Quotanda, LLC; Quotanda LLC, ("Petitioner"), will operate a retail installment seller business providing international students with access to educational loans. As part of its business, Petitioner is considering obtaining a license under Chapter ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that on July 1, 2015, the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Quotanda, LLC on April 7, 2015. The following is a summary of the agency’s disposition of the petition:

Quotanda, LLC, (“Petitioner”), will operate a retail installment seller business providing international students with access to educational loans. As part of its business, Petitioner is considering obtaining a license under Chapter 516, Florida Statutes, so that it can start issuing consumer finance loans directly to students. Given that tuition can cost more than $25,000, which is the maximum amount for consumer finance loans, Petitioner is inquiring whether Chapter 516, Florida Statutes, places a limit on the number of consumer finance loans that a licensee can make to a single individual. Resolution: Chapter 516, Florida Statutes, which authorizes a licensee to make loans with interest rates of over 18%, does not authorize a licensee to make consumer finance loans in excess of $25,000. The Final Order responds that Petitioner could make consumer finance loans that aggregate to no more than $25,000 to a single borrower.

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].

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