Graduates Unbound.; On July 17, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Graduates Unbound. The petition seeks a declaratory statement from the Office on whether ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has received the petition for declaratory statement from Graduates Unbound. The petition seeks the agency’s opinion as to the applicability of Chapter 516, Florida Statutes, as it applies to the petitioner.

On July 17, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for declaratory statement from Graduates Unbound. The petition seeks a declaratory statement from the Office on whether Petitioner's proposed business model (of refinancing existing student loans at terms of ten to thirty years and interest rates less than 18%. Petitioner will be the platform that outreaches to current college students or any college graduate, originate the loan if the individual meets the credit underwriting standards, and service the loan to ensure repayment according to the terms and conditions of the refinance agreement) would require licensure under Chapter 516 or Chapter 494, Florida Statutes.

A copy 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].

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