Speedy Cash Inc dba LendingBear; On February 15, 2018 , the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Speedy Cash Inc dba LendingBear seeking a declaratory statement from the Office ...

 

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 Speedy Cash Inc. dba LendingBear on May 15, 2018. The following is a summary of the agency’s disposition of the petition:

On February 15, 2018, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Speedy Cash Inc. dba LendingBear seeking a declaratory statement from the Office on whether Chapter 560, Florida Statutes permits licensed money service businesses to make deferred presentment loans to customers without taking a physical paper check. On May 15, 2018, the Office issued a Final Order. The Office determined that Petitioner may make deferred presentment loans to customers via electronic payment authorizations and electronic checks without taking a physical check, as per its FT2 money transmitter license, and pursuant to the requirements set forth in part IV, chapter 560, Florida Statutes, and as prescribed by related rules. Based on the information received from Petitioner, the Office is unable to make a determination at this time as to whether debit cards are permissible in lieu of a physical check for deferred presentment transactions. Therefore, the Office denies Petitioner's request for declaratory statement as to only this question. Petitioner may report its unique loan number within the database. The requirements related to properly reporting the existence of said loans to the Office's database in the absence of a physical check are set forth in chapter 560, Florida Statutes and related rules.

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], or online at https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.

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