Fla. Stat. § 516.001
Short title
This chapter shall hereafter be known, referred to, and cited as the “Florida Consumer Finance Act.”
Florida Statutes Chapter 516 — CONSUMER FINANCE
Florida · statute · Fla. Stat. ch. 516 · 28 active provisions
Fla. Stat. § 516.01
Definitions
As used in this chapter, the term:(1) “Branch” means any location, other than a licensee’s principal place of business, at which a licensee operates or conducts business under this chapter or which the licensee owns or controls for the purpose of conducting business under this chapter.(2) “Commission” means the Financi…
Fla. Stat. § 516.02
Loans; lines of credit; rate of interest; license
(1) A person must not engage in the business of making consumer finance loans or operate a branch of such business unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.(2)(a) A person who is engaged in the business of making loans of…
Fla. Stat. § 516.03
Application for license; fees; etc
(1) APPLICATION.—Application for a license to make loans under this chapter shall be in the form prescribed by rule of the commission. The commission may require each applicant to provide any information reasonably necessary to determine the applicant’s eligibility for licensure. The applicant shall also provide inform…
Fla. Stat. § 516.031
Finance charge; maximum rates
(1) INTEREST RATES.—A licensee may lend any sum of money up to $25,000. A licensee may not take a security interest secured by land on any loan less than $1,000. The licensee may charge, contract for, and receive thereon interest charges as provided and authorized by this section. The maximum interest rate shall be 36…
Fla. Stat. § 516.035
Rate of interest upon default
In the event that any balance remains unpaid at the expiration of the scheduled maturity date of a loan, licensees may continue to charge interest on the unpaid balance at the rate provided for in s. 516.031(1) for a period not to exceed 12 months. Thereafter, the interest shall not exceed the permissible rate of inter…
Fla. Stat. § 516.037
Unsafe and unsound practices
(1) Licensees must make determinations about the provision or denial of services based on an analysis of risk factors unique to each current or prospective customer and may not engage in an unsafe and unsound practice as provided in subsection (2). This subsection does not restrict a licensee that claims a religious pu…
Fla. Stat. § 516.05
License
(1) Upon the filing of an application for a license and payment of all applicable fees, the office shall, unless the application is to renew or reactivate an existing license, make an investigation of the facts concerning the applicant’s background. If the office determines that a license should be granted, it shall is…
Fla. Stat. § 516.07
Grounds for denial of license or for disciplinary action
(1) The following acts are violations of this chapter and constitute grounds for denial of an application for a license to make consumer finance loans and grounds for any of the disciplinary actions specified in subsection (2):(a) A material misstatement of fact in an application for a license.(b) Failure to maintain l…
Fla. Stat. § 516.11
Investigations and complaints
(1) The office shall, at intermittent periods, make such investigations and examinations of any licensee or other person as it deems necessary to determine compliance with this chapter. For such purposes, the office may examine the books, accounts, records, and other documents or matters of any licensee or other person…
Fla. Stat. § 516.12
Records to be kept by licensee
(1) The licensee shall keep and use in her or his business such books, accounts, and records in accordance with sound and accepted accounting practices to enable the office to determine whether such licensee is complying with the provisions of this chapter and with the rules lawfully made by the commission. Every licen…
Fla. Stat. § 516.15
Duties of licensee
Every licensee shall:(1) Deliver to the borrower at the time a loan is made a statement in the English language showing in clear and distinct terms the amount and date of the loan and the date of its maturity; the nature of the security, if any, for the loan; the name and address of the borrower and of the licensee; an…
Fla. Stat. § 516.16
Confession of judgment; power of attorney; contents of notes and security
No licensee shall take any confession of judgment or any power of attorney. Nor shall a licensee take any note, promise to pay, or security that does not state the actual amount of the loan, the time for which it is made, and the rate of interest charged, nor any instrument in which blanks are left to be filled after e…
Fla. Stat. § 516.17
Assignment of wages, etc., given to secure loans
No assignment of, or order for the payment of, any salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure any such loans shall be valid.
Fla. Stat. § 516.19
Penalties
Any person who violates any of the provisions of s. 516.02, s. 516.031, s. 516.05(3), s. 516.05(6), or s. 516.07(1)(e) commits a misdemeanor of the first degree, punishable as provided in s. 775.082 or s. 775.083.
Fla. Stat. § 516.21
Restriction of borrower’s indebtedness
No licensee shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than 18 percent per annum upon any loan, or upon any part or all of any aggregate loan indebtedness of the same borrower, of the amount of more than $25,000. The foregoing prohibition shall also ap…
Fla. Stat. § 516.22
Rules; certified copies
(1) RULES.—The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of law conferring duties upon it.(2) CERTIFIED COPIES OF OFFICIAL DOCUMENTS.—On application of any person and payment of the costs thereof, at the same rate and fees as allowed clerks of the circuit court by stat…
Fla. Stat. § 516.221
Liability when acting upon order, declaratory statement, or rule
No person or licensee hereunder shall be deemed to be in violation of this chapter nor shall such person or licensee be subject to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, declaratory statement, or rule issued by the office or commission, notwiths…
Fla. Stat. § 516.23
Subpoenas; enforcement actions; rules
(1) The office may issue and serve subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records, and other evidence before it in any matter pertaining to this chapter. The office may administer oaths and affirmations to any person whose testimony is required. If any person ref…
Fla. Stat. § 516.26
Purchase or assignment of wages, salaries, etc
The payment of $25,000 or less in money, credit, goods, or things in action as consideration for any sale or assignment of or order for the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under, and the enforcement and inte…
Fla. Stat. § 516.27
Preexisting contracts
This chapter or any part thereof may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder, provided that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any obl…
Fla. Stat. § 516.31
Consumer protection; certain negotiable instruments restricted; assigns subject to defenses; limitation on deficiency claims; cross collateral
(1) SCOPE.—This section applies to every consumer finance loan or other contract authorized by this chapter in which any form of credit is extended to an individual to purchase or obtain goods or services for use primarily for personal, family, or household purposes.(2) RESTRICTION ON CERTAIN NEGOTIABLE INSTRUMENTS AND…
Fla. Stat. § 516.32
Consumer credit counseling
The office shall be responsible for promoting a consumer credit counseling service for the purpose of promoting and helping establish consumer credit counseling services for individuals in areas where a need has been established. The purposes of the consumer credit counseling service shall be to:(1) Assist and educate…
Fla. Stat. § 516.33
Public disclosures
All findings of facts and orders filed with the commission or office shall be a public record.
Fla. Stat. § 516.35
Credit insurance must comply with credit insurance act
(1) Tangible property offered as security may be reasonably insured against loss for a reasonable term, considering the circumstances of the loan. If such insurance is sold at standard rates through a person duly licensed by the Department of Financial Services and if the policy is payable to the borrower or any member…
Page 1 of 2Next →