Harbinger Capital Group, LLC on February 24, 2016.; The Petitioner is a Florida consumer finance company licensed since September 2013. The Petitioner has vendor relationships which are based upon the status that it is, and remains, a licensed ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has received a petition for declaratory statement from Harbinger Capital Group, LLC on February 24, 2016. The petition seeks the agency’s opinion as to the applicability of Chapter 516, Florida Statutes, as it applies to the petitioner.

The Petitioner is a Florida consumer finance company licensed since September 2013. The Petitioner has vendor relationships which are based upon the status that it is, and remains, a licensed Consumer Finance company with the state of Florida. The Petitioner has client installment agreements which are entered into as a Consumer Finance company with the state Florida and importantly markets itself as such. The Petitioner is a Chapter 516 Licensed Business (“Licensed Business”) and is attempting to determine the most expeditious methods to obtain licensing for a yet-to-be-created business entity (“NewCo”), whose principal, owner and manager (“Control Person”) shall be the same as that of the Licensed Business (“Licensee”). Petitioner is seeking clarification on two issues: i.) recognize that NewCo’s Control Person is the Licensee in the Licensed Business and allow for NewCo to acquire the Licensed Business and assume the Chapter 516 consumer finance license without reapplication; or in the alternative, ii.) if NewCo has to apply for a new license, allow it to publicly state that it has been licensed since 2013, or to some equal effect that acknowledges the past three years of good standing with the OFR.

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].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], by March 14, 2016.