Except as provided in Fl. Admin. Code R. 69U-100.102(3)(b), a financial institution may offer a customer the option of paying the fee for a debt cancellation product in a single fee, provided the financial institution also offers the customer a bona fide option of paying the fee for that debt cancellation product in monthly or other periodic payments. The option of monthly or periodic payments need not be offered for any debt cancellation product designed to protect a customer against a deficiency between the outstanding loan or lease amount and the value of the motor vehicle that is used as collateral for the loan. If the financial institution offers the customer the option to finance the single payment by adding it to the amount the customer is borrowing, the financial institution must also disclose to the customer, in accordance with Fl. Admin. Code R. 69U-100.105, whether and, if so, the time period during which, the customer may cancel the agreement and receive a refund.
Rulemaking Authority Florida Statutes § 655.012(2), 655.947(3) FS. Law Implemented 655.947, 655.954 FS. History-New 12-2-08.