Conn Appliances, Inc.; On 3/13/2019, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Conn Appliances, Inc. The petition sought a declaratory statement from the Office on whether it is ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Conn Appliances, Inc. on March 13, 2019. The following is a summary of the agency's disposition of the petition: On 3/13/2019, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Conn Appliances, Inc. The petition sought a declaratory statement from the Office on whether it is permissible "to offer credit to retail buyers pursuant to retail installment contracts that provide for interest to be charged at the rates permitted by Chapter 516, provided that the retail installment contracts disclose to such retail buyers that such rates are authorized pursuant to Sections 516.031 and 687.12 of the Florida Statutes." ************* On 4/26/2019, the Florida Office of Financial Regulation issued a Final Order on the Petition. The Office determined that Petitioner's proposed activity as described would be limited by paragraph 520.34(6)(a), Florida Statutes. Petitioner, who seeks to extend credit to consumers as a retail installment seller, would be allowed to charge the rate available pursuant to chapter 516, Florida Statutes, when it provides credit "in-house"; but, Petitioner would be restricted pursuant to paragraph 520.34(6)(a), Florida Statutes, when it extends credit to consumers as a retail installment seller who assigns the contract before there is an opportunity for default.

A copy of the Order Disposing 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].