Florida Regulations 69I-3.002: Interest Rate Limitations on Master Equipment Financing Agreements
Current as of: 2024 | Check for updates
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The maximum interest rate limitation specified in sections 287.063 and 287.064, F.S., does not apply when the payment obligation under a master equipment financing agreement is, or fractional interests in such payment obligations are, rated A or better, MIG3 or better and VMIG3 or better by either Moody’s Investors Services, Inc., or Standard and Poor’s Corporation.
Rulemaking Authority 17.29, 287.063(2)(b), 287.064(1)(c) FS. Law Implemented 287.063, 287.064(1)(c) FS. History-New 9-10-86, Amended 12-20-94, Formerly 3A-3.002.
Rulemaking Authority 17.29, 287.063(2)(b), 287.064(1)(c) FS. Law Implemented 287.063, 287.064(1)(c) FS. History-New 9-10-86, Amended 12-20-94, Formerly 3A-3.002.
Terms Used In Florida Regulations 69I-3.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.