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ARTICLE · 14 SEPTEMBER 2023

No Recourse, No License? Not Quite.

Mayer Brown
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In the July edition of Licensing Link, we addressed licensing developments for novel earned wage access products designed to allow employees access to their earned but unpaid wages...

United StatesFinance and Banking
Krista Cooley
Krista Cooley
Francis L. Doorley
Francis L. Doorley
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In the July edition of Licensing Link, we addressed licensing developments for novel earned wage access products designed to allow employees access to their earned but unpaid wages on a non-recourse basis. In this article, we discuss the application of state licensing laws and recent licensing developments related to other innovative non-recourse financial products: income share agreements ("ISAs") and home equity option agreements. In light of current market conditions, and the increasing number of homeowners who have significant equity in their homes, home equity products—including home equity option agreements—may be attractive options for homeowners seeking funds for a variety of reasons. However, these innovative products carry their own unique regulatory considerations—including state licensing considerations in the states that have enacted laws to regulate these products as mortgage loans.

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