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 sought 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 declined to rule on the petition for declaratory statement filed by FOG 15L, LLC on October 23, 2018. The following is a summary of the agency's declination of the petition: On 10/23/2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from FOG 15L, LLC. The petition sought 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. **** On December 6, 2018, the Florida Office of Financial Regulation issued a Final Order on Petition for Declaratory Statement. The Petition filed by FOG 15L, LLC is DENIED. A declaratory statement is not presently available to Petitioner because Petitioner has not provided sufficient information to evaluate its request. Any further analysis regarding the Petition is unnecessary, therefore, the Office makes no determination regarding the merits of Petitioner's request.

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].

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