Terms Used In Florida Regulations 69O-176.002

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
    Florida Statutes § 627.732(3), defining an owner to include one with right to possession of a motor vehicle under a lease with option to purchase, is interpreted to mean that motor vehicle subject to daily, weekly, or other short-term rental, regardless of whether the agreement is called a “lease,” and regardless of whether or not the agreement contains an option to purchase, such vehicle shall be construed to be owned by the registered owner. Lessees of motor vehicles subject to long-term lease for a period of six months or more, under an agreement wherein the lessor and lessee mutually agree that insurance will be provided by the lessee, are construed to be “owners,” without regard to whether or not the lease agreement contains a purchase option.
Rulemaking Authority Florida Statutes § 624.308(1). Law Implemented 624.307(1), 627.732(3) FS. History—New 12-8-71, Repromulgated 12-24-74, Formerly 4-27.02, 4-27.002, Amended 1-27-92, Formerly 4-176.002.