69V-70.050: Application Procedure for Sales Finance Company License
69V-70.055: Sales Finance Company Branch Office License
69V-70.060: Sales Finance Company and Sales Finance Company Branch Office License Renewal and Reactivation
PURPOSE AND EFFECT: Rules 69V-70.050, 69V-70.055, and 69V-70.060, F.A.C., pertaining to the licensure and renewal process for sales finance companies are repealed. New rules pertaining to the licensure and renewal process for these persons are being proposed under Rule Chapter 69V-85, F.A.C. The new rules will reflect and implement the changes to The Installment Sales Finance Act (Part III, Chapter 520, Fla. Stat.) that are contained in Chapter 2006-213, Laws of Florida.
SUBJECT AREA TO BE ADDRESSED: Licensure of Sales Finance Companies.
SPECIFIC AUTHORITY: 520.52, 520.994 FS.
LAW IMPLEMENTED: 520.52, 520.994 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Gregory C. Oaks, Financial Administrator, 200 East Gaines Street, 6th Floor, The Fletcher Building, Tallahassee, Florida 32399-0375, (850)410-9805
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
69V-70.050 Application Procedure for Sales Finance Company License.
(1) Each person desiring to obtain licensure as a sales finance company shall apply to the Office of Financial Regulation by submitting the following:
(a) A completed Application for Sales Finance Company License, Form OFR-HI-1, revised 10/99, which is hereby incorporated by reference and available from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0375; and
(b) The statutory, non-refundable application fee required by Section 520.52, F.S., which shall be the fee for the biennial period beginning January 1 of each odd numbered year or any part thereof.
(2) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) calendar days after receipt of the application by the Office of Financial Regulation. The additional information must be received by the Office of Financial Regulation within forty-five (45) calendar days from the date of the request. Failure to respond to the request within forty-five (45) calendar days from the date of request shall be construed by the Office of Financial Regulation as grounds for denial for failure to complete the application and the application shall be denied pursuant to Section 120.60(1), F.S.
(3) Withdrawal of Application. An applicant may request withdrawal of an application prior to a determination of the application being made by the Office of Financial Regulation by submitting a written request that the application be withdrawn.
(4) Refunds. If the application is withdrawn or denied, the license fee is non-refundable.
(5) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.
(6) Restoration of Civil Rights.
(a) If one's civil rights have been restored and the conviction did not directly relate to the operation of a retail installment business, the applicant shall provide evidence of restoration of civil rights.
(b) If one’s civil rights have been restored and the conviction directly related to operating a retail installment business, the applicant shall provide evidence of restoration of rights and rehabilitation. Evidence of rehabilitation should include, but is not limited to, employment history and letters from probation officers and employers.
Specific Authority 520.52(2), 520.994(5) FS. Law Implemented 520.52(2) FS. History–New 11-5-87, Amended 5-9-90, 11-11-90, 9-28-94, 8-9-95, 7-10-96, 9-29-96, 12-8-99, Formerly 3D-70.050, Repealed_________.
69V-70.055 Sales Finance Company Branch Office License.
(1) Every sales finance company which conducts business in a branch office shall apply for a license to operate a branch office on Form OFR-HI-2, Application for Sales Finance Company Branch Office License, revised 10/99, which is hereby incorporated by reference and available from the Office of Financial Regulation,
(2) The statutory, non-refundable application fee for an initial branch office license required by Section 520.52, F.S., shall be the fee for the biennial period beginning January 1 of each odd numbered year or any part thereof.
(3) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) calendar days after receipt of the application by the Office of Financial Regulation. The additional information must be received by the Office of Financial Regulation within forty-five (45) calendar days from the date of the request. Failure to respond to the request within forty-five (45) calendar days from the date of request shall be construed by the Office of Financial Regulation as grounds for denial for failure to complete the application and the application shall be denied pursuant to Section 120.60(1), F.S.
(4) Withdrawal of Application. An applicant may request withdrawal of an application prior to a determination of the application being made by the Office of Financial Regulation by submitting a written request that the application be withdrawn.
(5) Refunds. If the application is withdrawn or denied, the license fee is non-refundable.
(6) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.
Specific Authority 520.52(2), 520.994(5) FS. Law Implemented 520.52(2) FS. History–New 11-11-90, Amended 8-9-95, 7-10-96, 9-29-96, 12-8-99, Formerly 3D-70.055, Repealed_________.
69V-70.060 Sales Finance Company and Sales Finance Company Branch Office License Renewal and Reactivation.
(1) Each active sales finance company and sales finance company branch office license shall be renewed for the biennial period beginning January 1 of each odd-numbered year, upon receipt of the statutory renewal fee required by Section 520.52, F.S., and the renewal/reactivation notice, Form OFR-SF-3, revised 10/99, which is hereby incorporated by reference and available by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0375.
(2) If the Office of Financial Regulation has not received the renewal notice and renewal fee prior to January 1 of the renewal year, the license shall revert from active to inactive status. The inactive license may be reactivated within six (6) months after becoming inactive upon submission of the statutory renewal fee, a reactivation fee equal to the renewal fee, and the reactivation notice. A license that is not reactivated within six (6) months after becoming inactive automatically expires.
(3) A renewal notice and fee shall be considered submitted when received in the Office of Financial Regulation's cashier's office in
(4) The received date shall be the date stamped on the notice when received by the Office of Financial Regulation's cashier office in
(5) Engaging in a business as a sales finance company as defined in Section 520.31(16), F.S., with an inactive or expired license is a violation of Chapter 520, F.S., and subjects the person to disciplinary action.
(6) Renewal via the Internet. In lieu of filing the paper version of the renewal form, a licensee may renew its license electronically by following the applicable instructions on the Office of Financial Regulation's website (www.dbf.state.fl.us) on the Internet.
(7) If December 31 of the year is on a Saturday, Sunday or legal holiday pursuant to Section 110.117, F.S., then the renewals received on the next business day will be considered timely received.
Specific Authority 520.52(2), (3), 520.994(5) FS. Law Implemented 520.52(2), (3), 520.994(5) FS. History–New 11-5-87, Amended 11-11-90, 12-18-93, 9-29-96, 12-8-99, 12-25-00, Formerly 3D-70.060, Repealed_________.