Graduates Unbound; On July 14, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Graduates Unbound. The petition sought a declaratory statement from the Office on whether ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that The Florida Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by Graduates Unbound on July 14, 2017. The following is a summary of the agency’s declination of the petition:

On July 14, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Graduates Unbound. The petition sought a declaratory statement from the Office on whether Petitioner's proposed business model (of refinancing existing student loans at terms of ten to thirty years and interest rates less than 18%. Petitioner will be the platform that outreaches to current college students or any college graduate, originate the loan if the individual meets the credit underwriting standards, and service the loan to ensure repayment according to the terms and conditions of the refinance agreement) would require licensure under Chapter 516 or Chapter 494, Florida Statutes. On October 9, 2017, the Office issued Final Order on the Petition. A declaratory statement is not available to Petitioner because the facts provided in the Petition are not clearly identified or delineated. The Petition lacks detail regarding the proposed interest rate. The Petition is silent as to how the interest rate will be computed. The Office makes no determination regarding the merits of Petitioner’s arguments relating to this issue. Based on the foregoing Findings of Fact and Conclusions of Law, it is ordered that Graduates Unbound’s petition for declaratory statement is denied.

A copy of the Order Declining of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail] or online at:

https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].