Oportun, Inc.; On 4/24/2019, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Oportun, Inc. The petition seeks a declaratory statement from the Office whether “for determining ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

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

On 4/24/2019, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Oportun, Inc. The petition seeks a declaratory statement from the Office whether “for determining compliance with Section 516.031, with respect to a consumer finance loan, (a) a licensee may do all of the following: (i) charge a "credit investigation fee," as authorized by subparagraph 516.031(3)(a)(l) only to those loan applicants who are approved for and obtain a loan from the licensee, (ii) deduct that fee from the face amount of the note to calculate the principal amount of the loan and use the resulting principal amount as the basis to determine compliance with the rates authorized by Section 516.031 (1 ), and (iii) collect the fee from the borrower by allocating the borrower's first loan payment to the Fee first, then to accrued interest, then to the unpaid principal balance; and (b) the Annual Percentage Rate, as computed and disclosed as required by Reg. Z, may exceed the interest rate contracted for and received by the licensee as determined for purposes of compliance with the maximum interest rates set forth in subsection 516.031(1).”

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].