Financing Agency Law and Legal Definition

Any agency which in the ordinary course of business makes advances against goods or documents of title, or by arrangement with either the seller or the buyer intervenes to make or collect payment due or claimed under a contract for sale, as by purchasing or paying the seller's draft, making advances against it, or taking it for collection, irrespective of the fact whether documents of title accompany the draft is a financing agency. A bank and finance company are examples of a financing agency.