Rule 69V-160.025, F.A.C., is recommended for amendment to strike subsection (11). The Office lacks statutory authority to require licensees under the act to display the rules governing insurance on household goods and appliances.

DEPARTMENT OF FINANCIAL SERVICES
Finance

RULE NO.: RULE TITLE:
69V-160.025: Property Insurance on Loans
PURPOSE AND EFFECT: Rule 69V-160.025, F.A.C., is recommended for amendment to strike subsection (11). The Office lacks statutory authority to require licensees under the act to display the rules governing insurance on household goods and appliances.
SUMMARY: Rule 69V-160.025, F.A.C., is recommended for amendment to strike subsection (11). The Office lacks statutory authority to require licensees under the act to display the rules governing insurance on household goods and appliances.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:
The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the agency.
The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: 1) No requirement for a SERC was triggered under Section 120.541(1); and 2) The amendments will not exceed any one of the economic analysis criteria in a SERC, as set forth in Section 120.541(2)(a), F.S.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
RULEMAKING AUTHORITY: 20.05(5), 516.22(1) FS.
LAW IMPLEMENTED: 516.031(3) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Andy Grosmaire, Chief, Bureau of Finance Enforcement, [phone], [e-mail]

THE FULL TEXT OF THE PROPOSED RULE IS:

69V-160.025 Property Insurance on Loans.

(1) through (10) No change.

(11) Rules to be displayed. The licensee shall display in a conspicuous place in the office of the lending institution the rules contained herein governing insurance on household goods and appliances. Upon request of the borrower, the licensee shall explain clearly to the borrower his rights and limitations as set forth in said rules.

(12) No change.

Rulemaking Specific Authority 20.05(5), 516.22(1) FS. Law Implemented 516.20(1), 516.031(3) FS. History–New 9-1-75, Amended 8-16-83, Formerly 3D-160.25, 3D-160.025, Amended_________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory Oaks, Director, Division of Finance
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 26, 2012
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: May 25, 2012