Fla. Stat. § 537.001
Short title
This act may be cited as the “Florida Title Loan Act.”
Florida Statutes Chapter 537 — TITLE LOANS
Florida · statute · Fla. Stat. ch. 537 · 17 active provisions
Fla. Stat. § 537.002
Legislative intent
It is the intent of the Legislature in the creation of this chapter that title loans to consumers be regulated by the provisions of this act. The provisions of this act supersede any other provisions of state law affecting title loans to the extent of any conflict.
Fla. Stat. § 537.003
Definitions
As used in this act, unless the context otherwise requires:(1) “Commercially reasonable” has the same meaning as used in part V of chapter 679. In addition, nonpublic sales or disposal of personal property between a title loan lender and any business affiliates of a title loan lender or a member of a title loan lender’…
Fla. Stat. § 537.004
License required; license fees
(1) A person may not act as a title loan lender or own or operate a title loan office unless such person has an active title loan lender license issued by the office under this act. A title loan lender may not own or operate more than one title loan office unless the lender obtains a separate title loan lender license…
Fla. Stat. § 537.005
Application for license
(1) A verified application for licensure under this act, in the form prescribed by commission rule, shall:(a) Contain the name and the residence and business address of the applicant. If the applicant is other than a natural person, the application shall contain the name and the residence and business address of each u…
Fla. Stat. § 537.006
Denial, suspension, or revocation of license
(1) The following acts are violations of this act and constitute grounds for the disciplinary actions specified in subsection (2):(a) Failure to comply with any provision of this act, any rule or order adopted pursuant to this act, or any written agreement entered into with the office.(b) Fraud, misrepresentation, dece…
Fla. Stat. § 537.007
Remedies for title loans made without licensure
Any title loan made without benefit of a license is void, in which case the person making the title loan forfeits the right to collect any moneys, including principal and interest charged on the title loan, from the borrower in connection with such agreement. The person making the title loan shall return to the borrowe…
Fla. Stat. § 537.008
Title loan agreement
(1) At the time a title loan lender makes a title loan, the lender and the borrower shall execute a title loan agreement, which shall be legibly typed or written in indelible ink and completed as to all essential provisions prior to execution by the borrower and lender. The title loan agreement shall include the follow…
Fla. Stat. § 537.009
Recordkeeping; reporting; safekeeping of property
(1) Every title loan lender shall maintain, at the lender’s title loan office, such books, accounts, and records of the business conducted under the license issued for such place of business as will enable the office to determine the licensee’s compliance with this act.(2) The office may authorize the maintenance of bo…
Fla. Stat. § 537.011
Title loan charges
(1) A title loan lender may charge a maximum interest rate of 30 percent per annum computed on the first $2,000 of the principal amount, 24 percent per annum on that part of the principal amount exceeding $2,000 and not exceeding $3,000, and 18 percent per annum on that part of the principal amount exceeding $3,000. Th…
Fla. Stat. § 537.012
Repossession, disposal of pledged property; excess proceeds
(1) If a borrower fails to repay all amounts legally due under the title loan agreement on or before the end of the title loan’s maturity date or any extension of such date and fails to make a payment on the loan within 30 days after the end of the loan’s maturity date or any extension of such date, whichever is later,…
Fla. Stat. § 537.013
Prohibited acts
(1) A title loan lender, or any agent or employee of a title loan lender, shall not:(a) Falsify or fail to make an entry of any material matter in a title loan agreement or any extension of such agreement.(b) Refuse to allow the office to inspect completed title loan agreements, extensions of such agreements, or loan p…
Fla. Stat. § 537.014
Right to reclaim; lost title loan agreement
(1) Any person presenting identification of such person as the borrower and presenting the borrower’s copy of the title loan agreement to the title loan lender is presumed to be entitled to reclaim the loan property described in the title loan agreement. However, if the title loan lender determines that the person is n…
Fla. Stat. § 537.015
Criminal penalties
(1) Any person who acts as a title loan lender without first securing the license prescribed by this act commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.(2) In addition to any other applicable penalty, any person who willfully violates any provision of this act or w…
Fla. Stat. § 537.016
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 the office in any matter pertaining to this act. The office may administer oaths and affirmations to any person whose testimony is required. If any person…
Fla. Stat. § 537.017
Investigations and complaints
(1) The office may make any investigation and examination of any licensee or other person the office deems necessary to determine compliance with this act. For such purposes, the office may examine the books, accounts, records, and other documents or matters of any licensee or other person. The office may compel the pr…
Fla. Stat. § 537.018
County and municipal ordinances
Nothing in this act precludes a county or municipality from adopting ordinances more restrictive, in whole or in part, than the provisions of this act.