Florida Statutes 516.15 – Duties of licensee
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 516.15
- borrower: means a person who has incurred either direct or contingent liability to repay a consumer finance loan. See Florida Statutes 516.01
- Interest: means the cost of obtaining a consumer finance loan and includes any profit or advantage of any kind whatsoever that a lender may charge, contract for, collect, receive, or in anywise obtain, including by means of any collateral sale, purchase, or agreement, as a condition for a consumer finance loan. See Florida Statutes 516.01
- Licensee: means a person to whom a license is issued. See Florida Statutes 516.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
Every licensee shall:
(1) Deliver to the borrower at the time a loan is made a statement in the English language showing in clear and distinct terms the amount and date of the loan and the date of its maturity; the nature of the security, if any, for the loan; the name and address of the borrower and of the licensee; and the rate of interest charged. However, with respect to a line of credit, the statement need not show a maturity date.
(2) Give to the borrower a plain and complete receipt for each payment made on account of any loan at the time the payment is made or, alternatively, furnish to the borrower an annual statement showing the amount of interest paid on the loan during the previous year as well as the remaining balance on the loan, provided a simple receipt is given to the borrower for each payment made in cash and for any payment when requested in writing by the borrower.
(3) Permit payment of the loan in whole or in part prior to its maturity with interest on such payment to the date thereof.
(4) Upon repayment of the loan in full, mark indelibly every paper signed by the borrower with the word “Paid” or “Canceled” and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given by the borrower as security.