Chapter 516 — Chapter 516
28 sections in this chapter.
Fla. Stat. § 516.001 Short title
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This chapter shall hereafter be known, referred to, and cited as the “Florida Consumer Finance Act.”
Fla. Stat. § 516.01 Definitions
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As used in this chapter, the term:(1) “Branch” means any location, other than a licensee’s principal place of business, at which a licensee operates or conducts business under this chapter or which the licensee owns or controls for the purpose of conducting business under this ch…
Fla. Stat. § 516.02 Loans; lines of credit; rate of interest; license
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(1) A person must not engage in the business of making consumer finance loans or operate a branch of such business unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.(2)(a) A person who is eng…
Fla. Stat. § 516.03 Application for license; fees; etc
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(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 each applicant to provide any information reasonably necessary to determine the applicant’s eligibility for licensure.…
Fla. Stat. § 516.031 Finance charge; maximum rates
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(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 loan less than $1,000. The licensee may charge, contract for, and receive thereon interest charges as provided and authorized by this section…
Fla. Stat. § 516.035 Rate of interest upon default
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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 on the unpaid balance at the rate provided for in s. 516.031(1) for a period not to exceed 12 months. Thereafter, the interest shall …
Fla. Stat. § 516.037 Unsafe and unsound practices
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(1) Licensees must make determinations about the provision or denial of services based on an analysis of risk factors unique to each current or prospective customer and may not engage in an unsafe and unsound practice as provided in subsection (2). This subsection does not restri…
Fla. Stat. § 516.05 License
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(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 reactivate an existing license, make an investigation of the facts concerning the applicant’s background. If the office determines that …
Fla. Stat. § 516.07 Grounds for denial of license or for disciplinary action
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(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 grounds for any of the disciplinary actions specified in subsection (2):(a) A material misstatement of fact in an application…
Fla. Stat. § 516.11 Investigations and complaints
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(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 this chapter. For such purposes, the office may examine the books, accounts, records, and other documents or…
Fla. Stat. § 516.12 Records to be kept by licensee
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(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 enable the office to determine whether such licensee is complying with the provisions of this chapter and with the rules lawf…
Fla. Stat. § 516.15 Duties of licensee
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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 the amount and date of the loan and the date of its maturity; the nature of the security, if any, for the loan; the name and address…
Fla. Stat. § 516.16 Confession of judgment; power of attorney; contents of notes and security
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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 that does not state the actual amount of the loan, the time for which it is made, and the rate of interest charged, nor any instrument in wh…
Fla. Stat. § 516.17 Assignment of wages, etc., given to secure loans
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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 secure any such loans shall be valid.
Fla. Stat. § 516.19 Penalties
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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 first degree, punishable as provided in s. 775.082 or s. 775.083.
Fla. Stat. § 516.21 Restriction of borrower’s indebtedness
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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, or upon any part or all of any aggregate loan indebtedness of the same borrower, of the amount of more than $25,000.…
Fla. Stat. § 516.22 Rules; certified copies
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(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 application of any person and payment of the costs thereof, at the same rate and fees as all…
Fla. Stat. § 516.221 Liability when acting upon order, declaratory statement, or rule
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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 civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, declaratory statement, or rule issu…
Fla. Stat. § 516.23 Subpoenas; enforcement actions; rules
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(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 it in any matter pertaining to this chapter. The office may administer oaths and affirmations to any person whose …
Fla. Stat. § 516.26 Purchase or assignment of wages, salaries, etc
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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 the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regula…
Fla. Stat. § 516.27 Preexisting contracts
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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 of a licensee hereunder, provided that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful c…
Fla. Stat. § 516.31 Consumer protection; certain negotiable instruments restricted; assigns subject to defenses; limitation on deficiency claims; cross collateral
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(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 individual to purchase or obtain goods or services for use primarily for personal, family, or household purposes.(2) RESTRICTI…
Fla. Stat. § 516.32 Consumer credit counseling
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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 individuals in areas where a need has been established. The purposes of the consumer credit counseling ser…
Fla. Stat. § 516.33 Public disclosures
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All findings of facts and orders filed with the commission or office shall be a public record.
Fla. Stat. § 516.35 Credit insurance must comply with credit insurance act
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(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 sold at standard rates through a person duly licensed by the Department of Financial Services and if the policy …
Fla. Stat. § 516.36 Installment requirement
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Every loan made pursuant to this chapter must be repaid in periodic installments as nearly equal as mathematically practicable, except that the final payment may be less than the amount of the prior installments. Installments may be due every 2 weeks, semimonthly, or monthly. Thi…
Fla. Stat. § 516.38 Annual reports by licensees
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(1) By March 15, 2025, and each March 15 thereafter, a licensee shall file a report with the office in a form and manner prescribed by commission rule. The report must include each of the items specified in subsection (2) for the preceding calendar year using aggregated and anony…
Fla. Stat. § 516.39 Suspension of penalties and remedial measures after federal disaster declaration
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In the event of a Federal Emergency Management Agency response to a Presidential Disaster Declaration in the state, a licensee operating in a county designated in the declaration must suspend for a period of 90 days after the date of the initial declaration the following:(1) The …