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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69U. FSC - Financial Institution Regulation |
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69U-100. Financial Institutions Generally |
1(1) A financial institution may not extend credit nor alter the terms or conditions of an extension of credit conditioned upon the customer entering into a debt cancellation product with the financial institution.
34(2) A financial institution may not engage in any practice or use an advertisement that could mislead or otherwise cause a reasonable person to reach an erroneous belief with respect to information that must be disclosed under Rules 7269U-100.101 73– 7469U-100.106, 75F.A.C.
76(3) A financial institution may not offer debt cancellation products that contain terms:
89(a) Giving the financial institution the right unilaterally to modify the debt cancellation product unless:
1041. The modification is more favorable to the customer and made without additional charge to the customer; or
1222. The customer is notified of any proposed change and is provided a reasonable opportunity to cancel the debt cancellation product without penalty before the change goes into effect151.
152(b) Requiring a lump sum, single payment for the debt cancellation agreement payable at the outset of the debt cancellation agreement, where the debt subject to the debt cancellation agreement is a residential mortgage loan.
187Specific Authority 189655.012(2), 190655.947(3) FS. 192Law Implemented 194655.947, 195655.954 FS. 197History–New 12-2-08.
