Standards of Professional Conduct
We, the members of the Association for Governmental Leasing and Finance, acknowledge that there are fundamental standards of conduct which should be the guiding principles for all participants in the tax-exempt leasing industry, and that the acceptance of such standards and the faithful performance of their mandates are a requirement for membership in the Association. We accept and endorse the following standards of professional practice which we deem to be fundamental:
- We will at all times correctly represent our relationship with all parties to a transaction.
- We will not obtain simultaneous commitments from more than one funding source unless we reveal that action to each source.
- We will not knowingly make any false or misleading statement or withhold any information essential to an intelligent business decision.
- We will protect the confidentiality of all financial and credit information and forms or documents given to us in confidence, except such information as may be generally available or public information.
- We will abide by the terms of our funding commitments, commission agreements, purchase orders, and other contracts.
- We will act as fiduciary when funds are received by us in that capacity.
- We will not make direct payments to employees of a vendor or other party to a transaction without the employer's knowledge.
- We will not submit a financing proposal to any person unless there is a reasonable probability that funding therefore will be available on the terms set forth in the proposal.
- We will endeavor to comply with all state and federal laws, rules and regulations applicable to the conduct of our business.
- We will conduct our business competently and continually strive to improve our professional judgment through participation in Association activities.
- We will at all times act with integrity, dignity and professionalism and will promote such conduct by others in the industry.