Florida Statutes Title XXXIII Chapter 516 - Consumer Finance

• 516.001 - Short Title.
  This chapter shall hereafter be known, referred to, and cited as the “Florida Consumer Finance Act.”History.—s. 1, ch. 73-192; s. 2, ch. 81-318; ss. 16,...
• 516.01 - Definitions.
  As used in this chapter, the term:(1) “Consumer finance borrower” or “borrower” means a person who has incurred either direct or contingent liability to repay a...
• 516.02 - Loans; Lines Of Credit; Rate Of Interest; License.
  (1) A person must not engage in the business of making consumer finance loans unless she or he is authorized to do so under this chapter...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 516.33 - Public Disclosures.
  All findings of facts and orders filed with the commission or office shall be a public record.History.—s. 12, ch. 73-192; s. 2, ch. 81-318; ss....
• 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...
• 516.36 - Monthly Installment Requirement.
  Every loan made pursuant to this chapter shall be repaid in monthly installments as nearly equal as mathematically practicable. This section shall not apply to...

Last modified: September 23, 2016