69V-160.024: Names and Addresses of Corporate Officers
69V-160.030: Application Procedure for Consumer Finance License
69V-160.031: Consumer Finance License Renewal and Reactivation
69V-160.032: Amendments, Change of Name, Change of Entity, and Change in Control or Ownership
PURPOSE AND EFFECT: Chapter 2006-213, Laws of Florida, contains amendments to Chapter 516, Florida Statutes, relating to consumer finance. Among other things, Chapter 2006-213, Laws of Florida, amends provisions concerning the licensing and regulation of consumer finance companies. The proposed rules implement and reflect the statutory changes.
SUBJECT AREA TO BE ADDRESSED: Consumer Finance.
SPECIFIC AUTHORITY: 516.22(1), 516.23(3), 516.031, 516.03(1), 516.05, 516.23(3) FS.
LAW IMPLEMENTED: 516.03(1), 516.05, 516.07, 516.01, 516.02(1), 516.05(4), 516.05(5) FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Gregory C. Oaks, Financial Administrator, 200 East Gaines Street, 6th Floor, The Fletcher Building, Tallahassee, Florida 32399-0375, (850)410-9805
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
69V-160.024 Names and Addresses of Corporate Officers.
A licensee constituted in the corporate form shall furnish the Office of Financial Regulation the name and address of each officer of its corporation and when any officer of the corporation is changed, the Office of Financial Regulation shall immediately be notified of the change and the name and address of any new officer or officers.
Specific Authority 20.05(5), 516.22(1) FS. Law Implemented 516.12(1)(2), 516.05(2)(a), 516.07(1)(c) FS. HistoryAmended 10-20-73, Renumbered 3-2.24 to 3D-160.24 on 8-11-75, Readopted 9-1-75, Formerly 3D-160.24, 3D-160.024, Repealed________.
69V-160.030 Application Procedure for Consumer Finance License.
(1) Each person desiring to apply for licensure as a consumer finance company shall submit the following to the Office of Financial Regulation:
(a) A completed Application for Consumer Finance License, Form OFR-516-01 CF-301, revised 3/1/2007 10/99, which is hereby incorporated by reference and available on the Offices website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-03765;
(b) The statutory, non-refundable investigation fee required by Section 516.03, F.S.;
(c) The statutory, non-refundable biennial license fee required by Section 516.03, F.S., which is refundable upon denial of licensure; and
(d) Evidence Documentation that the applicant has liquid assets of at least $25,000.00 for the operation of the consumer finance company. For the purposes of this rule Evidence means documentation from an insured financial institution that the liquid assets are on deposit with the institution,
(2) Each ultimate equitable owner of 10% or greater interest, each chief executive officer, each chief financial officer, chief operations officer, chief legal officer, chief compliance officer, control person, member, partner, joint venturer, and each director of an entity applying for licensure as a consumer finance company, shall submit a completed Biographical Summary from Form OFR-516-01, to the Office of Financial Regulation.
(3)(2) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) days after receipt of the application by the Office of Financial Regulation. The additional information must be received by the Office of Financial Regulation within forty-five (45) days from the date of the request. Failure to respond to the request within forty-five (45) days from the date of request shall be construed by the Office of Financial Regulation as grounds for denial for failure to complete the application, and the application may shall be denied pursuant to Section 120.60(1), F.S.
(4) Amendments to Pending Applications. If the information contained in an Application for Licensure as a Consumer Finance Company becomes inaccurate for any reason, the applicant shall file an amendment correcting such information within thirty (30) days of the change on Form OFR-516-01. An applicant may amend the application as to those factors generally within the control or selection of the applicant once, as a matter of course, at any time within thirty (30) days from receipt of the application by the Office. Otherwise, the application may be amended only with prior written permission from the Office of Financial Regulation. Requests to make changes which are material to the application may be deemed by the Office of Financial Regulation to be grounds for denial, and a new application, accompanied by the appropriate filing fees, may be required.
(5)(3) Withdrawal of Application. An applicant may request withdrawal of an application prior to a determination of the application being made by the Office of Financial Regulation by submitting a written request that the application be withdrawn. Withdrawals will be deemed effective upon receipt by the Office.
(6)(4) Refunds. If the application is withdrawn or denied, all fees are non-refundable the investigation fee is non-refundable. If the application is withdrawn or denied, the license fee is refundable.
(5) If ones civil rights have been restored and the conviction did not directly relate to the consumer finance industry, the applicant shall provide evidence of restoration of civil rights. If ones civil rights have been restored and the conviction is directly related to the consumer finance industry, the applicant shall provide evidence of restoration of civil rights and rehabilitation. Evidence of rehabilitation should include, but is not limited to, employment history and letters from probation officers and employers.
(7) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.
Specific Authority 516.22(1), 516.23(3), 516.031, FS. Law Implemented 516.03(1), 516.05(1), 516.07 FS. HistoryNew 12-18-88, Amended 5-9-90, 10-1-95, 1-5-00, Formerly 3D-160.030, Amended________.
69V-160.031 Consumer Finance License Renewal and Reactivation.
(1) Each active consumer finance license will be renewed for the biennial period beginning January 1 of every odd-numbered year, upon submission of the statutory renewal fee and renewal notice to the Office of Financial Regulation. Form OFR-CF-3 (effective 10/99), Consumer Finance License Renewal, is hereby incorporated by reference and available by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0375.
(2) If the Office of Financial Regulation has not received the renewal fee prior to January 1 of the renewal year, the license shall revert from active to inactive status. Failure to return the renewal notice and fee prior to January 1 of the renewal year shall automatically result in the license becoming inactive. The inactive license may be reactivated within six (6) months after becoming inactive upon payment of the biennial license fee; and payment of the reactivation fee which is a fee equal to the biennial license fee; and return of the reactivation notice.
(3) A renewal fee submitted electronically on the Offices website shall be considered received on the date the Office issues a confirmation of payment to the licensee via the Offices website. A confirmation is issued by the Office upon successful submission of a renewal payment. Renewal via the Internet. In lieu of filing the paper version of the renewal form, a licensee may renew its license electronically by following the applicable instructions on the Office of Financial Regulations website (www.dbf.state.fl.us) on the Internet.
(4) In the event the payment is received in a paper format, the received date shall be the date stamped on the payment when received by the Department of Financial Services Cashiers Office in Tallahassee, Florida.
(5) All renewal fees required to be filed under this rule shall be filed electronically at www.flofr.com.
(6) Any person may petition for waiver of the requirement of electronic submission of applications, fees, data and forms by filing a petition pursuant to Rule 28-106.301,
(7)(4) If December 31 of the year is on a Saturday, Sunday, or legal holiday pursuant to Section 110.117, F.S., then the renewals received on the next business day will be considered timely received.
Specific Authority 516.03(1), 516.22(1), 516.23(3) FS. Law Implemented 516.03(1), 516.05(1), (2) FS. HistoryNew 12-13-88, Amended 1-5-00, 12-25-00, Formerly 3D-160.031, Amended_________.
69V-160.032 Amendments, Change of Name, Change of Entity and Change in Control or Ownership.
(1) Each person licensed under Chapter 516, F.S., which proposes to change its name, form of business organization, or any other information contained in any initial application form or any amendment thereto, must file an amendment pursuant to Section 516.05, F.S., not later than thirty-days (30) after the effective date of the change on: Consumer Finance Application, Form OFR-516-01, The form is available on the Offices website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0376. Name changes pursuant to this subsection shall not involve any change in controlling interest of the licensed entity.
(2) Each licensee under Chapter 516, F.S., which proposes to change any personnel described in Section 516.03, F.S., listed in any initial application or any amendment thereto must file an amendment not later than thirty-days (30) prior to the effective date of the change or within two (2) business days after the date the licensee first received notice of the change on Consumer Finance Application, Form OFR-516-01. In the event the change in personnel in Section 516.03, F.S., listed in any initial application or any amendment thereto results in the addition of anyone referenced in this subsection, such persons must comply with Section 516.03, F.S. unless such person has previously complied Section 516.03, F.S., with an entity currently licensed under this chapter.
(3) Applications for licensure under Chapter 516 required as a result of an acquisition of a controlling interest in a licensee pursuant to subsection 516.05(5), F.S., must be filed in a timely manner as to allow the Office to complete its review of the application prior to the effective date of the acquisition, but not later than thirty (30) days prior to the date of such acquisition. Such applications must be filed in accordance with Section 516.03, F.S.
(4) The office shall waive the requirement for a licensee to file a new application pursuant to subsection 516.05(5), F.S.:
(a) when a person or group of persons proposing to purchase or acquire a controlling interest in a Chapter 516, F.S., licensee has previously filed with the Office the information required in Section 516.03, F.S., with the licensee to the office, provided that such person is currently affiliated with the licensee; or
(b) when the acquirer is currently licensed with the office under Chapter 516, F.S.
(5) If the requirement to file a new application for a change in controlling interest is waived pursuant to subsection 4 of this rule, the licensee must file an amendment as prescribed in subsection (2) of this rule to report the change in controlling interest.
(6) Form OFR-516-01 is incorporated by reference in subsection 69V-160.030(1), F.A.C.
Specific Authority 516.05(4), 516.05(5), 516.23(3) FS, Law Implemented 516.01. 516.02(1), 516.05(4), 516.05(5) FS. History New_________.
