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Florida Administrative Code (Last Updated: July 17, 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 |
69U-100.106. Affirmative Election to Purchase and Acknowledgement of Receipt of Disclosures Required
1(1) Before entering into a debt cancellation product, the financial institution must obtain a customer’s written affirmative election to purchase a debt cancellation product and written acknowledgment of receipt of the disclosures required by subsection 3669U-100.105(2), 37F.A.C. The election and acknowledgment information must be conspicuous, simple, direct, readily understandable, and designed to call attention to their significance. The election and acknowledgment satisfy these standards if they conform with the requirements of subsections 7369U-100.105(8) 74and(9), F.A.C.
76(2) If the sale of a debt cancellation product occurs by telephone, the customer’s affirmative election to purchase may be made orally, provided the financial institution:
102(a) Maintains sufficient documentation to show that the customer received the short form disclosures and then affirmatively elected to purchase the debt cancellation product;
126(b) Mails the affirmative written election and written acknowledgment, together with the long form disclosures required Rule 14369U-100.105, 144F.A.C., to the customer within 3 business days after the telephone solicitation, and maintains sufficient documentation to show it made reasonable efforts to obtain the documents from the customer; and
174(c) Permits the customer to cancel the purchase of the debt cancellation product without penalty within 30 days after the financial institution has mailed the long form disclosures to the customer.
205(3) If the contract is solicited through written mail inserts or “take one” applications and the financial institution provides only the short form disclosures in the written materials, then the financial institution shall mail acknowledgment of the receipt of disclosures, together with the long form disclosures required by Rule 25469U-100.105, 255F.A.C., to the customer within 3 business days, beginning on the first business day after customer contacts the financial institution or otherwise responds to the solicitation. The financial institution may not obligate the customer to pay for the debt cancellation product until after the financial institution has received the customer’s written acknowledgment of receipt of disclosures unless the financial institution:
315(a) Maintains sufficient documentation to show that the financial institution provided the acknowledgment of receipt of disclosures to the customer as required by this rule;
340(b) Maintains sufficient documentation to show that the financial institution made reasonable efforts to obtain from the customer a written acknowledgment of receipt of the long form disclosures; and
369(c) Permits the customer to cancel the purchase of the debt cancellation product without penalty within 30 days after the financial institution has mailed the long form disclosures to the customer.
400(4) The affirmative election and acknowledgment may be made electronically in a manner consistent with the requirements of the Electronic Signatures in Global and National Commerce Act, 42715 U.S.C. §§ 7001-7006, 4317021, 7031 (2006), which is incorporated by reference in Rule 44169U-100.105, 442F.A.C., and Ch445apter 446668, F.S.
448Specific Authority 450655.012(2), 451655.947(3) FS. 453Law Implemented 455655.947, 456655.954 FS. 458History–New 12-2-08.
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