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 bank, a credit union, a savings bank, a savings and loan association, a savings or thrift association, or an industrial loan company doing business under the authority of a charter issued by the United States, this state, or any other state, district, territory, or commonwealth of the United States which is authorized to transact business in this state and whose deposits or share accounts are insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. 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.