Author Topic: Investor from PA  (Read 4240 times)

ggeyler

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Investor from PA
« on: December 10, 2014, 10:36:05 AM »
Hey Guys,

I am one of the lucky folks that lives in PA. A state where I'm only using the secondary marketplace to purchase notes. A few months ago (closer to IPO), I started seeing this message anytime I login to LC

"We are committed to serving investors in your state soon. We’ll let you know when Notes are available. Thanks for your patience!"

Assuming LC goes IPO tomorrow (got my 350 shares locked up) - are they automatically required to allow every state to purchase loans or will this still take time?

Thanks!

rawraw

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Re: Investor from PA
« Reply #1 on: December 10, 2014, 12:38:07 PM »
I'd search the Lendacademy blog for the Blue Sky Exemption post by a lawyer.  IIRC it's not automatic, but I'm sure they'll be starting the process.

Booleans

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Re: Investor from PA
« Reply #2 on: December 10, 2014, 12:49:25 PM »
Keep in mind that LC does not actually verify what you live in (if you're a lender).

kbenson99

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Re: Investor from PA
« Reply #3 on: December 10, 2014, 12:53:48 PM »
If you incorrectly list you address (and especially if your state has an income tax), be aware that you are committing fraud.

rawraw

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Re: Investor from PA
« Reply #4 on: December 10, 2014, 01:00:57 PM »
If you incorrectly list you address (and especially if your state has an income tax), be aware that you are committing fraud.
And probably have to pay state tax (I'd assume)

core

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Re: Investor from PA
« Reply #5 on: December 10, 2014, 09:24:50 PM »
If you incorrectly list you address (and especially if your state has an income tax), be aware that you are committing fraud.

Sorry but listing a wrong address for the above-stated purpose is not fraud.  To be fraud, several other tests must be met.  None of them apply here.  As far as the tax goes, pay your state the income tax that is owed because they'll get the numbers from the IRS anyway.

mo

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Re: Investor from PA
« Reply #6 on: December 11, 2014, 12:28:43 PM »
If you incorrectly list you address (and especially if your state has an income tax), be aware that you are committing fraud.

Having a correct/incorrect address on file has nothing to do with whether or not you pay taxes.