Florida Statutes 545.01 – Definitions
Current as of: 2024 | Check for updates
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As used in this chapter, the term:
(1) “Affiliated finance company” means a finance company which:
(a) Is affiliated with or controlled by a manufacturer or wholesale distributor through common ownership, officers, directors, or management; or
Terms Used In Florida Statutes 545.01
- Affiliated finance company: means a finance company which:(a) Is affiliated with or controlled by a manufacturer or wholesale distributor through common ownership, officers, directors, or management; or(b) Has a contractual agreement with a manufacturer or wholesale distributor to finance, via sale or lease, motor vehicles produced or distributed by such manufacturer or wholesale distributor. See Florida Statutes 545.01
- Automotive-related product: means a motor vehicle service agreement, as defined in…. See Florida Statutes 545.01
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Dealer: means a franchised motor vehicle dealer, as defined in…. See Florida Statutes 545.01
- Finance company: means a person engaged in the business of financing the sale or lease of motor vehicles, or engaged in the business of purchasing or acquiring vehicle contracts in this state. See Florida Statutes 545.01
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Manufacturer: means a person engaged, directly or indirectly, in the manufacture of motor vehicles. See Florida Statutes 545.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- 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: means an individual, firm, corporation, partnership, limited liability company, association, trustee, receiver, or assignee for the benefit of creditors. See Florida Statutes 545.01
- Trustee: A person or institution holding and administering property in trust.
- Wholesale distributor: means a person engaged, directly or indirectly, in the sale or distribution of motor vehicles to agents or to dealers. See Florida Statutes 545.01
(b) Has a contractual agreement with a manufacturer or wholesale distributor to finance, via sale or lease, motor vehicles produced or distributed by such manufacturer or wholesale distributor.
(2) “Automotive-related product” means a motor vehicle service agreement, as defined in s. 634.011, or a guaranteed asset protection product, as defined in s. 520.02, or other nontangible ancillary product that is purchased or otherwise provided as part of the sale or lease of a motor vehicle by a dealer.
(3) “Dealer” means a franchised motor vehicle dealer, as defined in s. 320.27(1)(c)1.
(4) “Finance company” means a person engaged in the business of financing the sale or lease of motor vehicles, or engaged in the business of purchasing or acquiring vehicle contracts in this state.
(5) “Manufacturer” means a person engaged, directly or indirectly, in the manufacture of motor vehicles.
(6) “Person” means an individual, firm, corporation, partnership, limited liability company, association, trustee, receiver, or assignee for the benefit of creditors.
(7) “Sell,” “sold,” “buy,” or “purchase” includes an exchange, barter, gift, or offer to contract to sell or buy.
(8) “Third-party provider” means a provider of an automotive-related product that is not an affiliated finance company, manufacturer, or wholesale distributor.
(9) “Vehicle contract” means a conditional sales contract, retail installment sales contract, chattel mortgage, lease agreement, promissory note, or any other financial obligation arising from the retail sale or lease of a motor vehicle.
(10) “Wholesale distributor” means a person engaged, directly or indirectly, in the sale or distribution of motor vehicles to agents or to dealers.