Paramount Equity Mortgage LLC dba Loanpal; On April 28, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Paramount Equity Mortgage LLC dba Loanpal. Loanpal intends to originate ...

 

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 Paramount Equity Mortgage LLC dba Loanpal on July 21, 2017. The following is a summary of the agency's disposition of the petition:

On April 28, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Paramount Equity Mortgage LLC dba Loanpal. Loanpal intends to originate consumer loans secured against solar panels. Loan amounts range from $5,000 to $100,000 and interest rates range from 2.99% to 4.99%. Loanpal does not have a legal or equitable interest in the solar panels at the time of sale, therefore the underlying indebtedness made by Loanpal is not a retail installment contract. The petitioner sought a declaratory statement as to whether they would require licensure under the consumer finance act, Chapter 516, Florida Statutes. On July 21, 2017, the Florida Office of Financial Regulation issued a Final Order. The Office determined that Petitioner is exempt from licensing requirements and other provisions of the Florida Consumer Finance Act. Petitioner's asserted interest rate which ranges from 2.99% to 4.99% would exempt Petitioner from the licensing requirements of the Florida Consumer Finance Act. The facts provided by the Petitioner are inadequate to make a determination whether Petitioner's proposed activities would constitute a retail installment contract for a retail installment transaction.

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], 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].