A
business is an MSB and must register if it conducts more than $1,000 in business
with one person in one or more transactions on the same day. (see insert) Penalties
are steep for failure to register. They include civil penalties of $5,000 per
day per violation and up to 5 years imprisonment. (see www.msb.gov, Guidance, Statues/Regulations).
So,
what do we plan for future newsletters? To
expand the layout to four pages! With
more space we will be able to bring you more news and delve deeper into issues
of vital interest to our customers. Happy
reading. Back
Last
year was an exciting year and we are looking forward to many new changes and
opportunities this year.
Looking back
Enhancements
and expansion best describe 2003. Mississippi
and Louisiana legislators voted in new regulations, resulting in software
enhancements and upgrades for our consumer finance and cash advance software
products. We also sent numerous
individual updates to address custom modification requests.
Product
sales and revenues exceeded our expectations. In fact, we had our best year ever
with numbers exceeding those experienced during the Y2K boom.
Our
first Tennessee product, TitleTek for auto pledge agreements was installed in
May. It was followed by a Tennessee
version of our payday loan software.
Mid-year,
Jason Alban joined our programming staff. The increased staff
gave us added resources for research and development, thus ensuring new
innovative solutions for covering your software needs and more time to explore
the latest technological advances.
What should you expect this year?
Paving
the way for the future we are enhancing our Windows Management System for multi-office locations and in January we
created a headquarters package for TitleTek with IvyTekPDQ soon to follow. We are also prepared to
crossover into Alabama with our payday loan software.
We
are extremely proud to announce we
now have more than 400 locations using our products in seven states!
We
experienced growth in Reno, NV and Eastern Missouri and our first Utah unit was
shipped this quarter.
This
year our focus will be on continuing to improve the quality and effectiveness of
our services. We plan to increase staffing with sales representatives to cover
the Memphis, TN area, Mississippi
and Alabama. We will also work on
improving our written training materials and explore new on-line options.
We
have always been substantial supporters of the associations to which we belong
and are proud to continue on in that tradition.
We will attend our first Mississippi Consumer Finance Association
Convention this summer as well as the MCCA and LFA conventions. (see News Bytes)
Look
for more developments in coming newsletters. Back
Do files get embarrassed when they get unzipped? Back
Coming Soon: Teletrack Interface - We
are proud to announce we have entered into an agreement with Teletrack to
interface with their database from our payday loan software.
Teletrack provides businesses with sub-prime consumer credit information. (see
www.teletrack.com)
Metro
2 Update - After
receiving feedback from the credit bureau we
have entered into the second stage of testing for the revised metro 2 credit
bureau report. We hope to have it
ready for general distribution soon.
2004 Convention Schedule
Mississippi Check Cashers Association (MCCA) June 24 –27 at the Beau Rivage,
Biloxi, Mississippi.
Contact Ricky Myers 601-545-8003.
Mississippi Finance Association (MFCA) July 13-15, San
Destin Hilton, Destin, FL. Contact Marilyn Musselwhite
601-981-3834.
Louisiana
Finance Association August
5 –7th. San Destin Hilton, Destin,
FL. Contact Vonnie Byers
225-295-1300. Back