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Lawmaker Seeks Rules For Equipment Leasing

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By MARK DOUGLAS

mdouglas@wfla.com

Published: January 7, 2009

NEW PORT RICHEY - A state lawmaker says Florida should place restrictions on brokers like two Pinellas County companies that are accused of pocketing deposits made on big trucks and heavy equipment.

State Sen. Mike Fasano, R-New Port Richey, said he was outraged by news reports about the complaints against Global Funding and Landmark Leasing, which have ties to Clearwater businessman Jeffrey Maricle.

More than 50 complaints from as far away as California and Canada have been filed against the two companies, and the state attorney general's office is investigating.

Fasano said he plans to do something about the issue when lawmakers convene March 3.

"I'm hoping to get something done in the legislative session that would not only have some oversight on these companies but also say the maximum you're going to get is an application fee and nothing more."

Unlike financial loans, equipment leases are largely unregulated in Florida; there is no prohibition on collecting advance lease payments.

Global Funding LLC, a self-described "single source heavy equipment leasing provider" owned by Maricle, collected more than $1 million in advance fees during 2007, according to records subpoenaed by the Florida attorney general's office.

Much of that money was supposed to cover payments for leases that never materialized, according to complaints filed with the state.
Landmark Leasing LLC operated under a similar business model and with many of the same employees as Global Funding.

Reporter Mark Douglas can be reached at (727) 536-9603.

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