Meet Steven Raiser, ESQ
Chief Legal Officer / Legal Counsel @ Delancey Street
Steven Raiser is Chief Legal Officer, and Legal-Counsel at Delancey Street. Steven is a native of Long Island and has also resided in Manhattan and the Bronx.
Since being admitted to the New York Bar, Steven has represented the city of New York, serving as a Special Assistant Corporation Counsel. He handled all aspects of litigation in child neglect cases there, representing the interests of the children and the city. He then served as an Assistant District Attorney, where he successfully prosecuted hundreds of criminal cases, from violations of the Vehicle and Traffic Law to homicides. During his time as a prosecutor, Steven was involved in high-profile cases such as those involving Rapper DMX and NY Rangers’ Defenseman Sandis Ozolinsh.
While serving as a prosecutor, he joined the U.S. Army. As a commissioned officer in the Army National Guard Judge Advocate General’s Corps, Steven volunteered for active duty in Iraq. There he served in the office of the Staff Judge Advocate, defending soldiers from actions instituted by the federal government, making probable cause determinations for the command, and assisting in the training of Iraqi soldiers in legal proceedings. In recognition of his service in Iraq, he earned the Global War on Terrorism Expeditionary Medal for meritorious service in support of Operation Iraqi Freedom and the Army Commendation Medal for exceptional meritorious service during combat operations. He, along with his unit, received the New York State Bar Association’s Award for Excellence in Public Service and was presented with our state flag by Senate Majority Leader Joseph Bruno.
Steven M. Raiser is admitted to practice law in the state courts and federal court in the Eastern District. On November 14, 2010, he was sworn in to the United States Supreme Court by Chief Justice John Roberts in Washington, D.C. Steven has appeared as a legal analyst for FOX, CNN, and Court TV (TRU TV). His interviews on CNN and FOX have been posted to their websites and have been showcased under “must see videos.”
Merchant Cash Advance Loans in California – Watch Out for Predatory Lenders!
Merchant cash advances have become super popular with small businesses in California lately. These loans provide quick access to capital by letting you borrow against future credit card sales. At first, they seem like a great flexible financing option. But beware – some of these merchant lenders are totally predatory!
Here’s how merchant cash advances work:
A lender gives you an upfront lump sum of cash. In exchange, they take a cut of your daily credit card and debit card sales until the balance is repaid. There are no fixed monthly payments or payment schedules. Your repayment amounts fluctuate based on your sales volumes.
This flexibility sounds great. But it can turn into a nightmare if your sales drop unexpectedly. You could end up owing WAY more each month than you can afford.
For example, let’s say you got a merchant cash advance for 15% of $10K in monthly sales. That’s $1,500 per month. But then your sales suddenly drop to $5K. Now you’re paying $1,500 on just $5K in sales – 30% of your revenue! Totally insane!
Many California business owners report crazy predatory behaviors from some merchant cash lenders:
– Super high repayment rates that crush your margins
– Daily debits from your bank account that drain you dry
– Harassing nonstop calls from collectors
– Seizing your assets if you default (some lenders sneak in “confessions of judgement” allowing this!)
Unfortunately, confessions of judgement are still standard practice in this loosely regulated industry. So you’re left with little protection if you fall behind on payments.
The good news? An experienced merchant cash advance attorney can help you fight back against predatory lenders.
Here are some of the legal angles they may pursue:
Unconscionable Terms – Argue the loan terms are absurdly unfair and one-sided. If a judge agrees, the contract could be invalidated.
Usury Violations – These loans sometimes disguise interest rates above California’s usury limit of 10% on small loans. This makes them illegal.
Breach of Contract – Review the agreement to see if the lender violated any terms. This could release you from the contract.
Fraudulent Inducement – Prove the lender misled you or lied about terms to convince you to sign. May make contract void.
Debt Settlement – Negotiate with the lender to settle for a lower payoff amount. Avoid risky litigation.
The bottom line? Be really careful with merchant cash advances in CA. Work with an experienced attorney to fight back against any shady lending practices. Don’t get bullied or harassed into unfair repayment terms that could sink your business!