69U-120.005. Lease Financing; Purchase of Leases

State banks may purchase leases (in addition to those leases where the bank is the owner and lessor) covering specified goods as defined in Section 679.1021(1)(rr), F.S., except the unborn young of animals and growing crops, with or without recourse or guarantee by the lessor, subject to the following conditions:

(1) All leases or portions of leases held as an asset shall be supported by a credit file.

(2) The aggregate total of leases purchased directly or by participation from one lessor shall not exceed 25 percent of the bank’s capital accounts; provided, however, that if the bank’s credit files pertaining to each lease or portion thereof are adequate to support the extension of credit and, upon certification by a duly designated official of the bank that the responsibility of each lessee has been evaluated and the bank is relying primarily upon each such lessee for payment, this limitation shall not apply.

(3) In any event, however, the aggregate total of extensions of credit, loans or leases receivable, to any one lessee shall not exceed the lending limitations imposed by section 658.48, F.S.

Rulemaking Authority 655.012(2) FS. Law Implemented 658.67(8) FS. History–New 9-26-78, Amended 6-30-81, Formerly 3C-11.19, 3C-11.019, 3C-120.005, Amended 1-18-21.