NACM Legislative Introduction and Position Brief 2015: Part 1

Business Credit, June 2015 | Go to article overview

NACM Legislative Introduction and Position Brief 2015: Part 1


The financial panic of 1893 created a disastrous depression and subsequent severe deflation, both of which stunned businesses. The chemistry of credit was not understood and commercial failures reached record numbers. So serious was the problem that a "Congress of Credit, Collections and Failures" was held as part of the 1893 Great Exposition in Chicago. That meeting, in turn, led to further exploration of the ways that credit practitioners could help each other.

In June of 1896, 82 delegates from several local credit groups met in Toledo to endorse a national movement, creating what is now the National Association of Credit Management. Membership has grown from 600 at the end of 1896, to more than 14,000 today, making NACM one of the oldest and largest business credit organizations in the United States.

NACM is committed to enhancing, promoting and protecting the many credit management interests of the commercial credit grantor. NACM represents business credit grantors in all industries including manufacturing, wholesaling, service industries and financial institutions. NACM is a member-owned association and exists solely to serve and support its members.

The purposes and objectives of NACM are to:

* promote honesty and integrity in credit transactions;

* assure equitable laws for sound credit practices;

* foster and facilitate the exchange of credit information;

* encourage efficient service in the collection of accounts;

* provide credit education through colleges, universities, home study courses, NACM and NACM Affiliates;

* promote and expedite sound credit administration in international trade;

* foster and encourage research in the field of credit;

* disseminate useful and instructive information and ideas with respect to credit management techniques and policies;

* provide facilities for the investigation and prevention of fraud; and

* perform and encourage such other functions as the advancement and protection of business credit may require.

Business credit is an integral part of the American economy. The business credit executive--the NACM member--is an essential participant in our free enterprise system. Virtually every business transaction that concerns another business involves credit. Business credit is the single largest source of business financing by volume, even exceeding bank loans. Without business credit, America's economic system, as we know it, would not exist.

Congress has acknowledged many times that federal regulation of the credit reporting process must tackle a number of issues critical to businesses. Ultimately, NACM continues to note that anything that interferes with the free and complete ability of the business credit grantor to make a sound, accurate and equitable credit decision is an impediment to the commerce of this country.

CONSTRUCTION LAW

Commercial credit, collections and financial risk management professionals who work in the construction industry for subcontractors and materials suppliers comprise more than 50% of NACM's membership. These individuals manage the complex process of extending credit to other companies while navigating the many rules and regulations that govern how work is performed on, or materials are supplied to, a public or private project. Payment on these projects is often secured through the use of liens, bonds and Uniform Commercial Code (UCC) filings, but the rights to these remedies are only extended to certain parties, and only if those parties follow the strict filing and notice requirements that often vary from state to state in cases of liens and bonds.

The concept of payment protection for building and construction is by no means new: the first attempt to enact a law granting mechanic's lien rights came from the urgent desire of founding fathers like Thomas Jefferson and James Madison to establish and improve--as quickly as possible--the future seat of the U. …

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