Published on: 6289012. This is the Final Public Hearing on the adoption of proposed rules 69U-100.100, 69U-100.101, 69U-100.102, 69U-100.103, 69U-100.104, 69U-100.105, and 69U-100.106 published on August 22, 2008, in Volume 34, Number 34, of the Florida Administrative Weekly. A Notice of Change is published in this edition of the Florida Administrative Weekly to correct a cross reference contained in subsection (1) of proposed Rule 69U-100.106.; October 28, 2008, 9:00 a.m.; Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida
Published on: 6259524. This is the Final Public Hearing on the adoption of proposed amendments to Rule Chapter 69U-100, Florida Administrative Code, published on August 22, 2008, in Vol. 34, No. 34, of the Florida Administrative Weekly. Chapter 2008-75, Laws of Florida, provides authority for financial institutions to offer debt cancellation products, and charge fees for such products, in connection with the loans, leases, and similar extensions of credit made by the financial institutions pursuant to Sections 655.947 and 655.954, F.S. The proposed rules implement the new law by setting forth standards that will apply to debt cancellation products offered by financial institutions.
; October 28, 2008, 9:00 a.m., during a regular meeting of the Financial Services Commission; Corresponding Meeting of the Cabinet Aides, October 22, 2008, 9:00 a.m; Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida
Published on: 5948930. Currently, financial institutions may offer debt cancellation products pursuant to an Order of General Application that was issued by the Office of Financial Regulation on February 1, 2006. During the 2008 regular session, the Florida Legislature passed HB 343, which, among other things, codifies this authority in statute. HB 343 was signed into law (Chapter 2008-75, Laws of Florida) on May 28, 2008, and will take effect on October 1, 2008. The new law provides authority for financial institutions to offer debt cancellation products, and charge fees for such products, in connection with the loans, leases, and similar extensions of credit made by the financial institutions pursuant to Sections 655.947 and 655.954, F.S. The proposed rules implement the new law by setting forth standards that will apply to debt cancellation products offered by financial institutions. The purpose of these standards is to ensure that financial institutions offer debt cancellation products consistent with safe and sound financial institution practices, and subject to appropriate consumer protection. The proposed rules apply to all contracts and agreements for debt cancellation products entered into by financial institutions in connection with extensions of credit they make, purchase, or assume. The proposed rules are based on and consistent with federal regulations set forth in 12 C.F.R. Part 37 (2008).
Published on: 5836216. Authority, Purpose, and Scope, Definitions Concerning Debt Cancellation Products, Prohibited Practices, Refunds, Method of Payment or Fees, Disclosures, Affirmative Election to Purchase and Acknowledgement of Receipt of Disclosures Required
Published on: 5757258. Currently, financial institutions may offer debt cancellation products pursuant to an Order of General Application that was issued by the Office of Financial Regulation on February 1, 2006. During the 2008 regular session, the Florida Legislature passed HB 347, which, among other things, codifies this authority in statute. HB 347 was signed into law (Chapter 2008-75, Laws of Florida) on May 28, 2008, and will take effect on October 1, 2008. The new law provides authority for financial institutions and their subsidiaries to offer debt cancellation products, and charge fees for such products, in connection with the loans, leases, and similar extensions of credit made by the financial institutions and their subsidiaries pursuant to ss. 655.947 and 655.954, F.S., and the rules and orders of the Commission and the Office of Financial Regulation. The proposed rules implement the new law by setting forth standards that will apply to debt cancellation products offered by financial institutions and their subsidiaries. The purpose of these standards is to ensure that financial institutions and their subsidiaries offer debt cancellation products consistent with safe and sound financial institution practices, and subject to appropriate consumer protection. The proposed rules apply to all contracts and agreements for debt cancellation products entered into by financial institutions and their subsidiaries in connection with extensions of credit they make, purchase, or assume. The proposed rules are based on and consistent with federal regulations set forth in 12 C.F.R. Part 37.