69V-85.002: Application Forms, Fees, Procedures and Requirements.
69V-85.003: Branch Application Forms, Fees, Procedures and Requirements.
69V-85.004: Renewal Fees, Deadlines and Requirements.
69V-85.005: Amendments, Change of Name, Change of Entity and Change in Control or Ownership.
69V-85.200: Definition of Moral Turpitude
PURPOSE AND EFFECT: Chapter 2006-213, Laws of Florida, contains amendments to Chapter 520, Florida Statutes, relating to retail installment sales. The proposed rules implement and reflect the statutory changes, which pertain to the licensing and regulation of persons under The Motor Vehicle Retail Sales Finance Act, The Retail Installment Sales Act, The Installment Sales Finance Act, and The Home Improvement Sales and Finance Act. In conjunction with this notice, several rules under Rule Chapters 69V-50, 69V-60, 69V-70, and 69V-80, F.A.C., which are set forth in separate rule notices, are being proposed for repeal. The Financial Services Commission is consolidating its rules for clarity. Rules that are applicable to all license types under chapter 520, F.S., are being consolidated under the Rule Chapter 69V-85, F.A.C. Rules specific to individual license types will remain under the individual rule chapters.
SUMMARY: The proposed rules streamline and update the licensing process regarding licensure under Chapter 520, Florida Statutes, relating to Retail Installment Sales. The proposed rules set forth the licensing process and renewal process for persons required to be licensed under chapter 520, F.S.; mandate the electronic filing of renewal fees; specify the process to be followed when a person or group of persons proposes to acquire a controlling interest in a licensee; require certain persons associated with the applicant or licensee to submit biographical information to the Office of Financial Regulation; provide that if an application is withdrawn or denied, all fees are nonrefundable; provide that if the information contained in any application form, or in any amendment thereto, becomes inaccurate for any reason, the applicant/licensee shall file an amendment correcting such information within thirty (30) days; and specify other provisions relating to the licensing process.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 520.03, 520.32, 520.999, 520.52, 520.63, 520.994 FS.
LAW IMPLEMENTED: 520.02, 520.03, 520.31, 520.32, 520.999, 520.52, 520.61, 520.63, 520.994 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Gregory C. Oaks, Bureau Chief, Office of Financial Regulation, 200 East Gaines Street, The Fletcher Building, Tallahassee, Florida 32399-0375, (850)410-9805
THE FULL TEXT OF THE PROPOSED RULE IS:
69V-85.002 Application Forms, Fees, Procedures and Requirements.
(1) Each person desiring to obtain licensure under Chapter 520, F.S., shall apply to the Office of Financial Regulation by submitting the following:
(a) A completed Application for License under Chapter 520, Florida Statutes, Form OFR-520-01, revised ________, 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; and
(b) The statutory, non-refundable application fee required by Sections 520.03, 520.32, 520.52, and 520.63, F.S., as applicable, which shall be the fee for the biennial period beginning January 1 of each odd-numbered year or any part thereof.
(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, shall submit a completed Biographical Summary from Form OFR-520-01, to the Office of Financial Regulation. Form OFR-520-01 is incorporated by reference in subsection 69V-85.002(1), F.A.C.
(3) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) calendar 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) calendar days after the date of the request. Failure to respond to the request within forty-five (45) calendar days after 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 a licensure under Chapter 520, F.S., or 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-520-01. 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 which are material to the application may be deemed by the Office of Financial Regulation to be grounds for denial, and a new application, accompanied by the appropriate filing fee, may be required. Form OFR-520-01 is incorporated by reference in subsection 69V-85.002(1), F.A.C.
(5) 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) Refunds. If the application is withdrawn or denied, all fees are non-refundable.
(7) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.
Specific Authority 520.03(2), 520.32(2), 520.52(2), 520.63(2), 520.994(5) FS. Law Implemented 520.03(2), 520.32(2), 520.52(2), 520.63(2) FS. History–New ________.
69V-85.003 Branch Application Forms, Fees, Procedures and Requirements.
(1) Every licensee under Chapter 520, F.S., that conducts business in a branch office shall apply for a license to operate a branch office using Form OFR-520-02, Application for Branch Office License, revised XX/XX/2007, 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. Any office or location shall be deemed to be a branch office if the name or advertising of a licensee is displayed in such a manner as to reasonably lead the public to believe that such business may be conducted at such office, location, or advertised address. If a motor vehicle retail installment seller licensed under Section 520.03, F.S., has more than one location in the same county, only one license is required for that county.
(2) The statutory, non-refundable application fee for an initial branch office license required by Sections 520.03, 520.32, 520.52, and 520.63, F.S., as applicable, shall be the fee for the biennial period beginning January 1 of each odd-numbered year or any part thereof.
(3) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) calendar 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) calendar days after the date of the request. Failure to respond to the request within forty-five (45) calendar days after 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 applicant has made a good faith effort to comply with the statutory requirements of Chapter 520, F.S., and the rules of this chapter.
(4) Amendments to Pending Applications. If the information contained in any application form for branch office license, or 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-520-02. 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 from 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 which are material to the application may be deemed by the Office of Financial Regulation to be grounds for denial, and a new application, accompanied by the appropriate filing fee, may be required. Form OFR-520-02 is incorporated by reference in subsection 69V-85.003(1), F.A.C.
(5) 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) Refunds. If the application is withdrawn or denied, all fees are non-refundable.
(7) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.
Specific Authority 520.03(2), 520.32(2), 520.52(2), 520.63(2), 520.994(5) FS. Law Implemented 520.03(2), 520.32(2), 520.52(2), 520.63(2) FS. History–New________.
69V-85.004 Renewal Fees, Deadlines and Requirements.
(1) Each active license and each active branch office license issued under Chapter 520, F.S., shall be renewed for the biennial period beginning January 1 of each odd-numbered year upon receipt of the statutory renewal fee required by Sections 520.03, 520.32, 520.52, and 520.63, F.S., as applicable.
(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. The inactive license may be reactivated within six (6) months after becoming inactive upon submission of the statutory renewal fee and reactivation fee equal to the renewal fee. A license that is not reactivated within six (6) months after becoming inactive automatically expires.
(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 your renewal payment.
(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 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,
(7) 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 520.03(3), 520.32(3), 520.52(3), 520.63(2), 520.994(3) FS. Law Implemented 520.02(17), 520.03(1), 520.03(3), 520.31(15), 520.31(18), 520.32(1), 520.32(3), 520.52(1), 520.52(3), 520.61(18), 520.61(1), 520.63(3) FS. History–New________.
69V-85.005 Amendments, Change of Name, Change of Entity and Change in Control or Ownership.
(1) Each person licensed under Chapter 520, F.S., which 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 520.999, F.S., not later than thirty-days (30) after the effective date of the change on: Application for Installment Seller or Sales Finance License, Form OFR-520-01 and Application for Branch Office License, Form OFR-520-02. The forms are available on the Office’s website at www.flofr.com and by mail from the Office of Financial Regulation,
(2) Each licensee under Chapter 520, F.S., that proposes to change any personnel described in Sections 520.03, 520.32, 520.52, and 520.63, 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 Installment Seller or Sales Finance License, Form OFR-520-01 and Application for Branch Office License, Form OFR-520-02. In the event the change in personnel in Section 520.999, 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 520.999, F.S. unless such person has previously complied with Section 520.999, F.S., with an entity currently licensed under this chapter.
(3) Applications for licensure under Chapter 520 required as a result of an acquisition of a controlling interest in a licensee pursuant to subsection 520.999(2), 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 Sections 520.03, 520.32, 520.52, and 520.63, F.S.
(4) The office shall waive the requirement for a licensee to file a new application pursuant to Subsection 520.999(2), F.S. when:
(a) A person or group of persons proposing to purchase or acquire a controlling interest in a Chapter 520 licensee has previously filed the information with the Office required in Sections 520.03, 520.32, 520.52, and 520.63, F.S., with a 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 520, 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) Forms OFR-520-01 and OFR-520-02 are incorporated by reference in subsections 69V-85.002(1) and 69V-85.003(1), F.A.C., respectively.
Specific Authority 520.999, 520.994(5) FS. Law Implemented 520.999 FS. History–New________.
69V-85.200 Definition of Moral Turpitude.
The following definition of “moral turpitude” shall apply in all licensing and enforcement actions under Chapter 520, F.S. This definition shall serve as the Office of Financial Regulation’s interpretation of the term “moral turpitude” as used in paragraphs 520.995(3)(b) and (c), F.S.:
“Moral turpitude” shall be defined as follows: “Moral turpitude involves duties owed by persons to society as well as acts contrary to justice, honesty, principle or good morals.” This includes, but is not limited to, theft, extortion, use of the mail to obtain property under false pretenses, tax evasion, and the sale of (or intent to sell) controlled substances.”
Specific Authority 520.994(5) FS. Law Implemented 520.995(3)(b), (c) FS. History–New 8-9-95, Formerly 3D-85.200, Repealed ________.