to offer completely free ads placed by candidates for jobs in the industry. These ads also can be accessed directly on the website at:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

Each ad is limited to (100) words and ads repeat for up to 6 months unless the candidate tells us to stop. Your submissions should be received here by the end of each week.

Please encourage friends and colleagues to take advantage of this service, including recent graduates and others interested in leasing and related careers. 

Seattle, WA – Will Work Remotely
A highly skilled credit expert.  Extensive underwriting background in small ticket leasing and commercial banking. Managing equipment finance credit operations, performing daily credit tasks, spreading/analyzing financial statements, preparing monthly reports. Exceptional organizational, analytical, communication skills. I excel at making sound credit decisions in a fast paced environment. murphy9679@frontier.com

 


 

[headlines]
--------------------------------------------------------------

Top Stories -- February 13- February 16
(Opened Most by Readers)

 

(1) Will Your Company be the Next Victim?
        A Disturbing New Trend in Fraud
By John Kenny, General Manager, Lease Police
http://leasingnews.org/archives/Feb2018/02_16.htm#will

(2) California Court of Appeals Reinstates Suit Against
 Tribal Lenders - Denies California Lender’s License
    By Tom McCurnin, Leasing News Legal Editor
http://leasingnews.org/archives/Feb2018/02_13.htm#cali

(3) Pictures from the Past - 1988
    Executive Vice President- WAEL
http://leasingnews.org/archives/Feb2018/02_16.htm#photos

(4) New Hires/Promotions in the Leasing Business
       and Related Industries
http://leasingnews.org/archives/Feb2018/02_16.htm#hires

(5) How General Electric became a general disappointment
   GE is in a real-time meltdown
http://www.dw.com/en/how-general-electric-became-a-general-disappointment/a-42542423

(6) Amazon has partnered with Bank of America
    for its lending program -Loans $1,000 to $750,000
https://www.cnbc.com/2018/02/14/amazon-and-bank-of-america-partner-for-lending-program-but-growth-has-stalled.html

(7) Sometimes You Make a Credit Decision
        Not by the Book
http://leasingnews.org/archives/Feb2018/02_13.htm#sometimes

(8) Back Office Companies
      Updated
http://leasingnews.org/archives/Feb2018/02_13.htm#back

(9) Sales Makes it Happen by Scott Wheeler, CLFP
    Does Your Title Explain Your Job?
http://leasingnews.org/archives/Feb2018/02_13.htm#does

(10) The Booming Airline and Transportation Business
    Affecting the Availability of Capital?
http://leasingnews.org/archives/Feb2018/02_13.htm#booming 

 

[headlines]
--------------------------------------------------------------

California Seeks to Require Interest Rate Disclosure
in Commercial Loans, MCA, Capital Leasing

By Tom McCurnin
Leasing News Legal Editor

 

Reg. Z Type Notice of Interest Rates Has Been Confined to Consumer Loans. This Would Be a Game Changer

SB 1235 (Steve Glazer, D-Sacramento)

For as long as I have been in the finance industry, interest rate disclosures have not been required for commercial loans. I was never sure whether that was because the equipment finance contracts were complicated and incapable of being reduced to a cost of funds analysis, the legislature simply wanted to let the businesses stand on their own, or this was a hide the ball tactic by the industry.  Regardless, a new bill has been proposed to require disclosure of interest rates (and other regulations) for commercial loans. This will be a game changer. 

Lawyers sell fear at nominal cost and sell hope at their hourly rate. While that is true and it is equally true that this bill is scary, I would earnestly expect this bill to be drastically changed once it arrives in committee. I would also expect that many trade groups will lobby against the bill’s provisions. But let’s look at the details.

First, the bill relates to Licensed California Financial Lenders. So, if the lender is exempt (Bank or Bank Subsidiary), this won’t apply to those lenders.

Second, the bill applies only to certain commercial financing loans, which are A/R financing over $5,000, cash advances of $5,000 or more, or a line of credit of $5,000 or more. For the Merchant Cash Advance industry, there is a little surprise in that paragraph for you—this law covers the purchase of future accounts receivable or a “cash advance.” 

Third, the Bill requires a “Reg. Z” type disclosure of interest rates. Most readers are probably familiar with that disclosure, which is on all consumer installment contracts. 

Fourth, the bill requires the lender to specify the term of the loan. This seemed obvious enough to me, but some equipment lenders still use clever end of lease options to require additional payment terms.

Fifth, the bill will require lenders to specify the repayment policies, which is presumably targets ACH disclosures. The bill will also require the lender to specify any prepayment options and penalties. 

Finally, the disclosure language must be in at least 10 point type, be in the language principally used to negotiate the loan, and may not be confusing. Each of the above statements has to be initialed by the borrower. The language provision seems problematic. 

What is the impact of this bill? 

• First, Giving Reg. Z Disclosure For Commercial Loans Is a Game Changer. Please correct me if I am wrong, but I believe this Bill will make California the first state to require Reg. Z disclosure in a commercial context. I’m not sure this is a good thing. 

• Second, Does a Commercial Borrower Have the Right to Know an Interest Rate?  Previously, I have simply argued that the commercial borrower is a smart guy, has a calculator and can figure out the cost of money.  Is that good policy? 

• Third, How Can This Be Effectuated? Clearly, for a simple installment loan of 60 months with a 10% residual, the calculation is easy. But with many short term, working capital loans, the payments are a daily ACH process, e.g., five days a week, excluding holidays. This might be a systems problem for some lenders. 

• Fourth, I Hate To Say I Predicted This, But I Did. Last month, when the Consumer Financial Protection Bureau (CFPB) abruptly reversed course and entered the universe of non-regulation, I predicted that given this regulatory vacuum, States would take on unregulated commercial lending. This is another example of why I favor Federal regulation, because we as an industry have more control over Congress than we do over 50 states, and when the Federal Government regulates an area, the States are preempted from doing so. 
 
The bottom line to this bill is that is probably a moderate disaster for most commercial lenders, if for no other reason, a systems issue of calculating and providing notice. For other lenders which thrive on intentionally not providing clear documents which make it easy for the borrower to understand the costs of funds, this bill is the end of the world. 

Stay tuned. 

SB 1235
http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180SB1235

Tom McCurnin is a partner at Barton, Klugman & Oetting in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com
Previous Tom McCurnin Articles:
http://www.leasingnews.org

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

 

 


[headlines]
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Top Nine Leasing Company Websites
in North America

These are all from Alexa, February 19, 2018, Three Month Ratings. They are ranked with the lower number, meaning where they place on the USA list (the lower the rating, the more visitors.  The numbers are not how many visitors, but ranking on the list.

These are not ranked by a vote of who has the best website, but the ranking in Google conducted by Alexa, an Amazon company


www.crestcapital.com
316,981


www.cit.com
349,317


www.directcapital.com
357,788


www.leaseq.com
660,769


http://www.balboacapital.com/home.aspx
394,344


www.timepayment.com
502,985


www.ascentiumcapital.com
1,183,516

 
www.finpac.com
1,278,710


www.greatamerica.com
1,286,185

Alex Vasilakos contributes a bi-weekly column on website marketing from the Financial Marketing Group, where he is the Director of Marketing. He has many columns in Leasing News, such as:

How You Can Increase Visits to Make the List
http://leasingnews.org/archives/Jul2017/07_19.htm#visitors

 


[headlines]
--------------------------------------------------------------

Top Reputable Company Seeking
Equipment Leasing Account Executive

Equipment Leasing Account Executive

What sets CoreTech apart from other equipment leasing companies is our team members and impeccable reputation. Are you unhappy with the ethics of your company and the promises made to you? Come to Newport Beach and join us.

To learn more, please click here

www.coretechleasing.com
CoreTech specializes in medium to
large size companies and firms

Over 100 law firms trust CoreTech for their leasing needs, why wouldn't you?



  

[headlines]
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Leasing News Advisor
Don Meyerson

Don Myerson
President
BSB Leasing, Inc.
7921 Southpark Plaza, Suite 208
Littleton, Colorado 80120
dmyerson@bsbleasing.com
800-945-3372 Ext. 336

I was born and raised in Chicago.

In 1974, I attended Colorado State University before dropping out without graduating in 1977. I returned to Chicago and was hired for my first job selling copiers and office equipment downtown Chicago. After 2 years of excellent sales training, I made the decision that I liked Colorado much better than Chicago and I relocated to the Denver area in 1980.

In Denver, I was hired for my second and last job again selling copiers and office equipment. At this job, I continued my sales education and was introduced to leasing as a sales tool for selling copiers. After 1 year selling copiers in Denver, it became apparent to me that I wasn’t very good at taking direction or working for someone else. In 1981, with $2,000 in savings I started my first company, Business Systems Brokers. I was selling used copiers and office equipment out of my converted garage.

With only $2,000 to acquire inventory, I was forced to be a little creative. I contacted a few leasing companies in Denver to see if I could buy their repossessed copiers and office equipment. I struck gold when I was able to buy 3 full self-storage lockers full of copiers and office equipment for the $2,000 (In 1981, leasing companies didn’t have full time asset departments). This inventory kept me in business for the first year.

With my experiences selling copiers, I knew I needed to offer some type of financing to help me sell my used copiers. In contacting additional leasing companies to buy equipment I learned of a company in Florida named Denrich Leasing. Denrich Leasing was a small ticket leasing company working with brokers nationwide. I started to offer Denrich’s leasing product to my copier customers in 1982 under the company name Business Systems Brokers dba BSB Leasing (You think I could make up a name like that?).  

After about a year, I was making more profit brokering leases to Denrich then I was selling used copiers. And I didn’t have to worry about providing service on the lease like I did with the copiers.
In 1983, I sold my last copier and became BSB Leasing exclusively. I moved out of my garage (It was very cold in winter), moved into a real office and hired my first employee. The next twelve years were spent building a nice profitable little business working with equipment vendors in the Denver area.

In 1995, BSB Leasing was selected by Colonial Pacific Leasing to become a service center for brokers in the Western United States under a program they developed named Pegasus. That year, BSB Leasing began working with lease brokers.

In 1998, after growing to 40 employees, offices in Denver and Cherry Hill, New Jersey and $75M in annual funding, BSB Leasing was sold to UniCapital Corporation, a public company in Miami. I became a unit President reporting to Bruce Kropschot, then a Vice-Chairman of UniCapital.

After 2 years under the ownership of UniCapital in 2000, I re-acquired BSB Leasing along with my management team of Bruce Zwillinger and Ron Gonzales.

I continue to serve as President of BSB Leasing, Inc., working primarily out of my home on Kauai while Ron Gonzales runs the day to day from our headquarters in Denver. Bruce Zwillinger semi-retired in October, 2012 but continues to work with a select group of brokers.

In 2013 BSB Leasing, Inc. continues to work with lease brokers nationwide. We offer both direct funding under (BSB Leasing, Inc. name) BSB Direct Finance name and complete syndication services through our Syndication Desk.

I also serve on the board of Orion First Financial, LLC and Mintaka Financial, LLC in Gig Harbor, WA. In addition, I have been Chief Credit Officer of Mintaka Financial, LLC since 2008.

Other companies started include: The Cruise Director, Inc. started in 1985 and sold in 1992; Info Marketing, Inc. started 1987 and sold 1990.

Dolly and I have been married now for 24 years. We have two kids now in College. Dylan, 23, is a Senior at Multnomah University in Portland, Oregon and McKenna, 20 is a Junior at Portland Bible College. We still have two at home. Matthew is turning 18 in April and finishing up his Senior year in High School before heading off to Colorado Christian University in the fall. Our youngest daughter Dru is 16 and a High School Junior.

Fairly Recent Photos
In France

left to right, Matthew, Dylan, Dru, McKenna and my wife Dolly



left to right, Matthew, Dru and McKenna


Don and Dolly



Their backyard in Kauai

Here are photos of Don and his family from the previous biography, showing how his children are growing up fast. 


Outside of Aspen, Colorado – summer camping trip 
Dylan, McKenna, Matthew, Dru



Dylan, 19 and Matthew, 14 with dear old dad diving a reef off Koloa Landing in Poipu (on the way to the Beach house restaurant)


(He and his family spend half their time in Colorado)
Don and Dolly with Dylan, Dru, Mathew, McKenna


(and half their time in Hawaii)
Don, Dylan, Mathew, McKenna, Dolly, Dru

Current Photos

Salzburg, Austria, August, 2017

Mckenna 21, Me, Dru 17, Dolly, Dylan 24 and Matthew 18
Innsbruck, Austria, August, 2017


my wife Dolly, Dylan 24, Dru 17, McKenna 21 and Matthew 18

Taken in Cochem, Germany in August, 2018

Me, McKenna (21), Dru (17), Matthew (18) and Dylan (24)

[headlines]
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Current Regulations in United States
Not Official, Compiled from Many Sources

Please see your financial attorney for a legal opinion. 
Any up-dates or additions, please send to kitmenkin@leasingnews.org

Alaska: Money Service License. License required to have exemption from usury rates for loans of $10,000 to $25,000, and 24% rate for $850 to $10,000
http://commerce.state.ak.us/dnn/Portals/3/pub/MoneyservicesStatutes.pdf

Arizona: All "advance fee loan brokers" must register annually with the state. Includes "commitment fees." Stiff penalty and on line form for a complaint for the state to investigate. Arizona Revised Statutes, sec. 06-1303-1310 (1996)
Registration process: http://www.azdfi.gov/Licensing/Licensing-FinServ/ALB/ALB.html

Arkansas: All brokers of "a loan of money, a credit card or a line of credit" may not assess or collect an advance fee. In addition, all brokers must register with the Securities Commissioner, post a surety bond of $25.000 and have a net worth of $25,000.
Arkansas Code Annotate sec. 23-39-401 (1995)

California: On September 22, 2016, California Governor Jerry Brown signed SB 777 into law, a bill that restores a de minimus exemption to the California Finance Lenders Law (CFLL) to allow a person or entity that makes one commercial loan per year to be exempt from the CFLL's licensing requirement, regardless of whether the loan is "incidental" to the business of the person relying on the exemption.

"In addition to the lending authority provided by the law, the California Finance Lenders Law provides limited brokering authority. A "broker" is defined in the law as "any person engaged in the business of negotiating or performing any act as broker in connection with loans*made by a finance lender." Brokers licensed under this law may only broker loans to lenders that hold a California Finance Lenders license." 
http://leasingnews.org/archives/May2016/05_02.htm#dob

(*any transaction that is not a true rent or meets the accounting and tax rules or is re-sold as a loan or discount or has a nominal purchase option is considered under this nomenclature. ) (2)

Delaware : License required for More Than 5 Loans Per Year.
http://banking.delaware.gov/services/applicense/llintro.shtml

Florida: Brokers of a "loan of money, a credit card, line of credit or related guarantee, enhancement or collateral of any nature" may not assess or collect an advance fee. 
Florida Statues, Chapter 687.14 (1992)

Georgia: A broker of "loans of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee unless such fee is for "actual services necessary to apply for the loan." Official Code of Georgia Annotated, sec. 7- 7-1 (1992)

Idaho: No fee may be collected unless a loan is actually made. 
Idaho Code, sec. 26-2501 (1992)

Illinois: Code, 815 ILCS 175/15-5.03 Under the Act, a" loan broker" means any person who, in return for a fee from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. 815ILCS 175/15-5- 15(a) specifically excluded from the application of the Act, however, are (1) any bank …regulated by any service loans for the Federal National Mortgage Association… (3) any insurance producer or company authorized to do business in [Illinois], (4) any person arranging financing for the sale of the person's product, (note that this exception does not apply to any person selling someone else's product and only applies to "the" person's product, implying the exception is for the owner of the product arranging for financing), (5) any person authorized to conduct business under the Residential Mortgage License Act of 1987 and (6) any person authorized to do business in [Illinois] and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate. "In the event that the Act is violated by the broker, the Secretary of State is empowered by the statute to make investigations and examinations, suspend or revoke the broker's approval, subpoena witnesses, compel the production of books and records, order depositions and obtain temporary restraining orders and injunctions against the broker. In the vent that a violate is found, the Secretary of State may impose a fine in the amount of $10,000 for each violation and the broker shall be liable to any person damaged in the amount of tactual damages plus attorneys’ fees." This appears as standard language on most states.

Iowa: A broker of loans of "money or property" may not assess or collect an advance fee except for a "bona fide third-party fee" and a broker must obtain a bond or establish a trust account and file required documents with the Commissioner or Insurance.
Iowa Code, sec. 535C (19920)

Kansas: Broker is not exempt. Discounter or Lessor is exempt: " 'Creditor' means any person to whom a loan is initially payable on the face of the note or contract evidencing the loan" is exempt. Anyone who earns a fee or accept a deposit, except a bank, financial institution, discounter or lessor, must be registered.
http://www.securities.state.ks.us/rules/loan.rtf

Kentucky: Brokers of "a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee. 
Kentucky Revised Statutes Annotated, sec. 367.380 (1992)

Louisiana: A broker of loans of "money or property…whether such agreement is styled as a loan, a lease or otherwise" must obtain a surety bond or establish a trust account in the amount of $25,000. A broker may not collect an advance fee but may collect an "advance expense deposit for commercial loans" only for actual expenses incurred in obtaining the loan. Louisiana Revised Statutes Annotated, sec. 9:3574 (1993); Louisiana Revised Statutes Annotated, Sec. 51:1910 (1992)

Non-Louisiana leasing companies, with or without offices in the state, must qualify to do business in Louisiana, and are subject to payment of state and local occupational license fees. See: Collector of Revenues v Wells Fargo Leasing Corp., 393 So.2d 1255 (La. App. 1981). Common misunderstanding of Louisiana law. Motor vehicle lessors, with or without offices in Louisiana, additionally are required to be licensed by the Louisiana Motor Vehicle Commission in order to lease a motor vehicle in the state. (La. R.S. 32:1254(N)) Common misunderstanding of Louisiana law.

Maine: No license required: "the regulation of commercial loan brokers does not fall under the jurisdiction of the Maine Bureau of Consumer Credit Protection. Transactions involving two businesses are legal/contractual in nature. Therefore, disputes involving a commercial loan between a business and commercial loan provider or broker must be settled in the court system."
http://www.maine.gov/pfr/consumercredit/faqs/loan_broker_faq.htm#j

Maryland: Lending threshold is $6,000 or less, so now need for license if over
this dollar amount

Massachusetts: Lending threshold is $6,000 or less, so now need for license if over this dollar amount.

Minnesota: License required for loans of $100,000 or less
Money Transfer License
http://mortgage.nationwidelicensingsystem.org/slr/PublishedState
Documents/MN-Money-Transmitter-Company-Description.pdf

Mississippi: A broker or loans of money may not assess or collect an advance fee and can be fined up to $5,000 for each violation. Mississippi Code Annotated, sec. 81-19-17 (1997)

Missouri: A broker of loans of "money or property" may not assess or collect an advance fee. Missouri Revised Statues, sec. 367 300 (19920

Nebraska: A broker of loans of money may not assess or collect an advance fee. Nebraska Revised Statutes, sec. 45-189 (1993)

Nevada: Foreign Corporations Foreign corporations engaged in activities in Nevada are subject to the provisions of Chapter 80 of the Nevada Revised Statutes. Specifically, NRS 80.010 through 80.055 set forth the requirements for a foreign corporation to qualify to do business in Nevada. Of primary importance are the statutes that establish (a) the filing requirements to qualify to do business (NRS 80.010); (b) the activities in which a foreign corporation may engage that do not constitute “doing business” so as to require qualification (NRS 80.015); and (c) the penalties to which a foreign corporation will be subject for failing to comply with the qualification provisions (NRS 80.055). The penalties for failure to comply with the qualification statutes include a fine (capped at $10,000) and/or denial of the right to maintain a court action. However, failure to comply will not impair the validity of contracts entered into by a foreign corporation nor prevent such corporation from defending itself in court. Foreign LLCs Foreign LLCs engaged in activities in Nevada are subject to the provisions of Chapter 86 of the Nevada Revised Statutes, specifically NRS 86.543 through 86.549. Foreign LLCs seeking to operate in Nevada must comply with the initial filing and registration requirements in NRS 86.544, and annual filing requirements of NRS 86.5461. The LLC must also maintain certain records, such as a list of current members and managers, in accordance with NRS 86.54615.

Additionally, NRS 86.5483 lists the activities which do not constitute “doing business” in Nevada for purposes of the Chapter. Foreign LLCs that fail to comply with the Chapter risk penalties similar to those facing a non-compliant foreign corporation. Those penalties are outlined in NRS 86.548.
Nevada has no usury statue.

New Hampshire
Any person making small loans, title loans, or payday loans in New Hampshire must obtain a license from the bank commissioner. N.H. Rev. State. Ann. § 399-A:2. This law does not apply to banks, trust companies, insurance companies, savings or building and loan associations, or credit unions. Id. Any person who violates any provision of this chapter shall be guilty of a misdemeanor if a natural person, or a felony if any other person. N.H. Rev. Stat. Ann § 399-A:18.

New Jersey: Brokers of "loans of money" may not assess or collect an advance fee. 
New Jersey Rev. Statutes, sec. 17:10B (1992)

Although New Jersey does not require a lessor to obtain a license to conduct a leasing business in the state, the New Jersey Corporation Business Activities Report Act requires foreign corporations to register with the state. See N.J. STAT. ANN. 14A:13-14. In particular, foreign corporations must file a Notice of Business Activities Report with New Jersey's Department of Taxation. Activities that trigger the requirement of a report include: (a) maintaining an office or other place of business in New Jersey; (b) maintaining personnel in New Jersey, even if the personnel is not regularly stationed in the state; (c) owing or maintaining real or tangible personal property directly used by the corporation in New Jersey; (d) owning or maintaining tangible and/or property in New Jersey used by others; (e) receiving payments from residents in New Jersey, or businesses located in New Jersey, that are greater than $25,000.00; (f) deriving any income from any source or sources within New Jersey; or (g) conducting or engaging in any other activity, property or interrelationships with New Jersey as may be designated by the Director of the Division of Taxation. See N.J.S.A. 14A:13-15. Corporations not required to file a report are those which either received a certificate of authority to do business, or filed a timely tax return under the Corporation Business Tax Act, or Corporation Income Tax Act. See N.J. STAT. ANN. 14A:13-16. Reports must be filed annually by April 15th.

New Mexico: New Mexico currently requires Brokers/Lessors to register for Licensing under the NM Mortgage loan Company or Loan Broker Act with the Financial Institutions Division of the State of New Mexico. Banks with Brick and Mortar within the State of New Mexico are exempt. Prior to licensing applicants must submit the Following: 
Articles of Incorporation 
Listing of all principals (including management) 
A full financial Package (to meet their minimum requirements of liquidity) 
Personal financial statements on all principals 
Disclosure of all current or past suits (civil or criminal) 
Attach a corporate surety bond 
Include a $400.00 registration fee renewable yearly

New York: No person or other entity shall engage in the business of making loans in the principal amount of twenty-five thousand dollars or less for any loan to an individual for personal, family, household, or investment purposes and in a principal amount of fifty thousand dollars or less for business and commercial loans, and charge, contract for, or receive a greater rate of interest than the lender would be permitted by law to charge if he were not a licensee hereunder except as authorized by this article and without first obtaining a license from the superintendent.

North Carolina: A broker of "loans of money or property…whether such agreement is styled as a loan, a lease or otherwise" must obtain a surety bond or establish a trust account in the amount of $25,000 and obtain a license. North Carolina General Statutes, sec. 66-106 (1992)
https://www.sosnc.gov/Corporations/pdf/FAQ
TreeLoanBrokerAct20130805.pdf
http://www.ncleg.net/EnactedLegislation/Statutes
/PDF/ByArticle/Chapter_66/Article_20.pdf

North Dakota: License Required  “Money Broker’s License”. N.D. Cent. Code Ann. § § 13-04.1-02.1 and 13-04.1-01.1 http://www.nd.gov/dfi/regulate/index.html
Brokers may not accept an advance fee unless the broker is licensed. North Dakota Century Code, 13-04. 1-09.1 (1993) Ohio: Department of Commerce, Division of Financial Institutions
(Certificate to engage in the business of a credit services organization in accordance with the provisions of Sections 4712.01 to 4712.14 of the revised code of Ohio, subject to all the provisions thereof and to the regulations of the division.) Ohio Department of Taxation requires a "Vendor's License" under provision 5739.17 of the Revised Code (...is hereby authorized to sell tangible personal property and selected services at the retail location specified below.) This also makes the lessor responsible for all taxes with penalties for not doing so.

Ohio: Ohio law provides that no person may engage in the business of lending money, credit, or choses in action in amounts of $5,000 or less, or exact, contract for, or receive, directly or indirectly, on or in connection with any such loan, any interest and charges that in the aggregate are greater than the interest and charges that the lender would be permitted to charge for a loan of money if the lender were not a licensee, without first having obtained a license from the Division of Financial Institutions. O.R.C. 1321.02. This rule is applied to any person, who by any device, subterfuge, or pretense, charges, contracts for, or receives greater interest, consideration, or charges than that authorized by such provision for any such loan or use of money or for any such loan, use, or sale of credit, or who for a fee or any manner of compensation arranges or offers to find or arrange for another person to make any such loan, use, or sale of credit. O.R.C. 1321.02.

Rhode Island: Any person who acts as a lender, loan broker, mortgage loan originator, or provides debt-management services must be licensed. R.I. Gen Laws § 19-14-2(a). The licensing requirement applies to each employee of a lender or loan broker. R.I. Gen Laws § 19-14-2(b). No lender or loan broker may permit an employee to act as a mortgage loan originator if that employee is not licensed. R.I. Gen Laws § 19-14-2(b) R.I. Gen. Laws § 19-14-2 (2012) No person engaged in the business of making or brokering loans shall accept applications from any lender, loan broker, or mortgage loan originator who is required to be licensed but is not licensed. R.I. Gen Laws § 19-14-2(d). There is an exemption from the licensing requirement for a person who makes not more than 6 loans in the state within a 12-month period. R.I. Gen Laws § 19-14.1-10. Persons lending money without a license are guilty of a misdemeanor and can be fined not more than $1,000, or imprisoned for not more than 1 year, or both; each violation constitutes a separate offense. R.I. Gen Laws § 19-14-26.

South Carolina: A broker of "a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee. South Carolina Code Annotated, sec. 34-36-10 91992)

South Dakota: Money Lending License
Required for individuals or corporations to engage in the business of lending money, including creating and holding or purchasing and acquiring any installment loan ("Capital Lease" or EFA), single pay loan, or open-end loan which may be unsecured or secured by personal property. Requires filing a surety bond application. State and national banks, bank holding companies, other federally insured financial institutions, and the subsidiaries of those institutions are exempt from licensure. In addition, SD chartered trust companies are exempt from licensure. Any individual or corporation holding this license is required to pay the bank franchise tax. 
Duration: 1 year
Cost: Application: $600
South Dakota has no usury status

Vermont: In the past, Commercial loan license would apply to EFA and "Capital Leases." Exemptions include transactions over $1 million, and brokers who do not engage in transactions more than $50,000 in one year at rates not exceeding 12 percent per annum. As of May 1, 2017. "Loan solicitation licensees must maintain a surety bond, include a specific disclosure in all advertisements of loans and solicitation of leads, observe record retention requirements, and file an annual report and financial statements with the Commissioner of Financial Regulation."

Full information available here:
http://www.counselorlibrary.com/public/alert.cfm?itemID=2420

Ontario, Canada: General Requirements: 1. Branch Operation If a foreign corporation wants to carry on business via a branch operation, without a Canadian corporate entity, it may have to obtain a provincial license in each province in which it intends to carry on business. Pursuant to the Ontario Extra-Provincial Corporations Act R.S.O. 1990 c. E.27 ("EPCA"), a class 3 extra-provincial corporation (a corporation that has been incorporated or continued under the laws of a jurisdiction outside Canada) is prohibited from carrying on business in Ontario without a license under the Act [s. 4(2)]. Failure to comply with this licensing requirement can lead to a maximum fine of $2,000 for a person and $25,000 for a corporation [s. 20(1)]. Directors, officers and any person acting as a representative of the corporation can be fined up to $2,000 for authorizing, permitting or acquiescing to an offence by the corporation [s. 20(2)]. For the purposes of the EPCA, an extra-provincial business is considered to be "carrying on business in Ontario" if: a. It has a resident agent, representative, warehouse, office or place where it carries on its business in Ontario; b. It holds an interest, otherwise than by way of security in real property situate in Ontario; or c. It otherwise carries on business in Ontario [s. 1(2)]. This last category is a catchall. Recent case law in the area stresses that it is very much a fact-specific analysis hinging on the extent to which business is actually conducted in Ontario. 2. Incorporation: a foreign corporation can also choose to incorporate a subsidiary, either federally or provincially. If a subsidiary is incorporated provincially in Ontario, it may have to obtain an extra-provincial license to carry on business in other provinces. An Ontario-incorporated company does not have to obtain a license to carry on business in Quebec but does have to make annual information filings. 3. Bank Act If the financing company is a bank and intends to carry on business in Canada, it must obtain appropriate approval under the Bank Act 1991 c. 46. Whether an entity will be considered a bank under the Bank Act needs to be reviewed on a case-by-case basis, as there are a number of relevant factors.

 

 


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State Licensing and Usury Laws:
An Updated Overview of a Few Troublesome States
By Barry Marks, CLFP

(Special to Leasing News)

(Leasing News requested Barry, a long time contributor to Leasing News, to update the state usury laws list. He states these are synopsis, pointing out the actual laws for each state should be view.
He also makes a disclaimer:) “This article is not intended to offer legal advice and is no substitute for consultation with a lawyer familiar with the laws of the relevant state.”

State usury and licensing laws differ significantly from state to state. These are just a few examples, there are other laws in other states that bear review.

In general, the factors that determine whether licensing or usury issues are likely to exist include whether leases or loans are offered, whether motor vehicles are being leased or financed, the size of the transaction and how high the proposed rate will be.

Many states also have laws affecting lease and loan brokers and the sale of off-lease motor vehicles.

California: Willful violation of the finance lender licensing laws is punishable by a fine of up to $10,000 and imprisonment for up to one year. Violators can be subject to a civil penalty of $2,500 per violation. Note that brokers are also subject to the licensing requirement and payment of referral fees is restricted. Licensed lenders are exempt from California’s usury limitation: the higher of 10% or a rate tied to the Federal Reserve rate. As Tom McCurnin points out: lenders who violate California’s usury laws are prohibited from recovering any interest and loss of previously paid interest, treble damages and punitive damages are possible.   

Colorado: Charging over 45% interest is a felony and carries a minimum one year prison sentence and a fine of $1,000.00.

Florida: Charging interest at a rate exceeding 18% on loans of less than $25,000 is considered a consumer finance loan and requires a license. In addition, an interest rate exceeding 25% is a second degree misdemeanor and charging an interest rate exceeding 45% is a third degree felony.

Kentucky: Lenders making loans of $15,000 or less or to sole proprietors must have a license and is subject to a usury limitation of 4% over the Fed 90-day commercial paper rate. Failure to obtain the loan license when necessary is a misdemeanor. The statute also provides that any loan contract made in violation of this statute shall be void and the lender shall have no right to collect any principal, charges or recompense whatsoever.”

Maryland: Loans under $15,000 made to a borrower other than a corporation face a 24% usury limitation and require licensing. Failure to obtain the license is a misdemeanor subject to fines and/or imprisonment not exceeding 3 years.

Massachusetts: The criminal usury rate is 20%. Violation of the criminal usury statute is punished by imprisonment in the state prison for not more than ten years or by a fine of not more than ten thousand dollars, or by both such fine and imprisonment.

Michigan: If the borrower is a “business entity” but the lender is not a bank, credit union or similar institution, the maximum interest rate is 25% and that rate is subject to criminal penalties. Any person guilty of criminal usury may be imprisoned for up to 5 years and/or fined up to $10,000.00.

Minnesota: Loans to sole proprietors are limited to: 
Any person who violates the loan licensing statute is guilty of a “gross misdemeanor” and loans made without a license are void. The borrower is not liable to pay any amount under the loan and can obtain a refund of any money paid on the loan.

New Jersey: Loans for business purposes under $50,000 are limited to 16% interest (or a rate tied to federal rates, if higher). In addition to its civil usury rates New Jersey’s criminal usury rates are: (a) 50% for to loans to corporations, limited liability companies and limited liability partnerships; and (b) 30% to other borrowers Violation of criminal usury laws subjects the lending party to criminal usury liability and a fine up to $250,000.

Rhode Island: The maximum interest rate any entity may charge may not exceed the greater of 21% per annum or 9% above a published index. Violation of the usury statute can result in forfeiture of the entire principal and interest and imprisonment for not more than five years.

Tennessee: Tennessee’s usury rate is a variable published “formula rate”. The willful collection of usury is a misdemeanor punishable by up to eleven (11) months, twenty-nine (29) days in jail or a fine not to


Barry S. Marks, CLFP
Marks & Associates, P.C.
400 Century Park South, Suite 100
Birmingham, AL 35226
Mailing Address: PO BOX 1138
Birmingham, AL 35202
Tel: (205) 251-8303
Fax: (205) 278-8905
Email: barry@leaselawyer.com
www.leaselawyer.com

 

 

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##### Press Release ############################

GreatAmerica Completes 17th Term Securitization
$5.6 Billion in Placements since 1995 – 500 Employees

(Cedar Rapids, IA) – GreatAmerica Financial Services Corporation announced the completion of its 17th term securitization of $544.8M in privately placed bonds with institutional investors, an increase of $51.7M from its last securitization one year ago.


GreatAmerica CEO and Chairman Tony Golobic commented, “Strong bond demand goes hand in hand with strong portfolio performance, and we’ve been rewarded for this by our investors.”
“I am especially pleased that the rating agencies rated 93.4% of the bonds as AAA, which is higher than last year.”

GreatAmerica has made more than $5.6 billion in placements since 1995 and is a regular issuer of bonds on the asset-backed securities market. “GreatAmerica is distinct from many other small-ticket leasing companies in that it has continued to grow its portfolio, even during downturns in the economic cycle, while maintaining its losses and delinquencies at relatively low and historically consistent levels,” noted S&P Global’s Presale Report.

Of the 34 investors who participated, 7 were first-time buyers of GreatAmerica transactions. There was $2.7B in investor demand for the GreatAmerica bonds, which was over 5 times the amount offered. The portfolio is predominantly office equipment and telecom assets.

About GreatAmerica
GreatAmerica is one of the largest independent small ticket national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and today is organized into seven business units. It has a staff of over 500 employees with offices in Georgia, Minnesota, and Missouri. We also offer innovative non-financial services to help our customers evolve their businesses.

For additional information, please visit www.greatamerica.com

Note: Tony Golobic will be the key speaker at the Opening General Session of the March 14, 2018 National Equipment Finance Summit at the Westin Las Vegas.  Online registration is available until
3/14/2018  (272 people registered to date).

His Topic: "Lessons Learned from Building the Industry's Largest Privately Owned Leasing/Finance Company"

http://www.nefassociation.org/events/EventDetails.aspx?id=980981&group=

### Press Release ############################

 

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Boxer Mix
St. Louis, Missouri   Adopt-a-Dog

Beeblebrocks
Male
Age: 1 Year, 7 months
Size: 60 lbs.

Can you believe how handsome Beeblebrocks is! He is looking for his new forever friend. Is it you? Beeblebrocks would probably do best in a home without children. He is good with people, but is cautious around new people. He would love to continue training and would do well on the group walks at Stray Rescue on the weekends. If you think he is the perfect match for you then fill out an application!

PLEASE NOTE THAT BEEBLEBROCKS IS AT OUR PINE STREET SHELTER.

PLEASE CHECK STATUS BEFORE FILLING OUT AN APPLICATION TO MAKE SURE THERE IS NOT AN ADOPTION PENDING.
Adoption Process:

For dogs in the shelter: Fill out an application and then jump the line by:

(1) Either calling us: 314-771-6121 between 10 am and 7pm
(2) Or come by the shelter, located at 2320 Pine Street, 63103

Application:
https://www.strayrescue.org/dog-adoption-application

Stray Rescue of St. Louis, Missouri
2320 Pine Street, 63103

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm


Adopt a Pet
http://www.adoptapet.com/

 

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The Largest Gathering of Business
and Commercial Brokers In the Country

4th annual National Alliance of Commercial Loan Brokers Conference on October 16th - 18th at Doral in Miami.
 
FOR LENDERS: Meet over 800 commercial loan/ISO brokers at the largest conference dedicated to today's modern commercial loan and lease broker. Gain valuable relationships that will bring you new business and increase your deal originations.
 
FOR BROKERS: Meet over 150 funders, lenders and banks that offer multiple products to serve your clients such as: Equipment Financing, Equipment Leasing,  SBA Lending, Merchant Cash Advance, Project Funding, Commercial Real Estate Lending, Fix and Flip Financing, Unsecured Lines of Credit, Alternative Financing, Asset Based Lending, Factoring, Purchase Order Financing and much, much more.
 
FOR ALL: Besides two days of valuable networking and eating great food, get a chance to play in our first annual Golf Scramble Tournament on a world famous PGA course. After that, sign up and play in our annual Texas Hold'em Poker Tournament Hosted by Rapid Advance. Get a chance to win $2,500 in our limited 70 seat game while enjoying free drinks and a professional cigar rolling station at hand.
 
Each of our events is designed for you to network while you’re having the time of your life.
 
Don't wait: There are limited spots left for Golf and Poker.
 
To sign up please register here:
https://www.eventbrite.com/e/naclb-2018-registration-39232925737

 

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News Briefs----


Chicken chaos as KFC closes outlets
Closed more than half of its 900 UK outlets/Ran out of Chicken
http://www.bbc.com/news/business-43110910

Harley-Davidson still to close Kansas City plant
   despite Missouri delegation plea
http://www.khou.com/article/news/nation-now/harley-davidson-still-to-close-kansas-city-plant-despite-missouri-delegation-plea/465-8e6b6e0e-bd1b-4e51-b8e7-3d0e7928195f

Deutsche Bank to cut up to 500 jobs
  Revenues Fell 15% Last Year
https://www.cnbc.com/2018/02/19/deutsche-bank-to-cut-at-least-250-investment-banking-jobs-report.html

US rep, Boston councilor weigh in on status of Wynn
   and future of Everett casino
http://www.telegram.com/news/20180219/us-rep-boston-councilor-weigh-in-on-status-of-wynn-and-future-of-everett-casino

State proposes $23M pedestrian walkway over Mystic River
  to the Wynn Casino and Resort in Everett
http://www.fox25boston.com/news/state-proposes-23m-pedestrian-walkway-over-mystic-river/703107744

Equipment Leasing Account Executive

What sets CoreTech apart from other equipment leasing companies is our team members and impeccable reputation. Are you unhappy with the ethics of your company and the promises made to you? Come to Newport Beach and join us.

To learn more, please click here

www.coretechleasing.com
CoreTech specializes in medium to
large size companies and firms

Over 100 law firms trust CoreTech for their leasing needs, why wouldn't you?


 


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You May Have Missed---

The Rising Speed of Technological Adoption
http://www.visualcapitalist.com/rising-speed-technological-adoption/

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Shortcut Through the Storm
by Robert Savino 

There were too few roads.
There were too many motorists.
My choice was longer in distance,
but far less travelled.

I took a shortcut through the storm,
crawling over the black-iced asphalt,
too close behind Boyd’s black flower car,
in the dreary pitch of Ocean Parkway.

Storm clouds shifting and changing,
pass over, so low, engulf my presence.
I exit in an angel’s breath,
a winged spirit of the Great South Bay,

greeted by Moses at the foot of the bridge,
moments from home and the neon lights
of strip mall shops, that brighten the bus
stop at the corner of Oak Neck Road.

Minutes pass slowly within these hours.
Sounds of snow plows wake me from sleep.


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Sports Briefs---

The 10 biggest NFL offseason storylines to watch:
   A QB market unlike any we've seen
https://www.cbssports.com/nfl/news/the-10-biggest-nfl-offseason-storylines-to-watch-a-qb-market-unlike-any-weve-seen/

Looking for Leo: Pass rushers who will intrigue
   the 49ers at the scouting combine
http://www.sacbee.com/sports/nfl/san-francisco-49ers/article200929014.html#emlnl=Afternoon_Newsletter

Red Sox agree to terms on five-year, $110m deal with J.D. Martinez
http://www.bostonglobe.com/sports/redsox/2018/02/19/red-sox-agree-terms-five-year-deal-with-martinez/ahTaWCxc2IWERKaQLb6YNO/story.html


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California Nuts Briefs---

Voters back Google village in downtown San Jose
     by big margin: poll
https://www.mercurynews.com/2018/02/19/voters-back-google-village-in-downtown-san-jose-by-big-margin-poll/

Upscale-housing rents in Marin County jump 10%
http://www.northbaybusinessjournal.com/northbay/marincounty/7992393-181/marin-county-upscale-housing-rents-jump

The California Dream is tough to afford if you’re under 40
https://www.mercurynews.com/2018/02/18/the-california-dream-is-tough-to-afford-if-youre-under-40/

A Half-Million Candidates Apply for a Job at Tesla:
   Here's the Inside Track
https://www.inverse.com/article/41404-tesla-elon-musk-jobs

 

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

How an adorable 80-pound goldendoodle helped build
   a Sonoma County wine brand
https://www.mercurynews.com/2018/02/18/how-an-80-pound-goldendoodle-helped-build-a-sonoma-county-wine-brand/

Sonoma Stories: The lifesaver that Ron Rubin wants
   to see at every Sonoma County winery
http://www.pressdemocrat.com/news/8006625-181/sonoma-stories-the-lifesaver-that?utm_source=home&utm_medium=impact&utm_campaign=pd_study

Coppola's wines for the Oscars
http://napavalleyregister.com/wine/coppola-s-wines-for-the-oscars/article_f7416d15-f932-53b7-be26-4368a09f06b1.html

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

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----------------------------------------------------------------

This Day in History

    1725 - A posse of New Hampshire volunteers ran across a band of 10 sleeping Native Americans and scalped them all. The posse entered Dover in triumph with the 10 scalps stretched on hoops and elevated on poles. A bounty of 100 pounds for each scalp (quite a bite of money in those days) was paid in Boston out of the public treasury. Individual scalps had been brought in earlier, but never this many. Posse-hunting American Indians became a popular occupation, resulting in many fleeing to Canada. The bounty was in retribution for American Indians who were killing colonists and taking their scalps as trophies.
    1726 - American Revolutionary War soldier William Prescott (d. 1795) born at Groton, MA. Credited with the order, "Don't fire until you see the whites of their eyes," at the Battle of Bunker Hill, June 17, 1775. Historically, this command was common in the times and Bunker Hill was not the first encounter with the British. Time has given the credit to Colonel Prescott and guides in Boston still point to the Revolutionary War beginning on Bunker Hill. It really wasn’t Bunker Hill, but Breed’s Hill (The British expected the colonials at Bunker Hill, but they had moved their fortification to Breed’s Hill). On April 19, there were battles in both Concord and Lexington, Massachusetts. On June 12, 1775, near Round Island on Machias Bay in Maine, the patriots crashed into the Margaretta and engaged in hand to hand combat. The British crew was disheartened when their captain was mortally wounded and lost the one-hour long battle. 25 of the combatants were killed or wounded. The victors claimed "four double fortified three pounders and fourteen swivels" and some smaller guns. This was considered the first sea engagement of the Revolution and the start of the merchant marines’ war role.  As captain of the privateer Machias Liberty, Jeremiah O'Brien later captured two armed British schooners and delivered his prisoners to George Washington. On the General's recommendation, the government of Massachusetts appointed O'Brien to command his two prizes. The Battle of Bunker Hill (Breed’s Hill) was actually the fifth such site, but American History books did not like the name and also changed the facts about who warned that the British were coming (there were three riders, and Paul Revere was captured by the British---but that is another story)
http://colonialancestors.com/revolutionary/battles1775.htmhttp://www.comsewogue.k12.ny.us/showcase2000/amrev/quotes/prescott.htm
    1792 – Postal Act signed by President George Washington. Letters delivered up to 30 miles cost six cents to mail. For letters up to 150 miles, postage was 12-1/2 cents. And, just like today, letters over 150 miles were not guaranteed to be delivered at all.
    1809 - The Supreme Court ruled that the power of the federal government is greater than that of any individual state.
    1829 - “Rip Van Winkle” actor Joseph Jefferson (d. 1905) born at Philadelphia, Pa. He is best known for his long running play and role about a character both humorous and pathetic, centered on Rip Van Winkle, about whom he wrote a short play.
http://memory.loc.gov/ammem/today/feb20.html
    1851- The fifty-dollar gold piece was manufactured by the Moffat Assay Office, Mount Ophir, Mariposa County, CA. They were octagonal. On the observe was an eagle surrounded by the words “United States of America.” Above it was the legend “887 thous,” indicating the fines of the gold, and at the bottom, “F0 D.C.” On the reverse, a number of radii extended from a center in which was stamped in small figures “50.” Around the edge was the phrase, “The United States Assayer.”
    1862 - William Wallace Lincoln, the 11-year-old son of President Abraham Lincoln and first lady Mary Todd Lincoln, died at the White House, apparently of typhoid fever.
    1864 – The Battle of Olustee, Florida was the largest fought in the state. The Union force of 5,500 men and 16 cannon marched westward from Macclenny. By this time, the Confederate forces almost equaled the Union army in number. Finnegan sent skirmishers to draw the Union forces to Olustee and they made contact that afternoon. The Confederate line was formed. The battle raged until dark, when the Union forces began a hasty retreat. Battle casualties amounted to 1,861 Union and 946 Confederate soldiers. In proportion to the number of troops involved, it was one of the bloodiest battles of the Civil War. Union forces remained in Jacksonville until the end of the war and occupied several coastal towns and various places along the St. Johns River. They carried out frequent operations against Confederate forces defending east Florida but did not venture out in significant force again.
http://www.americancivilwar.com/statepic/fl.html    
    1869 - Tennessee Governor W.G. Brownlow declared martial law in nine counties because of widespread Ku Klux Klan activity. The Klan was organized as a secret but harmless social club in Pulaski, Tennessee, in December, 1865. The anonymity afforded its membership led to the development of the white terrorist organization we know today. Citizens of Southern States were divided, as were many in the North. It was more than Blue and Grey.
http://www.rootsweb.com/~arcivwar/images/bkgd.gif
    1895 - Frederick Douglass, American journalist, orator, and antislavery leader, died at Anacostia Heights, D.C. His original name before his escape from slavery was Frederick Augustus Washington Bailey. The bridge that crosses the Anacostia River near present-day Nationals Park, bears his name.
http://www.nps.gov/frdo/freddoug.html
    1898 - A snowstorm buried eastern sections of Wisconsin. 30 inches fell at Racine and 15 foot drifts were reported at Milwaukee.
    1898 – Pianist Jimmy Yancey (d. 1951) birthday in Chicago.  (I think I have all his records as he was one of the best, if not the first, Boogie Woogie piano players).
http://www.geocities.com/dyancey3/jimmy.htm
    1902 - American photographer, Ansel Adams (d. 1984), known for his photographs of Yosemite National Park, was born at San Francisco, CA.  His majestic black-and-white landscapes of the American West and whose devotion to clarity and precision made him probably the best-known photographer in the United States.  In a career that spanned more than 50 years, Adams combined a passion for natural landscape, meticulous craftsmanship as a printmaker and a missionary's zeal for his medium to become the most widely exhibited and recognized photographer of his generation.
http://www.anseladams.com/
    1912 - An F3 tornado tracked 15 miles from Shreveport to Abner, Louisiana, killing 8 people and injuring 50.
    1920 - Birthday of Carl E. Stotz (d. 1992) at Williamsport, PA.  He shaped the summers of millions of kids as the founder of Little League baseball when he organized the first three-team league there in 1939.  The Little League World Series is held each August in Williamsport and now involves teams for all over the world.    
    1920 – In the middle of the proceedings surrounding the Chicago Black Sox fixing to throw the 1919 World Series, the Chicago Cubs give Lee Magee his unconditional release after having learned from him a week ago that he has been betting against his team. Magee will sue the Cubs for his salary of $4,500, charging that his livelihood as a ballplayer was destroyed through the sudden canceling of his contract. The Cubs will ask for a dismissal of the suit, saying that "previous to the making of the contract the plaintiff was guilty of betting against the team of which he was a member, and sought to win bets by intentional bad playing to defeat said team."
    1922 - WOR-AM in New York City NY begins radio transmissions
    1926 - Tenor sax player Bobby Jaspar (d. 1963) was born Liege, Belgium.
http://www.jazzinbelgium.org/past/jaspar.htm
http://member.nifty.ne.jp/mrmanri/BobbyJaspar/
    1927 - Actor/Activist Sydney Poitier born, Miami, FL. “In the Heat of the Night” (1967), “Lilies of the Field” (1964-Academy Award for Best Actor), “Guess Who’s Coming for Dinner” (1967), “The Defiant Ones” (1958), “To Sir, With Love” (1967).  In 2002, he was awarded an Honorary Oscar "For his extraordinary performances and unique presence on the screen and for representing the industry with dignity, style and intelligence."  In 2009, he was awarded the US Presidential Medal of Freedom.
http://www.ic.sunysb.edu/Class/thr500/thr500/sixdegrees/poitier.html
    1934 - Bobby Unser, former auto racer, was born in Colorado Springs, CO.  2-time USAC-CART national champion (1968, ‘74); 3-time winner of Indy 500 (1968, ‘75, ‘81); retired after 1981 season; ranks 5th on all-time CART list with 35 career wins
    1934 - A severe blizzard was in its second day across southern New England. The snowfall was one of Connecticut's worst in modern times with 20 inch accumulations, high winds, and temperatures that dropped from near 32 to 5 degrees during the course of the storm.
    1937 - Raymond Scott Quintet records “Toy Trumpet.”
http://www.raymondscott.com/
    1937 - Singer Nancy Wilson born, Chillicothe, OH.  She has recorded more than seventy albums and won three Grammy awards.
http://www.divastation.com/nancy_wilson/nwilson_bio.html
http://www.missnancywilson.com/
    1939 - Harry James records his theme song “Ciribiriibin” (Brunswick 8327).
    1940 - Larry Clinton and his orchestra recorded "Limehouse Blues."
    1940 - Barbara Ellis of the late 1950's pop group, the Fleetwoods, was born in Olympia, Washington. Ellis, Gretchen Christopher and Gary Troxel originally called themselves Two Girls and a Guy before changing their name to the Fleetwoods. They had two big hits in 1959, "Come Softly to Me" and "Mr. Blue."
http://www.fabulousfleetwoods.com/
    1941 - Folk singer and songwriter Buffy Sainte-Marie was born on the Piapot Reserve near Regina, Saskatchewan. She is among the best- known of contemporary folk singers, attaining international success in the 1960's with such songs as "Until It's Time For You To Go" and "Universal Soldier." Donovan's 1965 hit recording of "Universal Soldier" led many people to believe it was his composition, but Sainte-Marie had written the song while appearing at Toronto's Purple Onion coffee house. Buffy Sainte-Marie has always been strongly committed to social causes, particularly those of North American native peoples.
http://www.canoe.ca/PeopleImagesS/sainte-marie_buffy.jpg
http://www.rollingstone.com/artists/bio.asp?oid=3417&cf=3417
    1942 - Phil Esposito, hockey executive, former coach and Hockey Hall of Fame Center, born Sault Ste. Marie, Ontario, Canada
    1942 - O’Hare Airport was named after the first Navy ace in World War II, Lieutenant Edward Henry O’Hare. On this day in the southwest Pacific, alone and single-handed, he became the navy’s first flying ace, attacking nine twin-engine Japanese heavy bombers, shooting down five, and damaging a sixth in an action of about five minutes in duration.  On April 21, 1942, he became the first naval recipient of the Medal of Honor in World War II.  On the night of November 26, 1943, while he was leading the U.S. Navy’s first-ever nighttime fighter attack launched from an aircraft carrier, he encountered a group of Japanese torpedo bombers, O'Hare's plane was shot down; his aircraft was never found. In 1945, the U.S. Navy destroyer USS O’Hare was named in his honor.
http://www.homeofheroes.com/photos/6_ww2_lz/ohare.html
http://www.cmohs.org/recipients/featured_Apr_2001.htm
    1943 – Chicago Cubs owner Phil Wrigley and the Brooklyn Dodgers’ Branch Rickey drew up a charter for the "All-American Girls Softball League," which will eventually become the All-American Girls Professional Baseball League (AAGPBL). The league, originally conceived in the belief that the Major Leagues would suspend play because of World War II, operated from 1943-54 around the Chicago area. When the league changes its name and switches to hardball, the pitching distance is 40 feet and bases 68 feet apart. After struggling through poor attendance in its early seasons, the league will draw over one million fans in 1948.  The 1992 film “A League of Their Own” is loosely based on the AAGPBL.
    1946 - John Warren Geils Jr (d. 2017), lead guitarist with the J. Geils Band, was born in New York City. Singer Peter Wolf is the on-stage focus of the band, which lasted for nearly 15 years without a personnel change. Their best-selling-album is the 1981 "Freeze- Frame." "Centerfold" and "Angel in Blue" were single hits from the LP.
http://www.rollingstone.com/artists/bio.asp?oid=3134&cf=3134
    1947 - Top Hits
“For Sentimental Reasons” - Nat King Cole
”A Gal in Calico” - Johnny Mercer
“Oh, But I Do” - Margaret Whiting
“So Round, So Firm, So Fully Packed” - Merle Travis
    1950 - Dylan Thomas arrives in New York for his first series of American poetry readings. Welsh poet, drunk, high-liver lifestyle, libertarian. He is very well received and is invited back again, although reportedly drunk all the time.
http://www.popsubculture.com/pop/bio_project/dylan_thomas.html
http://www.guerilla-films.com/dt/dthomas.htm
http://www.dylans.com/
    1951 - Guitarist Randy California (d. 1997) of the 1960s rock group Spirit was born Randy Craig Wolfe in Los Angeles. Although they did have one hit single, "I Got a Line on You," Spirit was best known for their albums, an ambitious blend of rock, blues, jazz and country. Randy California drowned on January 2nd, 1997, while swimming with his 12-year-old son off Molokai, Hawaii.
http://randycaliforniaandspirit.com/
http://www.coloradorealtyhotline.com/spiritran.htm
    1952 - One of baseball’s most popular figures, Emmett L. Ashford, became organized baseball's first African American umpire when he was authorized to substitute in the Southwestern International League.  He was the first African American umpire in Major League Baseball, working in the American League from 1966-70. 
    1952 - "The African Queen" opened at New York City's Capitol Theatre. The film starred Katharine Hepburn and Humphrey Bogart. 
http://www.filmsite.org/afri.html
    1953 - The U.S. Court of Appeals ruled that organized baseball is a sport and not a business, affirming the 25-year-old Supreme Court ruling. This effectively dismissed the antitrust suits of Jack Corbett and former Brooklyn Dodgers’ minor leaguer Walter Kowalski.  The $300,000 suit of Corbett, the owner of the El Paso Texans, is based on his belief that he lost money when Major League Baseball prohibited him from signing several players suspended for participation in the Mexican League. Kowalski's $150,000 suit is based on the general principles of the antitrust and restraint-of-trade laws. Their lawyer in these cases is Frederic Johnson, who also represented player Danny Gardella in his suit against MLB.
    1955 - Top Hits
“Sincerely” - McGuire Sisters
“Melody of Love” - Billy Vaughn
“Tweedle Dee” - Georgia Gibbs
“Let Me Go, Lover!” - Hank Snow
    1956 - White city leaders of Montgomery, Alabama, issued an ultimatum to black organizers of the three-month-old Montgomery bus boycott. They said if the boycott ended immediately there would be "no retaliation whatsoever." If it did not end, it was made clear they would begin arresting black leaders.
http://home.att.net/~reniqua/
    1956 - Eugene O'Neill's play, “Long Day's Journey Into Night,” written 16 years earlier, was published posthumously by Yale University Press.
http://www.pbs.org/wnet/gperf/longdaysjourney/
http://halldrama.com/drama/45.shtml
    1959 - Duke Ellington and Johnny Hodges cut “Back to Back” and “Side to Side” albums for Verve.
    1960 - Patriots get their name: one of eight charter members of the American Football League, the Boston franchise chose the nickname “Patriots” after a public contest. The team changed its name to the New England Patriots for the 1971 season.
    1962 - John Herschel Glenn, Jr., became the first American, and the third person, to orbit Earth. Aboard the capsule Friendship 7, he made three orbits of Earth. Spacecraft was Mercury-Atlas 6. In 1998, the 77-year-old Glenn went into space again on the space shuttle Discovery to test the effects of aging.
    1962 - Project Mercury: the first US postage stamp issued on the date of the event it commemorated. This four-cent dark blue and yellow stamp showed the spaceship in which Colonel John Glenn, Jr., orbited the earth. Three million covers were canceled the first day at Cape Canaveral, FL.
    1963 - Greenwood, Mississippi: SNCC Voter Registration headquarters and 4 Negro businesses burned.
http://memory.loc.gov/ammem/aaohtml/exhibit/aopart9.html
    1963 - Baseball great Willie (‘Say Hey’) Mays signed with the San Francisco Giants as baseball’s highest-paid player. He earned $100,000 a year.
    1963 - Top Hits
“Hey Paula” - Paul & Paula
“Walk like a Man” - The 4 Seasons
“Ruby Baby” - Dion
The Ballad of Jed Clampett - Flatt & Scruggs
    1963 - Charlie Barkley birthday, former basketball player and now commentator, Leeds, AL.
    1965 - The Supremes' "Stop! In the Name of Love" was released. It would become their fourth number-one hit.
http://www.weddingvendors.com/music/lyrics/song-732.html 
    1970 – At the Chicago Seven Trial, they were sentenced to five-year prison terms for crossing a state line with intent to incite a riot. They were acquitted on February 18 on charges in connection with riots during the 1968 Democratic Convention in Chicago, but found guilty for crossing a state line to incite a riot. During this time there were "half a million people in the streets;" explosions in 3 office buildings in NY; explosions in California, Washington, Maryland, Michigan; Isla Vista, Santa Barbara Bank of America burning on the 25th.
http://www.law.umkc.edu/faculty/projects/ftrials/Chicago7/chicago7.html
    1971 - Top Hits
“One Bad Apple” - The Osmonds
“If You Could Read My Mind” - Gordon Lightfoot
“Mama’s Pearl” - The Jackson 5
“Help Me Make It Through the Night” - Sammi Smith
    1971 - Marvin Gaye's "What's Going On" and Santana's "Oye Como Va" are released.
    1972 - Phil Esposito, Boston Bruins, became first NHL player to score his 50th goal in February when he tallied in a 5-4 loss to the Los Angeles Kings. Esposito finished the season with 76 goals.
    1974 – Cher and Sonny Split Up! After a decade of marriage, Cher filed for separation from husband Sonny Bono. Not long afterwards, she filed for divorce and the accompanying alimony. Married for ten years, the couple had a number-one hit in 1965 with "I Got You Babe" and hit number two on the charts the following year with "Bang Bang (My Baby Shot Me Down)." "The Sonny and Cher Comedy Hour" ran on CBS-TV from 1971 to 1975. After the split, both tried solo careers, but only Cher was successful, scoring four top-ten hits and as an actress in films such as "Moonstruck" (Best Actress Oscar in 1987). Sonny died skiing, actually running into a tree (not an uncommon accident, by the way.)
    1974 - Gordie Howe, the oldest player in NHL history, came out of retirement to play with his sons, Mark and Marty. He signed a four-year, $1 million contract with the Houston Aeros of the World Hockey Association.
    1977 - "My Fair Lady" closes at St. James Theater in NYC after 384 performances
http://www.theatrehistory.com/american/musical002.html
    1977 - Top Hits
“Da Ya Think I’m Sexy?” - Rod Stewart
“Y.M.C.A.” - Village People
“A Little More Love” - Olivia Newton-John
“Every Which Way But Loose” - Eddie Rabbitt
    1977 - Ben and Jerry's introduced a new flavor -- Phish food, named after the rock group Phish. It contains chocolate ice cream, marshmallows, caramel and fish-shaped fudge. It would never become the number one flavor they sold: Cherry Garcia® Ice Cream
http://www.benjerry.com/our_products/top_ten/
    1976 - Muhammad Ali KOs Jan Pierre Coopman…who???...in 5 for heavyweight boxing title
http://www.teachervision.com/ipsa/A0108412.html
    1986 - Orel Hershiser, Los Angeles Dodgers’ pitching ace, became the first player to receive a $1 million salary by arbitration. He was a 19-game winner in 1985 at the age of 27. After retiring in 2000, he was an ESPN baseball analyst.    
    1987 - After 11 years on the job, David Hartman exited ABC’s "Good Morning America." He introduced new co-host, Charles Gibson who, with Joan Lunden, would co-host the morning television program into 1998
    1987 - Top Hits
“Livin’ on a Prayer” - Bon Jovi
“Change of Heart” - Cyndi Lauper
“Touch Me (I Want Your Body)” - Samantha Fox
“How Do I Turn You On” - Ronnie Milsap
    1988 - Brian Boitano of the US won the gold medal in the men’s figure skating at the XV Winter Olympic Games at Calgary, Alberta, Canada. Boitano skated a nearly flawless free program to edge Brian Orser of Canada. The Soviet Union’s Viktor Petrenko took the bronze.
    1988 - Canadian rocker Bryan Adams performed a private concert for 3,000 athletes and media people at the Calgary Olympics. More than 200 athletes joined Adams on stage for the finale.
http://www.bryanadams.com/
    1989 - Tone-Loc's "Wild Thing" became only the second single to be certified double-platinum in the US - meaning it had sold two-million copies. Since the double-platinum category was created in 1984, only one other single, "We Are the World," had reached that plateau. The phenomenal sales of "Wild Thing" showed that rap had moved out of the urban ghettoes into the pop music mainstream
    1991 - Quincy Jones won six Grammy awards for his album "Back on the Block," making him the second-biggest winner in Grammy history with 25. Toronto rocker Alannah Myles was named best female rock vocalist for "Black Velvet," a number-one single from her self-named debut album.
http://www.pbs.org/wnet/americanmasters/database/jones_q.html
http://www.quincyjonesmusic.com/
http://www.qjluf.org/listen_up/
    1992 - Ross Perot for President: toward the end of his appearance on the "Larry King Live" TV talk show, Texas billionaire and businessman H. Ross Perot was asked by King whether there were any circumstances under which Perot would run for president of the US. Perot responded that if supporters put his name on the ballot in all 50 states, he would agree to run, thus becoming a footnote in history. His anti-Washington, anti-politician appeal generated an historic enthusiasm in the form of a grassroots movement organizing petition drives in all 50 states to place his name on the ballot. Perot's popularity grew early with steady rises in public opinion polls as journalists struggled to keep up with the phenomenon.  And one of his campaign issues was the nation’s $4 trillion debt!
    1993 - A strong overrunning pattern developing ahead of a Colorado low pressure system blitzed Sioux City, Iowa with 14 inches of snow in just 6 hours. Two strong areas of low pressure, one over Colorado and the other off the coast of Washington State, produced high winds, heavy rain, and heavy snow across the west. Winds gusted to 85 mph at Fort Carson, Colorado and to 96 mph at Rock Springs, Wyoming. Flagstaff, Arizona was deluged with 3.93 inches of rain in 24 hours -- its greatest 24-hour rainfall on record. Duck Creek, Utah was buried under 49 inches of snow over a 48-hour period and the Sierra Ski Ranch in California recorded 74 inches of snow over a four-day period to raise its snow cover to 200 inches.    
    1994 - Caribou, Maine soared to 59 degrees, despite a deep snow cover, to set a new record for its warmest winter (Dec-Feb) temperature ever. The previous record was 58 degrees.
    1995 - The temperature at the Civic Center in Los Angeles, California hit 95 degrees for the highest temperature ever recorded for the month of February.
    1996 - Rapper Snoop Doggy Dogg and his ex-bodyguard were acquitted of murder in a 1993 drive-by shooting in a Los Angeles park. Prosecutors alleged that the bodyguard, McKinley Lee, had shot 25-year-old Philip Woldemariam from a Jeep driven by the rapper, whose real name is Calvin Broadus. The two claimed self-defense because Woldemariam was reaching for a gun. He later became a self-made millionaire in the record industry.
http://www.snoop-dogg.com/
    1997 – Shock Jock Radio: In Michigan, Danny Bonaduce, host of WKQI-FM's morning radio show and formerly of “The Partridge Family” fame, staged a fender-bender and bloody brawl in Royal Oak, Michigan that police thought was real. Two women, hoping to win a radio station contest, enacted a minor traffic collision, then a fight. Berkley and Royal Oak police rushed to the scene and an ambulance was called before authorities realized it was a ruse. Authorities were displeased by the stunt, and while Bonaduce wasn't charged, the women were ticketed for obstructing traffic. Bonaduce admitted that the prank was "stupid radio." Such stunts by radio personalities are still being done today from seeing your wife with another to asking for divorce or “coming out” of the closet.
    1997 - San Francisco Giants Barry Bonds signs record $22.9 million 2 year contract
http://sportsillustrated.cnn.com/baseball/mlb/players/1786/index.html
    1998 - Tara Lipinski, 15, performed a strong free skating routine to overcome Michelle Kwan and win the ladies’ figure skating gold medal at the Winter Olympics in Nagano, Japan.
http://www.taralipinski.com/
    2000 - Defending Winston Cup champ Dale Jarrett won his third Daytona 500 in eight years, passing surprise contender Johnny Benson for the lead four laps from the end. Jarrett’s $1,277,975 share of the purse, coupled with a million-dollar bonus from series sponsor Winston, gave him the largest single-day payoff in the history of the sport.
    2003 – A fire at the Station night club in West Warwick, RI killed nearly 100 and injuring about 200 others.
    2011 – North Korea, having signed a nuclear non-proliferation treaty with the US during the Clinton administration, raised concerns regarding nuclear testing.  Reports show they have dug tunnels at a nuclear test site located in Punggye-ri, North Hamgyong Province.
    2012 - IAEA nuclear inspectors held discussions about Iran's nuclear program in Tehran.
    2014 - The banking industry is losing ground as non-banking companies such as Apple, Google and T-Mobile develop their own payment methods and financial products that circumvent the need for banking services.
    2014 - German design company Art+Com sues Google, claiming the Internet company infringed on its patented spatial mapping technology by incorporating its features into Google Earth; Art+Com offered to sell the patent to Google in 2006 but wasn't satisfied with Google's offer.
    2015 – MLB Commissioner Rob Manfred announced a series of measures to quicken the pace of the game. Chief among them are that a batter will need to keep at least one foot in the batter’s box at all times during an at-bat, and that the intermission between half innings will be strictly timed. Pitchers will be required to complete their warm-up pitches before there are only 30 seconds left before resumption of play, or risk forfeiting any unmade pitches. More dramatic changes, such as adding a pitch clock, are not introduced at this time. Violation of the new guidelines will result in fines, and not in game-related penalties.

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