Oportun, Inc.; On July 15, 2019, the Florida Office of Financial Regulation issued a Final Order on the Petition for Declaratory Statement filed by Oportun, Inc. Based upon the referenced findings of fact and conclusions of law, it is ordered that: ...

 

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 Oportun, Inc. on April 24, 2019. The following is a summary of the agency's disposition of the petition: On July 15, 2019, the Florida Office of Financial Regulation issued a Final Order on the Petition for Declaratory Statement filed by Oportun, Inc. Based upon the referenced findings of fact and conclusions of law, it is ordered that: Petitioner may charge a "credit investigation fee" to only those loan applicants who are approved for and obtain a loan from Petitioner. Petitioner may deduct a "credit investigation fee" from the face amount of the note to calculate the principal amount of the loan and use the resulting principal amount as the basis to determine compliance with the rates authorized by subsection 516.031(1), Florida Statutes. Petitioner may not collect a "credit investigation fee" from the borrower by allocating the borrower's first loan payment to the Fee first, then to accrued interest, then to the unpaid principal balance. In the circumstances described in Petitioner's hypothetical, the annual percentage rate, as computed and disclosed as required by Regulation Z, may exceed the interest rate contracted for and received by the licensee as determined for purposes of compliance with the maximum interest rates set forth in subsection 516.031(1), Florida Statutes. ******The original petition was published April 26, 2019 in the Florida Administrative Register Volume 45, Number 82.

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].

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