FOG 15L, LLC.; On 10/23/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from FOG 15L, LLC. The petition seeks a declaratory statement from the Office on whether its proposed business ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has received the petition for declaratory statement from FOG 15L, LLC. The petition seeks the agency's opinion as to the applicability of Chapter 516, Florida Statutes, as it applies to the petitioner.

On 10/23/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from FOG 15L, LLC. The petition seeks a declaratory statement from the Office on whether its proposed business model (to assist customers in meeting their recurring financial obligations. The company purchases commissions from its customers, at a discount, at which time funds are paid to the customer. When the transaction underlying the assignment is completed, the company receives payment of the purchased receivable directly from the closing agent or the brokerage company) falls under the Florida Consumer Finance Act, Chapter 516, Florida Statutes.

A copy 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].

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