§107.860. Financing fees and expense reimbursements a Licensee may receive from a Small Business. — Inbound Citations

(i) For the purposes of this paragraph (b), “substantially all” means at least 99 percent of the Financing proceeds after deduction of actual application fees, closing fees, and expense reimbursements, which may not exceed those permitted by § 107.860.

(c) If you have outstanding Leverage or plan to obtain Leverage, the underwriter must certify whether it is your Associate. You may pay reasonable and customary commissions and expenses to an Associate underwriter for the portion of an offering that you purchase, provided it is no more than 25 percent of the total offering. If you buy more than 25 percent of the offering, the amount you pay to the Associate underwriter must not exceed the total of the application and closing fees and reimbursable expenses permitted by § 107.860.

(2) Closing fees, application fees, and expense reimbursements, each as permitted under § 107.860.

You may collect Financing fees and receive expense reimbursements from a Small Business only as permitted under this § 107.860.