As broker members, funding source members, associate members and honorary members of the AACFB, we ascribe to the following Code of Ethics and pledge ourselves to the word and principal of this Code:
1. We will demonstrate honesty, professionalism and integrity in all our relationships and business dealings with customers, fellow members, the public, equipment vendors, licensed professionals, brokers, and funding sources. We will at all times adhere to two golden rules: First, treat other business professionals as we would like them to deal with us and, second, always conduct our business dealings so as to reflect a positive image upon our profession and the AACFB.
2. We will be mindful of our obligations with respect to funds remitted by customers. Specifically, we acknowledge that in order for funds remitted by customers to be earned, we must provide goods, services, or value to the customer in exchange for those funds.
3. We will communicate as soon as it becomes known to us all information germane to our funding sources where such facts may impact a funding source’s credit evaluation of a proposed customer. We acknowledge that as brokers, we are responsible for sharing all information known to us regarding all aspects of a proposed transaction with our funding sources.
4. We will never knowingly make false statements to anyone. Under no circumstances will we perpetuate, encourage or disregard fraudulent or inherently dishonest activity by any person in connection with a business transaction.
5. When we are asked for legal, accounting, tax or any other similar professional advice, we will always qualify our advice to the individual with whom we are speaking to ask the same question of a duly licensed and qualified professional.
6. We shall cooperate with our funding sources on all issues reasonably required by a funding source for completion of a transaction, including but not limited to all issues of documentation as a funding source shall require.
7. We will deal with our funders in a manner which respects the value of their time and financial commitment. We will use our best efforts to submit proper and complete applications in accordance with the requirements of a funding source.
8. Funding source members agree that they will not circumvent the broker in any transaction in which (1) said broker refers a transaction to said Funding Source; (2) the transaction is with a customer who was originally referred to the Funding Source by said broker, or; (3) in any transaction which would otherwise entitle the broker to a commission. Funding Source members agree to provide prompt notice to referring brokers of both approvals as well as declined applications.
9. We will strive to enhance our professional education and keep ourselves informed of new developments in our industry.
10. The use of the terms "American Association of Commercial Finance Brokers," "AACFB," and the AACFB "Logo" shall be used only by members in good standing on their letterhead and business cards in accordance with rules promulgated by the AACFB Board of Directors from time to time. In the event that any member becomes aware of the use of the aforesaid by a non-member, then such member shall immediately bring the usage by the non-member to the attention of the Board of Directors for further action.
All members of the American Association of Commercial Finance Brokers agree to abide by and submit to the arbitration dispute resolution program administered by the AACFB as necessary.