Marlin 1 LLC; On March 7, 2017 - Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Marlin 1 LLC. Marlin 1 LLC is contemplating starting a private lending company that would provide short-term loans ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by Marlin 1 LLC on May 5, 2017. The following is a summary of the agency’s declination of the petition:

On March 7, 2017, Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Marlin 1 LLC. Marlin 1 LLC is contemplating starting a private lending company that would provide short-term loans not exceeding $25,000 at an interest rate of 18% per annum, to both individuals and small businesses. The petition seeks a declaratory statement from the Office on whether a consumer finance license pursuant to Chapter 516, Florida Statutes would be required. On May 5, 2017, the Office issued a Final Order. The facts provided in the Petition are inadequate for the Office to make a determination whether Petitioner's proposed activities are lawful. Petitioner states that the loans would provide 'for a higher default rate of interest'. However, Petitioner does not state what this higher rate of interest would be, how long it would last, the loan amounts to which the interest rate would correlate, and what the maximum rate would be. Petitioner also mentions 'the imposition of late fees', but does not say how much these fees would be and under what specific conditions they would be imposed. Without this information, the Office cannot ascertain whether Petitioner's proposed conduct would be lawful. A declaratory statement is not available to Petitioner because the facts provided in the Petition are not clearly identified or delineated.

A copy of the Order Declining 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].