Superior Debt Recovery, LLC on April 12, 2016.; The petition seeks the Office’s interpretation on the following: 1) If the Petitioner were to purchase the rights to a "charged off" retail installment contract, would the Petitioner be required to ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has received the petition for declaratory statement from Superior Debt Recovery, LLC on April 12, 2016. The petition seeks the agency’s opinion as to the applicability of Chapter 520, Florida Statutes, as it applies to the petitioner.

The petition seeks the Office’s interpretation on the following: 1) If the Petitioner were to purchase the rights to a “charged off” retail installment contract, would the Petitioner be required to be licensed as a Sales Finance Company, or simply be required to be licensed as a Consumer Collection Agency, if they wanted to pursue the charge off/deficiency balance of the account, from the debtor? 2) Is the “charged-off” retail installment contract which is no longer the subject matter of a lien upon a motor vehicle, still fall under Fla. Statue 520.02 (17)? If it does not, would that exempt the Petitioner from being a “Sales Finance Company”, pursuant to Fla. Statue 520.02 (19)?

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] or [e-mail].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone] or [e-mail] by April 29, 2016.