Fla. Stat. § 520.01
Motor Vehicle Retail Sales Finance Act
Sections 520.01-520.10, 520.12, 520.125, and 520.13 may be cited as “The Motor Vehicle Retail Sales Finance Act.”
Florida Statutes Chapter 520 — RETAIL INSTALLMENT SALES
Florida · statute · Fla. Stat. ch. 520 · 80 active provisions
Fla. Stat. § 520.02
Definitions
In this act, unless the context or subject matter otherwise requires:(1) “Branch” means any location, other than a licensee’s principal place of business, at which a licensee operates or conducts business under this act or which a licensee owns or controls for the purpose of conducting business under this act.(2) “Cash…
Fla. Stat. § 520.03
Licenses
(1) A person may not engage in the business of a motor vehicle retail installment seller or operate a branch of such business without a license as provided in this section; however, a bank, trust company, savings and loan association, or credit union authorized to do business in this state is not required to obtain a l…
Fla. Stat. § 520.07
Requirements and prohibitions as to retail installment contracts
(1)(a) A retail installment contract shall be in writing, shall be signed by both the buyer and the seller, and shall be completed as to all essential provisions prior to the signing of the contract by the buyer.(b) The printed portion of the contract, other than instructions for completion, shall be in at least 6-poin…
Fla. Stat. § 520.08
Finance charge limitation
(1) Notwithstanding the provisions of any other law, the finance charge, exclusive of insurance, shall not exceed the following rates:(a) Class 1. Any new motor vehicle designated by the manufacturer by a year model not earlier than the year in which the sale is made—$10 per $100 per year.(b) Class 2. Any new motor veh…
Fla. Stat. § 520.085
Simple-interest contracts
(1) A retail installment contract under The Motor Vehicle Retail Sales Finance Act may provide that the rate of finance charge be calculated on a simple-interest basis subject to the following provisions:(a) Instead of a finance charge computed on the amount financed as determined under s. 520.07(2), the seller may com…
Fla. Stat. § 520.09
Credit upon anticipation of payments
Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of any retail installment contract and in so paying such debt shall receive a refund credit thereon for such anticipation of payments. The amount of such refund shall represe…
Fla. Stat. § 520.10
Refinancing retail installment contract
The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or installments or deferred payment or payments or renew or restate the unpaid balance of such contract, the amount of the installments, and the time schedule therefor and may collect for such ex…
Fla. Stat. § 520.12
Penalties
(1) Any person who willfully and intentionally violates any provision of s. 520.995 or engages in the business of a retail installment seller without obtaining a license as required by this part is guilty of a misdemeanor of the first degree, punishable as provided in s. 775.082 or s. 775.083.(2) In the case of a willf…
Fla. Stat. § 520.125
Variable rate contracts; mobile homes
A retail installment contract for the purchase of a mobile home may provide that the rate of finance charge may be adjusted at stated regular intervals, in which case the retail installment contract shall be subject to the following provisions:(1) Instead of a finance charge computed on the amount financed as determine…
Fla. Stat. § 520.13
Waiver
Any waiver of the provisions of ss. 520.01-520.10, s. 520.12, s. 520.13, s. 520.993, s. 520.994, or s. 520.995 shall be unenforceable and void.
Fla. Stat. § 520.14
Termination of retail installment contract for leasing a motor vehicle by a servicemember
(1) Any servicemember, as defined in s. 250.01, may terminate his or her retail installment contract for leasing a motor vehicle by providing the sales finance company with a written notice of termination, effective on the date specified in the notice, which date shall be at least 30 days after the receipt of the notic…
Fla. Stat. § 520.151
Florida Vehicle Value Protection Agreements Act
Sections 520.151-520.156 may be cited as the “Florida Vehicle Value Protection Agreements Act.”
Fla. Stat. § 520.152
Definitions
As used in ss. 520.151-520.156, unless the context or subject matter otherwise requires, the term:(1) “Administrator” means the person who is responsible for the administrative or operational function of managing vehicle value protection agreements, including, but not limited to, the adjudication of claims or benefit r…
Fla. Stat. § 520.153
Requirements and prohibitions as to vehicle value protection agreements
(1) Vehicle value protection agreements may be offered, sold, or given to consumers in this state in compliance with this act.(2) Notwithstanding any other law, any amount charged or financed for a vehicle value protection agreement is not considered a finance charge or interest and must be separately stated in the fin…
Fla. Stat. § 520.154
Disclosures
(1) A vehicle value protection agreement must disclose in writing, in clear, understandable language, all of the following:(a) The names and addresses of the provider, contract holder, and administrator, if any.(b) The terms of the vehicle value protection agreement, including, but not limited to, the purchase price to…
Fla. Stat. § 520.155
Commercial transactions exempt
Sections 520.154 and 520.156 do not apply to vehicle value protection agreements offered in connection with a commercial transaction.
Fla. Stat. § 520.156
Penalties
A provider, an administrator, or any other person who willfully and intentionally violates ss. 520.151-520.155 commits a noncriminal violation as defined in s. 775.08(3), punishable by a fine not to exceed $500 per violation and not more than $10,000 in the aggregate for all violations of a similar nature. For purposes…
Fla. Stat. § 520.157
Excess wear and use waiver
(1) For purposes of this section, the term “excess wear and use waiver” means a contractual agreement wherein a lessor agrees, regardless of whether subject to a separate fee, to cancel or waive all or part of amounts that may become due under a lease agreement as a result of excess wear and use of a motor vehicle, whi…
Fla. Stat. § 520.20
Definitions
As used in this part, the term:(1) “Agreement” means a contract executed between a buyer or lessee and a seller that leases or sells a distributed energy generation system. For purposes of this part, the term includes retail installment contracts.(2) “Buyer” means a person that enters into an agreement to buy a distrib…
Fla. Stat. § 520.21
Applicability
This part applies to agreements to sell or lease a distributed energy generation system and is supplemental to other provisions contained in part III related to retail installment contracts. If any provision related to retail installment contract requirements for a distributed energy generation system under this part c…
Fla. Stat. § 520.22
Safety compliance
A seller who installs a distributed energy generation system must comply with applicable safety standards established by the Department of Business and Professional Regulation pursuant to chapter 489 and part IV of chapter 553.
Fla. Stat. § 520.23
Disclosures required
Each agreement governing the sale or lease of a distributed energy generation system shall, at a minimum, include a written statement printed in at least 12-point type that is separate from the agreement, is separately acknowledged by the buyer or lessee, and includes the following information and disclosures, if appli…
Fla. Stat. § 520.24
Rulemaking authority; standard disclosure form
(1) The Department of Business and Professional Regulation shall adopt rules to implement and enforce the provisions of this part.(2) The Department of Business and Professional Regulation shall, by January 1, 2018, publish standard disclosure forms that may be used to comply with the disclosure requirements of this pa…
Fla. Stat. § 520.25
Penalties
(1) Any seller who willfully and intentionally violates any provision of this part commits a noncriminal violation, as defined in s. 775.08(3), punishable by a fine not to exceed the cost of the distributed energy generation system.(2) In the case of a willful and intentional violation of this part, the owner may recov…
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