Convenient Payday Lending, LLC; Convenient Payday Lending filed a Petition for Declaratory Statement, requesting a determination by the Office that its proposed business model does not violate Chapter 560, Florida Statutes. Convenient Payday ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that on July 8, 2015, the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Convenient Payday Lending, LLC on April 20, 2015. The following is a summary of the agency’s disposition of the petition:

Convenient Payday Lending filed a Petition for Declaratory Statement, requesting a determination by the Office that its proposed business model does not violate Chapter 560, Florida Statutes. Convenient Payday Lending makes payday loans to employees of affiliated Professional Employer Organizations (PEO). Petitioner has requested the Office to validate its original business model where the employer would pay Petitioner directly for an employee's outstanding loan balance, rather than Petitioner debiting the employee's account after the employee is paid. The Office determined that the proposed business activity falls within Chapter 560, Florida Statutes, but would amount to an assignment of or order for payment of wages and therefore is prohibited under § 560.404(10)(c), Fla. Stat.

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].