Florida Statutes 559.9612 – Scope of this part
Current as of: 2023 | Check for updates
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This part applies to any commercial financing transaction consummated on or after January 1, 2024. This part does not apply to:
(1) A provider that is:
(a) A federally insured depository institution or an affiliate or holding company of such institution; or
Terms Used In Florida Statutes 559.9612
- Business: means an individual or a group of individuals, a sole proprietorship, a corporation, a limited liability company, a trust, an estate, a cooperative, an association, or a limited or general partnership engaged in a business activity. See Florida Statutes 559.9611
- Commercial financing transaction: means a commercial loan, an accounts receivable purchase transaction, or a commercial open-end credit plan to the extent the transaction is also a business purpose transaction. See Florida Statutes 559.9611
- Commercial loan: means a loan to a business, whether secured or unsecured. See Florida Statutes 559.9611
- 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.
- Depository institution: means a Florida state-chartered bank, savings bank, credit union, or trust company, or a federal savings or thrift association, bank, credit union, savings bank, or thrift. See Florida Statutes 559.9611
- 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
- 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.
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Provider: means a person who consummates more than five commercial financing transactions with a business located in this state in any calendar year. See Florida Statutes 559.9611
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) A subsidiary or service corporation that is owned and controlled by a federally insured depository institution or under common ownership with such institution.
(2) A provider that is a lender regulated under the Farm Credit Act of 1971, 12 U.S.C. ss. 2001 et seq.
(3) A commercial financing transaction that is:
(a) Secured by real property;
(b) A lease; or
(c) A purchase money obligation that is incurred as all or part of the price of the collateral or for value given to enable the business to acquire rights in or the use of the collateral if the value is in fact so used.
(4) A commercial financing transaction in which the recipient is a motor vehicle dealer or an affiliate of such a dealer, or a vehicle rental company or an affiliate of such a company, pursuant to a commercial loan or commercial open-end credit plan of at least $50,000 or a commercial financing transaction offered by a person in connection with the sale or lease of products or services that such person manufactures, licenses, or distributes, or whose parent company or any of its directly or indirectly owned and controlled subsidiaries manufactures, licenses, or distributes.
(5) A provider that is licensed as a money transmitter under chapter 560 or licensed as a money transmitter by any other state, district, territory, or commonwealth of the United States.
(6) A provider that consummates no more than five commercial financing transactions in this state in a 12-month period.
(7) A commercial financing transaction of more than $500,000.