The purpose and effect of the amended rule is to provide an additional 45 days for submission of additional application information and to provide for the disposition of incomplete applications.

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NO.:RULE TITLE:

69V-45.005Application Procedure for Title Loan Lender

PURPOSE AND EFFECT: The purpose and effect of the amended rule is to provide an additional 45 days for submission of additional application information and to provide for the disposition of incomplete applications.

SUMMARY: The amended rule will provide an additional 45 days for submission of additional application information and provide for the disposition of incomplete applications.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 537.005, 537.016, FS.

LAW IMPLEMENTED: 537.004, FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Sheila Harley, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69V-45.005 Application Procedure for Title Loan Lender.

(1) Each person desiring to apply for licensure as a title loan lender shall submit the following to the Office of Financial Regulation:

(a) A completed Application for Title Loan Lender, Form OFR-TTL-101, effective 10/00, which is hereby incorporated by reference and available from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0375;

(b) The statutory, nonrefundable investigation fee required by section 537.004, F.S.;

(c) The statutory, nonrefundable application fee required by section 537.004, F.S.; and,

(d) The original bond, letter of credit, or certificate of deposit as required by section 537.005, F.S.

(2) Each ultimate equitable owner of 10% or greater interest and each director, general partner, and executive officer of an entity applying for licensure as a title loan lender, shall submit a completed fingerprint card and a Biographical Summary for Title Loan Lender, Form OFR-TLL-BIO-1, effective 10/00, to the Office of Financial Regulation. Form OFR-TLL-BIO-1 is hereby incorporated by reference and is available by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0375.

(3) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) days after receipt of the application by the Office of Financial Regulation. The additional information must be received by the Office of Financial Regulation within forty-five (45) days from the date of the request. The Office will grant a request for an additional forty-five (45) days to submit the additional information. The Office will not grant a request after the original forty-five (45) day deadline has passed. Failure to provide timely all additional information shall result in the application being deemed abandoned, which will result in the application being removed from further consideration by the Office and closed. Failure to respond to the request within forty-five (45) days from the date of request shall be construed by the Office of Financial Regulation as grounds for denial for failure to complete the application, and the application shall be denied pursuant to section 120.60(1), F.S.

(4) Withdrawal of Application. An applicant may request withdrawal of an application prior to a determination of the application being made by the Office of Financial Regulation by submitting a written request that the application be withdrawn.

(5) Refunds. If the application is withdrawn or denied, the investigation fee and the application fee are nonrefundable.

(6) If one’s civil rights have been restored and the conviction did not directly relate to the title loan industry, the applicant shall provide evidence of restoration of civil rights. If one’s civil rights have been restored and the conviction is directly related to the title loan industry, the applicant shall provide evidence of restoration of civil rights and rehabilitation. Evidence of rehabilitation should include, but is not limited to, employment history and letters from probation officers and employers.

Rulemaking Authority 537.005, 537.016 FS. Law Implemented 537.004, 537.005 FS. History–New 10-1-00, Formerly 3D-45.005, Amended_________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory Oaks

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 22, 2020

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 24, 2020