Terms Used In Florida Statutes > Chapter 559 > Part XIII - Florida Commercial Financing Disclosure Law

• Accounts receivable purchase transaction: means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts or payment intangibles as those terms are defined in…. See Florida Statutes 559.9611
• Advance fee: means any consideration that is assessed or collected by a broker before the closing of a commercial financing transaction. See Florida Statutes 559.9611
• Appraisal: A determination of property value.
• Board: means the Board of Podiatric Medicine as created in this chapter. See Florida Statutes 461.003
• Broker: means a person who, for compensation or the expectation of compensation, arranges a commercial financing transaction or an offer between a third party and a business in this state which would, if executed, be binding upon that third party. See Florida Statutes 559.9611
• 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
• business purpose transaction: means a transaction the proceeds of which are provided to a business or are intended to be used to carry on a business and not to be used for personal, family, or household purposes. See Florida Statutes 559.9611
• Commercial financing facility: means a provider's plan for purchasing multiple accounts receivable from the recipient over a period of time pursuant to an agreement that sets forth the terms and conditions governing the use of the facility. 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.
• Department: means the Department of Health. See Florida Statutes 462.01
• Dependent: A person dependent for support upon another.
• 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
• Forbearance: A means of handling a delinquent loan. A
• Fraud: Intentional deception resulting in injury to another.
• 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}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Podiatric physician: means any person licensed to practice podiatric medicine pursuant to this chapter. See Florida Statutes 461.003
• 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.