Paramount Equity Mortgage LLC dba Loanpal.; On 4/28/2017, the Office of Financial Regulation (Consumer Finance)received a Petition for Declaratory Statement from Paramount Equity Mortgage LLC dba Loanpal. Loanpal intends to originate consumer loans ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has received the petition for declaratory statement from Paramount Equity Mortgage LLC dba Loanpal. The petition seeks the agency’s opinion as to the applicability of Chapter 516, Florida Statutes, as it applies to the petitioner.

On April 28, 2017, the Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Paramount Equity Mortgage LLC dba Loanpal. Loanpal intends to originate consumer loans secured against solar panels. Loan amounts range from $5,000 to $100,000 and interest rates range from 2.99% to 4.99%. Loanpal does not have a legal or equitable interest in the solar panels at the time of sale, therefore the underlying indebtedness made by Loanpal is not a retail installment contract. The petitioner seeks a declaratory statement as to whether they would require 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].