4754472, 69V-160.024 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 4754472

Notice of Meeting/Workshop Hearing

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

FLORIDA CONSUMER FINANCE ACT

Overview

RULE:

69V-160.024	Names and Addresses of Corporate Officers (Repealed)
69V-160.030	Application Procedure for Consumer Finance License
69V-160.031	Consumer Finance License Renewal and Reactivation
69V-160.032	Amendments, Change of Name, Change of Entity and Change in Control or Ownership

The Financial Services Commission announces a hearing to which all persons are invited.

DATE AND TIME:

PLACE:

Subject:

This is the Final Public Hearing on the adoption of proposed amendments to Rules 69V-160.024, 69V-160.030, 69V-160.031, and 69V-160.032, Florida Administrative Code, published on August 10, 2007, in Vol. 33, No. 32, of the F.A.W. A notice of change for Rule 69V-160.030 is published in this edition of the F.A.W.

THE FULL TEXT OF THE PROPOSED RULE IS:
69V-160.024 Names and Addresses of Corporate Officers.
A licensee constituted in the corporate form shall furnish the Office of Financial Regulation the name and address of each officer of its corporation and when any officer of the corporation is changed, the Office of Financial Regulation shall immediately be notified of the change and the name and address of any new officer or officers.
Specific Authority 20.05(5), 516.22(1) FS. Law Implemented 516.12(1)(2), 516.05(2)(a), 516.07(1)(c) FS. History–Amended 10-20-73, Renumbered 3-2.24 to 3D-160.24 on 8-11-75, Readopted 9-1-75, Formerly 3D-160.24, 3D-160.024, Repealed________.
69V-160.030 Application Procedure for Consumer Finance License.
(1) Each person desiring to apply for licensure as a consumer finance company shall submit the following to the Office of Financial Regulation:
(a) A completed Application for Consumer Finance License, Form OFR-516-01 CF-301, revised XX/XX/2007 10/99, which is hereby incorporated by reference and available on the Office’s website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0376 32399-0375;
(b) The statutory, non-refundable investigation fee required by Section 516.03, F.S.;
(c) The statutory, non-refundable biennial license fee required by Section 516.03, F.S., which is refundable upon denial of licensure; and
(d) Evidence Documentation that the applicant has liquid assets of at least $25,000.00 for the operation of the consumer finance company. For the purposes of this rule “Evidence” means documentation from an insured financial institution that the liquid assets are on deposit with the institution,
(2) Each ultimate equitable owner of 10% or greater interest, each chief executive officer, each chief financial officer, chief operations officer, chief legal officer, chief compliance officer, control person, member, partner, joint venturer, and each director of an entity applying for licensure as a consumer finance company, shall submit a completed Biographical Summary from Form OFR-516-01 to the Office of Financial Regulation.
(3)(2) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) 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) days from the date of the request. Failure to respond to the request within forty-five (45) 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., unless the Office has received a written request prior to the original 45-day deadline from the applicant to extend the original 45-day period. However, no request for extension shall be granted for a period exceeding an additional forty-five (45) days.
(4) Amendments to Pending Applications. If the information contained in any application form for licensure as a consumer finance company, or in any amendment thereto, becomes inaccurate for any reason, the applicant shall file an amendment correcting such information within thirty (30) days after the change on Form OFR-516-01, Application for Consumer Finance License. An applicant may amend the application as to those factors generally within the control or selection of the applicant once, as a matter of course, at any time within thirty (30) days after receipt of the application by the Office. Otherwise, the application may be amended only with prior written permission from the Office of Financial Regulation. Requests to make changes that are material to the application shall be deemed by the Office of Financial Regulation to be grounds for denial, and a new application, accompanied by the appropriate filing fees, shall be required. Material changes include:
(a) The substitution or addition of an ultimate equitable owner of 10% or greater interest, a chief executive officer, a chief financial officer, a chief operations officer, a chief legal officer, a chief compliance officer, a control person, a member, a partner, or a joint venturer; and
(b) Amendments affecting the $25,000.00 liquid asset requirement.
(5)(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. Withdrawals will be deemed effective upon receipt by the Office.
(6)(4) Refunds. If the application is withdrawn or denied, all fees are non-refundable the investigation fee is non-refundable. If the application is withdrawn or denied, the license fee is refundable.
(5) If one’s civil rights have been restored and the conviction did not directly relate to the consumer finance industry, the applicant shall provide evidence of restoration of civil rights. If one's civil rights have been restored and the conviction is directly related to the consumer finance industry, the applicant shall provide evidence of restoration of civil rights and rehabilitation. Evidence of rehabilitation should include, but is not limited to, employment history and letters from probation officers and employers.
(7) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.
Specific Authority 516.22(1), 516.23(3), 516.031 FS. Law Implemented 516.03(1), 516.05(1), 516.07 FS. History–New 12-18-88, Amended 5-9-90, 10-1-95, 1-5-00, Formerly 3D-160.030, Amended________.
69V-160.031 Consumer Finance License Renewal and Reactivation.
(1) Each active consumer finance license will be renewed for the biennial period beginning January 1 of every odd-numbered year, upon submission of the statutory renewal fee and renewal notice to the Office of Financial Regulation. Form OFR-CF-3 (effective 10/99), Consumer Finance License Renewal, 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 fee prior to January 1 of the renewal year, the license shall revert from active to inactive status. Failure to return the renewal notice and fee prior to January 1 of the renewal year shall automatically result in the license becoming inactive. The inactive license may be reactivated within six (6) months after becoming inactive upon payment of the biennial license fee; and payment of the reactivation fee which is a fee equal to the biennial license fee; and return of the reactivation notice.
(3) A renewal fee submitted electronically on the Office’s website shall be considered received on the date the Office issues a confirmation of payment to the licensee via the Office’s website. A confirmation is issued by the Office upon successful submission of a renewal payment. 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.
(4) If the payment is received in a paper format, the received date shall be the date stamped on the payment when received by the Department of Financial Services’ Cashier’s Office in Tallahassee, Florida.
(5) All renewal fees required to be filed under this rule shall be filed electronically at www.flofr.com.
(6) Any person may petition for waiver of the requirement of electronic submission of fees by filing a petition pursuant to Rule 28-106.301, Florida Administrative Code. Such petition shall demonstrate a technological or financial hardship that entitles the person to file the application, fees, data or form in a paper format.
(7)(4) 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 516.03(1), 516.22(1), 516.23(3) FS. Law Implemented 516.03(1), 516.05(1), (2) FS. History–New 12-13-88, Amended 1-5-00, 12-25-00, Formerly 3D-160.031, Amended ________.
69V-160.032 Amendments, Change of Name, Change of Entity and Change in Control or Ownership.
(1) Each person licensed under Chapter 516, F.S., that proposes to change its name, form of business organization, or any other information contained in any initial application form or any amendment thereto, must file an amendment pursuant to Section 516.05, F.S., not later than thirty-days (30) after the effective date of the change on Application for Consumer Finance License, Form OFR-516-01. Name changes pursuant to this subsection shall not involve any change in controlling interest of the licensed entity.
(2) Each licensee under Chapter 516, F.S., that proposes to change any personnel described in Section 516.03, F.S., listed in any initial application or any amendment thereto must file an amendment not later than thirty-days (30) prior to the effective date of the change or within two (2) business days after the date the licensee first received notice of the change on Application for Consumer Finance License, Form OFR-516-01. In the event the change in personnel in Section 516.03, F.S., listed in any initial application or any amendment thereto results in the addition of anyone referenced in this subsection, such persons must comply with Section 516.03, F.S. unless such person has previously complied Section 516.03, F.S., with an entity currently licensed under this chapter.
(3) Applications for licensure under Chapter 516, F.S., required as a result of an acquisition of a controlling interest in a licensee pursuant to Section 516.05(5), F.S., must be filed in a timely manner as to allow the Office to complete its review of the application prior to the effective date of the acquisition, but not later than thirty (30) days prior to the date of such acquisition. Such applications must be filed in accordance with Section 516.03, F.S.
(4) The office shall waive the requirement for a licensee to file a new application pursuant to Section 516.05(5), F.S., when:
(a) A person or group of persons proposing to purchase or acquire a controlling interest in a Chapter 516, F.S., licensee has previously filed with the Office the information required in Section 516.03, F.S., with the licensee to the office, provided that such person is currently affiliated with the licensee; or
(b) The acquirer is currently licensed with the office under Chapter 516, F.S.
(5) If the requirement to file a new application for a change in controlling interest is waived pursuant to subsection (4) of this rule, the licensee must file an amendment as prescribed in subsection (2) of this rule to report the change in controlling interest.
(6) Form OFR-516-01 is incorporated by reference in subsection 69V-160.030(1), F.A.C.
Specific Authority 516.05(4), 516.05(5), 516.23(3) FS. Law Implemented 516.01. 516.02(1), 516.05(4), 516.05(5) FS. History– New________.

A copy of the agenda may be obtained by contacting: the Governor and Cabinet Website at http://www.myflorida.com /myflorida/cabinet/mart.html. The agenda should be available approximately one week before the cabinet meeting.

PRINT PUBLISH DATE:

10/26/2007 Vol. 33/43

REFERENCE MATERIALS:

No reference(s).

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