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Chapter 69V-160, FAC
- Rules
Florida Statutes
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CF: Consumer
Finance Company
This license authorizes the holder to solicit, make and collect
loans to consumers in this state for an amount not exceeding
$25,000 and with a maximum interest rate of 30% percent per
annum. This 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. This license does not apply to title
loans or pawns.
Maximum Interest Rate
- Any loans entered into on or after October 1, 1997, 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.
Exemptions - 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.
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.
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