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Comment by jess-zhang | Hacker News Reader

Licensing is one of our modules. like other modules, our customers have a choice (think picking from a salad bar) of what they want based on their use case. for licensing, you can BYO, leverage Pier's licenses, or we can help you apply for licenses too.

Operating as a licensed lender would allow you to have higher APR thresholds. For example in IL, unlicensed caps at 9% (which is not always economical), while licensed allows you to lend at 36%

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so if it is one of your modules, does that mean that I can say "hey Pier, get me a lending license in NC" and they you handle everything and come back after however long and say "here is your NC lending license"? how do you handle states that require in state offices?

If you handle getting the licenses for the company that is super valuable

yup totally! we can do most of the heavy lifting there to get you the licenses. we automate a lot of this w templates & also given our prior experiences getting these licenses and building relationships w regulators, so we know how to be fast/efficient here.

for in-state offices, there are 3rd party agencies to work with to set those up. also recently, some states like NV have passed laws to remove this bottleneck.

not sure if I misunderstood this but do customers use Pier's license as a stand in for their own license? Because that wouldn't work right

It could work depending on how they structure the receivables (SPV, 72 hour agreement to buy) from the loan facility.

I am also curious on the official answer though!

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