69V-50.075. Prepaid Finance Charge

Any fee designated as a loan processing fee, not to exceed $200.00, on a motor vehicle retail installment contract shall be treated as a prepaid finance charge and disclosed as such pursuant to section 520.07(2)(a)3., F.S. The loan processing fee together with other finance charges assessed on a motor vehicle retail installment contract shall not exceed the finance charge limitation in section 520.08, F.S. In the event that the buyer prepays the motor vehicle retail installment contract, the buyer shall receive a prorated refund of the loan processing fee as required by section 520.09, F.S.; provided, however, in accordance with section 520.085(1)(c), F.S., if the motor vehicle retail installment contract is a simple interest contract, no prorated refund is required.

Rulemaking Authority 520.994(5) FS. Law Implemented 520.07, 520.08, 520.085, 520.09 FS. History–New 10-17-94, Amended 7-10-96, 12-25-00, Formerly 3D-50.075.