Cumulus Funding, Inc; On March 16, 2017, the Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Cumulus Funding Inc. The petition sought a declaratory statement from the Office on whether the ...

 

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 Cumulus Funding, Inc on March 16, 2017. The following is a summary of the agency's declination of the petition:

On March 16, 2017, the Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Cumulus Funding Inc. The petition sought a declaratory statement from the Office on whether the future income investment agreement constitutes a loan in Florida, whether the agreement is subject to usury limits, and whether the petitioner is exempt from licensure under the consumer finance act, Chapter 516, Florida Statutes. The Petition filed by Cumulus Funding, Inc was denied. The information that was included with the Petition is insufficient for the Office to complete its analysis of Petitioner's business model. Petitioner did not include a copy of its advertising, web pages, or other relevant promotional materials; the prospectus documents Petitioner provides to its prospective investors; favorable or unfavorable rulings by other states on Petitioner's proposed business activities; or applications filed by Cumulus and Align Income Share Funding with the Securities and Exchange Commission, including any other relevant information that would allow the Office to complete its required analysis. Consequently, due to the absence of the above-mentioned information, the Office is unable to determine whether Petitioner requires licensure under Chapter 516, Florida Statutes, to conduct its proposed activities within the State of Florida.

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]