Buckley Sandler has launched a new technology-enabled service that will help regulated businesses secure state licenses.
The firm states that the new service, APPROVED, is a new approach to licensing for financial services companies.
APPROVED is a technology-enabled, fixed-fee service that will help mortgage companies, payments companies, consumer and small business lenders, money transmitters, loan servicers, auto finance companies, debt collectors, and FinTech companies, among others. It will help them better navigate the costly, burdensome, and time-consuming process of securing state licenses according to the firm.
By deploying a fixed-fee pricing model it claims to aid businesses in putting together strategic plans for their new initiatives by removing the uncertainty that comes from hourly billing.
“A major challenge for any financial services firm starting up or offering a new product is obtaining the legal authority, usually in the form of a state license or agency approval, to be able to do business,” said Katy Ryan, a partner at Buckley Sandler and a leader of the APPROVED team. “We designed this service to make sure that businesses could secure these necessary approvals with less paperwork and reduced time from company management, while providing greater cost certainty.”
Buckley Sandler is also developing proprietary software that will make licensing acquisition and maintenance processes more efficient, particularly for businesses pursuing licenses in more than one jurisdiction.
The service will be led by director of Licensing Tim Lange, who joined Buckley Sandler in December. Prior to Buckley, he spent nine years as the senior director of policy for the Conference of State Bank Supervisors, where he worked extensively with the Nationwide Multistate Licensing System.
Lange added: “We’ve combined the knowledge, experience, and legal skills of a preeminent financial-services law firm with the efficiencies of a technology company and the bottom-line focus of a licensing company in a RegTech business that is the new standard in licensing. “
With more than 150 lawyers in Washington, D.C., Los Angeles, San Francisco, New York, Chicago and London, Buckley Sandler offers premier enforcement, litigation, compliance, regulatory and transactional services to financial services institutions, as well as leading and early stage companies, joint ventures, private equity funds and individual clients.
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