CreditBox.com, LLC ("CreditBox").; On 8/10/2020, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from CreditBox.com, LLC ("CreditBox"). The petitioner seeks a declaratory statement from ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has received the petition for declaratory statement from CreditBox.com, LLC ("CreditBox"). The petition seeks the agency's opinion as to the applicability of Chapter 560, Florida Statutes, as it applies to the petitioner.

On 8/10/2020, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from CreditBox.com, LLC ("CreditBox"). The petitioner seeks a declaratory statement from the Office whether Chapter 560, Florida Statutes address whether "(1) Online deferred presentment installment lenders are subject to the "same day'' loan disbursement rules expressed in§§ 560.404 (2) & (11); (2) The day the customer's loan begins accruing transaction fees is considered the first day of the loan term for purposes of calculating the length of the loan term; (3) When a customer exercises his deferral right, the lender may continue to charge the transaction fee on the customer's outstanding transaction balance through the original maturity date as though the customer had skipped that particular loan payment; (4) When a customer exercises his deferral right, the customer's outstanding transaction balance will continue to accrue a transaction fee through the date the deferred payment is due; and (5) The customer is only entitled to his one-time deferral right if he is current on all previous loan payments."

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], [e-mail].

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