Any fee designated as a loan processing fee, not to exceed $200.00, on a motor vehicle retail installment contract shall be treated as a prepaid finance charge and disclosed as such pursuant to Section 520.07(2)(b), F.S. The loan processing fee together with other finance charges assessed on a motor vehicle retail installment contract shall not exceed the finance charge limitation in Florida Statutes § 520.08 In the event that the buyer prepays the motor vehicle retail installment contract, the buyer shall receive a prorated refund of the loan processing fee as required by Florida Statutes § 520.09; provided, however, in accordance with Section 520.085(1)(c), F.S., if the motor vehicle retail installment contract is a simple interest contract, no prorated refund is required.
Rulemaking Authority Florida Statutes § 520.994(5). Law Implemented 520.07, 520.08, 520.085, 520.09 FS. History-New 10-17-94, Amended 7-10-96, 12-25-00, Formerly 3D-50.075.