Guest: Chris Rice

Welcome to Credit Union Conversations, hosted by Mark Ritter, CEO of MBFS, a business lending CUSO serving clients across the United States and Puerto Rico. In this episode, Chris and Mark go deep on what it is like to make the jump to your own attorney practice and small business. What’s it like to work full-time and build a real estate portfolio? Credit unions around the country can connect with Chris at riceparklaw.com.

IN THIS EPISODE:

  • (00:00) Introduction 
  • (01:49) Chris Rice shares his professional background journey
  • (07:25) Chris shares his experience working with credit unions and what it was like starting the firm of Rice Park Law
  • (13:02) The differences between commercial and consumer collections
  • (16:51) Do not delay on a default notice
  • (22:06) Chris’s advice on selecting an attorney and he gives his outlook on the future

KEY TAKEAWAYS:

  • Attorney Chris Rice has launched Rice Park Law, focusing on credit union representation. His extensive background in real estate and restaurant ownership gives him unique insights into business operations and challenges.
  • Commercial and consumer collections differ: Commercial loan collections are often more straightforward due to tools like the “confession of judgment” and the use of secured assets. Consumer collections, however, are more complex due to regulations and typically involve unsecured debt.
  • Early legal intervention in loan defaults is key. Don’t delay sending default notices and involve legal counsel early in commercial loan defaults. This helps avoid “lender liability claims” and allows for effective workout solutions like forbearance agreements, saving time and money.

RESOURCE LINKS:

Mark Ritter Website
Mark Ritter – LinkedIn
Rice Park Law – Website
Chris Rice – LinkedIn

Mark Ritter is the CEO of MBFS and an expert in credit unions and business lending. His primary role at MBFS is overseeing the strategy of helping credit unions assist members with business needs and consulting with credit unions on planning the delivery of services to their membership.

Chris Rice is the founder of Rice Park Law. For the past twenty years, Chris has helped numerous credit unions with contractual, regulatory, loan closing, and workout issues. Chris is an entrepreneur who lives and practices out of Carlisle, PA.