Superior Debt Recovery LLC,; The petition sought the Office’s interpretation on the following: 1) If the Petitioner were to purchase the rights to a "charged off" retail installment contract, would the Petitioner be required to be licensed as a ...  

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    DEPARTMENT OF FINANCIAL SERVICES

    Finance

    NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Superior Debt Recovery LLC, on April 12, 2016. The following is a summary of the agencys disposition of the petition:

    The petition sought the Office’s interpretation on the following: 1) If the Petitioner were to purchase the rights to a charged off retail installment contract, would the Petitioner be required to be licensed as a Sales Finance Company, or simply be required to be licensed as a Consumer Collection Agency, if they wanted to pursue the charge off/deficiency balance of the account, from the debtor? 2) Is the “charged-off” retail installment contract which is no longer the subject matter of a lien upon a motor vehicle, still fall under Fla. Statue 520.02 (17)? If it does not, would that exempt the Petitioner from being a “Sales Finance Company”, pursuant to Fla. Statue 520.02 (19)? On June 15, 2016 the Office issued a Final Order. Petitioner is not required to obtain a sales finance company license from the Office of Financial Regulation before pursuing the described collection of charged-off deficiency balances in the State of Florida.

    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, (850)410-9643, Agency.Clerk@flofr.com or online at

    https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.

Document Information

Contact:
Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, (850) 410-9643, Agency.Clerk@flofr.com, or online ayhttps://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.