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Division of Consumer Finance

Consumer Finance Companies

CF: Consumer Finance Company: The license authorizes the holder to solicit, make and collect loans to consumers in this state for an amount not exceeding $25,000 at an interest rate greater than 18%. The license is not required for banks and certain other financial institutions doing business under state or federal laws.

Each location is treated as an independent license and there are no branches. The license does not apply to title loans or pawns.

Additional Information

Maximum Interest Rate - Any loans entered into from October 1, 1997 to June 30, 2013, may charge the maximum interest rate of 30 percent per annum, computed on the first $2,000 of the principal as computed from time to time; 24 percent per annum on that part of the principal amount as computed from time to time exceeding $2,000 and not exceeding $3,000; and 18 percent per annum on that part of the principal amount as computed from time to time exceeding $3,000 and not exceeding $25,000.

Any loans entered into on or after July 1, 2013, may charge the maximum interest rate of 30 percent per annum, computed on the first $3,000 of the principal as computed from time to time; 24 percent per annum on that part of the principal amount as computed from time to time exceeding $3,000 and not exceeding $4,000; and 18 percent per annum on that part of the principal amount as computed from time to time exceeding $4,000 and not exceeding $25,000.

A person may loan money to others, when the per annum percentage rate does not exceed 18 percent, without having a consumer finance license. If a mortgage is placed against real property, as collateral for such a loan, a person may need to be licensed as a mortgage lender pursuant to Chapter 494, Florida Statutes. However, Chapter 494.006(1)(h), F.S., states that a consumer finance company, duly licensed as of October 1, 1991, is exempt from the Mortgage Lending Act.

Chapter 516.02(04), Florida Statutes - This chapter does not apply to any person who does business under, and as permitted by, any law of this state or of the United States relating to banks, savings banks, trust companies, building and loan associations, credit unions, or industrial loan and investment companies. This chapter also does not apply to title loans as defined in s. 538.03(1)(I) or pawns as defined in s.538.03(1)(d). A pawnbroker may not be licensed to transact business under this chapter.

Application Requirements

Apply for the license online via online services.

  • Click here for licensing fee & required application Information

Liquid Asset requirement pursuant to Chapter 516.03, Florida Statutes.

Maintaining or Renewing License

Filings to maintain, amend and renew the license are completed online via online services.

**Refer to Chapter 516.03, Florida Statutes for the associated renewal fees.

Click here for information regarding records to be kept by Consumer Finance licensees.

** Above are only some of the requirements of a licensee under Chapter 516, Florida Statutes and Rule 69V-160, Florida Administrative Code. To review all requirements of a licensee, please access Chapter 516, Florida Statutes, and Rule 69V-160, Florida Administrative Code.

Forms

OFR-516-01 -- Application for Consumer Finance Company License

Statutes and Rules

Chapter 516, Florida Statutes - Consumer Finance Act

Rule 69V-160, Florida Administrative Code - Florida Consumer Finance Act