Affirmative Election to Purchase and Acknowledgement of Receipt of Disclosures Required  

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    DEPARTMENT OF FINANCIAL SERVICES
    FSC - Financial Institution Regulation

    RULE NO: RULE TITLE
    69U-100.106: Affirmative Election to Purchase and Acknowledgement of Receipt of Disclosures Required

    NOTICE OF CHANGE

    Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 34, No. 34, August 22, 2008 issue of the Florida Administrative Weekly.

    Subsection (1) of Rule 69U-100.106 is being amended to address written comments received from the Florida Credit Union League, Inc. The rule is being amended to correct a cross reference.

    69U-100.106 Affirmative Election to Purchase and Acknowledgment of Receipt of Disclosures Required.

    (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 69U-100.105(2), F.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 69U-100.105(8) and (9), F.A.C.