Florida Regulations 69V-160.014: Explaining and Returning Loan Papers
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(1) Explaining loan papers. The licensee shall explain fully to all signers of loan papers:
(a) That the loan is made under the Florida Consumer Finance Act;
(b) That the terms of the loan provide for interest and charges pursuant to the Florida Consumer Finance Act; and,
(c) The nature of the security for the loan.
(2) All instruments of indebtedness signed by the borrower, including, but not limited to notes, security agreements, mortgages and the like, shall be returned by the licensee to the borrower marked plainly with the words “”Paid”” or “”Cancelled”” within thirty days of payment in full, provided however:
(a) Where a real estate mortgage has been recorded, after the loan is paid, or upon refinancing of the unpaid principal balance of a prior loan with the licensee, a mortgage release or satisfaction shall be issued and filed by the licensee in the county of record within a reasonable time or as prescribed by any other applicable statute.
(b) Where a vehicle lien/title certificate has been recorded, after payment in full, or the refinancing of the unpaid principal balance of a prior loan with the licensee, a vehicle lien release or satisfaction shall be issued by the licensee to the borrower.
(c) Where a financing statement has been filed, and a release fee has been assessed to the borrower, and after payment in full of the loan not paid by renewal, a termination statement shall be issued by the licensee to the borrower within a reasonable time.
Rulemaking Authority Florida Statutes § 516.22(1), 516.23(3) FS. Law Implemented 516.15, 679.404 FS. History-New 10-20-73, Formerly 3-2.14, 3D-160.14, Amended 9-1-75, 10-21-75, 3-21-77, Formerly 3D-160.14, Amended 7-10-96, Formerly 3D-160.014.
Terms Used In Florida Regulations 69V-160.014
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Statute: A law passed by a legislature.
(b) That the terms of the loan provide for interest and charges pursuant to the Florida Consumer Finance Act; and,
(c) The nature of the security for the loan.
(2) All instruments of indebtedness signed by the borrower, including, but not limited to notes, security agreements, mortgages and the like, shall be returned by the licensee to the borrower marked plainly with the words “”Paid”” or “”Cancelled”” within thirty days of payment in full, provided however:
(a) Where a real estate mortgage has been recorded, after the loan is paid, or upon refinancing of the unpaid principal balance of a prior loan with the licensee, a mortgage release or satisfaction shall be issued and filed by the licensee in the county of record within a reasonable time or as prescribed by any other applicable statute.
(b) Where a vehicle lien/title certificate has been recorded, after payment in full, or the refinancing of the unpaid principal balance of a prior loan with the licensee, a vehicle lien release or satisfaction shall be issued by the licensee to the borrower.
(c) Where a financing statement has been filed, and a release fee has been assessed to the borrower, and after payment in full of the loan not paid by renewal, a termination statement shall be issued by the licensee to the borrower within a reasonable time.
Rulemaking Authority Florida Statutes § 516.22(1), 516.23(3) FS. Law Implemented 516.15, 679.404 FS. History-New 10-20-73, Formerly 3-2.14, 3D-160.14, Amended 9-1-75, 10-21-75, 3-21-77, Formerly 3D-160.14, Amended 7-10-96, Formerly 3D-160.014.