26334062, 69V-160.030 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 26334062

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

FLORIDA CONSUMER FINANCE ACT

Overview

RULE:

69V-160.030	Application Procedure for Consumer Finance License
69V-160.111	Disciplinary Guidelines

PURPOSE:

The purpose and effect is to amend existing rules to conform to and implement Chapter No. 2022-130, Laws of Florida, which was signed into law on May 23, 2022 and permits a consumer finance company applicant/licensee to meet certain conditions of licensure by providing documentation of a surety bond, certificate of deposit or letter of credit in lieu of evidence of $25,000 in liquid assets. In addition, the amendments will remove the disciplinary guidelines as found in rule text and transfer the disciplinary guidelines provisions to a form incorporated by rule, change application withdrawal procedures, narrow the scope of material changes to pending applications, revise mitigating and aggravating factors considered in the determination of penalties, and incorporate forms.

SUMMARY:

The amended rules will conform to and implement Chapter No. 2022-130, Laws of Florida, incorporate forms, change the procedure related to the withdrawal of a pending application, narrow the scope of material changes to pending applications, revise mitigating and aggravating factors considered in the determination of penalties; and remove penalty provisions found in the rule text and place the revised penalty provisions in the Disciplinary Guidelines for Consumer Finance Companies form (Form OFR-516-04).

RULEMAKING AUTHORITY:

516.03(1), 516.05(10), 516.22(1), 516.23(3)

LAW:

516.03(1), 516.05, 516.05(1), 516.02, 516.031, 516.035, 516.05, 516.07, 516.08, 516.12, 516.15, 516.16, 516.17, 516.21, 516.31, 516.35, 516.36

PRINT PUBLISH DATE:

9/30/2022 Vol. 48/191

COMMENTS:

From 9/30/2022 To 10/21/2022 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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