Cumulus Funding Inc.; On 3/16/2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Cumulus Funding Inc. Cumulus Funding Inc is a company that provides funding to consumers through ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that The Florida Office of Financial Regulation has received the petition for declaratory statement from Cumulus Funding Inc. The petition seeks the agency’s opinion as to the applicability of Chapter 516, Florida Statutes, as it applies to the petitioner.

On 3/16/2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Cumulus Funding Inc. Cumulus Funding Inc. is a company that provides funding to consumers through an agreement known as the Future Investment Agreement. The consumer receives funds in exchange for a promise to make monthly remittances indexed to a percentage of his or her future personal income. The petition seeks a declaratory statement from the Office on whether the future income investment agreement constitutes a loan in Florida, whether the agreement is subject to usury limits, and whether the petitioner is exempt from licensure under the 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].