Florida Regulations 69V-85.300: Interest Rate Parity
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(1) For the purpose of using the interest rate parity provision in Florida Statutes § 687.12, extensions of credit made by licensees under chapter 520, F.S., are deemed similar to consumer finance loans authorized by chapter 516, F.S. Licensees under chapter 520, F.S., are authorized to charge interest on their extensions of credit to any person, firm, or corporation, at the interest rates permitted by chapter 516, F.S.
(2) Licensees under chapter 520, F.S., who utilize the interest rates permitted by chapter 516, F.S.:
(a) Shall be governed by the same amount, term, possible charges, rebate requirements, and restrictions that govern loans under chapter 516, F.S., including sections 516.02(2)(a)-(c), 516.02(3)-(4), 516.031, 516.035, 516.15(3), 516.17, 516.19, 516.21, 516.26, 516.31, and 516.36, F.S.
(b) Shall not be subject to the licenses, examinations, regulations, documents, procedures, and disclosures required by chapter 516, F.S., including sections 516.02(1), 516.03, 516.05, 516.07, 516.08, 516.12, and 516.15(1)-(2), (4), F.S.
(c) Shall indicate on the instrument evidencing the extension of credit that the interest rate charged is authorized in chapter 516, F.S.
(d) Shall not make any particular type of loan or extension of credit which they are not authorized to make by the laws under which they are licensed or organized.
Rulemaking Authority Florida Statutes § 687.148(2). Law Implemented Florida Statutes § 687.12. History-New 11-27-00, Amended 4-22-01, Formerly 3D-85.300.
Terms Used In Florida Regulations 69V-85.300
- 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
(a) Shall be governed by the same amount, term, possible charges, rebate requirements, and restrictions that govern loans under chapter 516, F.S., including sections 516.02(2)(a)-(c), 516.02(3)-(4), 516.031, 516.035, 516.15(3), 516.17, 516.19, 516.21, 516.26, 516.31, and 516.36, F.S.
(b) Shall not be subject to the licenses, examinations, regulations, documents, procedures, and disclosures required by chapter 516, F.S., including sections 516.02(1), 516.03, 516.05, 516.07, 516.08, 516.12, and 516.15(1)-(2), (4), F.S.
(c) Shall indicate on the instrument evidencing the extension of credit that the interest rate charged is authorized in chapter 516, F.S.
(d) Shall not make any particular type of loan or extension of credit which they are not authorized to make by the laws under which they are licensed or organized.
Rulemaking Authority Florida Statutes § 687.148(2). Law Implemented Florida Statutes § 687.12. History-New 11-27-00, Amended 4-22-01, Formerly 3D-85.300.