Florida Regulations 69V-50.001: Miscellaneous Charges
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Other than the items and charges properly included as part of the cash price as defined in Florida Statutes § 520.02(2), the following are the only charges permitted to be made by the retail installment seller. All authorized charges are permitted only to the extent they are actually paid, used, or disbursed for the purposes stated.
(1) Charges for taxes, prescribed by law, to the extent same are not included as part of the cash price.
(2) Charges for official fees as defined in Florida Statutes § 520.02(13), and charges for licenses and other fees prescribed by law.
(a) In order to support motor vehicle license charges and liens for perfecting any security interest in the collateral, the registration form provided by the Department of Motor Vehicles shall be maintained. In addition, the month of birth of the retail buyer must be shown on the face of the contract and the trade-in amount must be clearly described.
(b) Charges for documentary excise tax must be supported by attaching documentary stamps to the appropriate document and canceling or by paying the appropriate amount of tax directly to the Department of Revenue and maintaining documentation necessary to determine compliance.
(3) Charges for insurance purchased by the retail buyer to the extent such charges are not included as part of the finance charge as defined in Florida Statutes § 520.02(6) The type of such insurance shall be specifically noted on the contract. Vendors Single Interest Insurance (V.S.I.) coverage issued to a contract holder on a blanket form may also be written in addition to the buyer’s physical damage coverage, and a charge made to the buyer provided the contract contains a provision authorizing the contract holder to purchase the V.S.I. coverage. Should the contract holder purchase V.S.I. coverage at the time the contract is signed, the contract holder shall deliver or cause to be delivered to the buyer evidence of insurance at the time the contract is signed and the buyer shall receive a copy of the policy within thirty (30) days from the date the contract was signed.
(4) Charges for other benefits such as service agreements or warranties bargained for and purchased by the retail buyer to the extent said charges are supported in fact. The type of such benefits shall be specifically noted on the contract. The contract holder shall deliver or cause to be delivered to the buyer evidence of such benefits at the time the contract is signed and the buyer shall receive a copy of the policy within thirty (30) days from the date the contract was signed.
Rulemaking Authority Florida Statutes § 520.994(5). Law Implemented 520.02, 520.07 FS. History-New 8-26-75, Formerly 3-6.01, 3D-50.01, Amended 11-1-77, 4-22-84, Formerly 3D-50.01, Amended 7-10-96, 12-8-99, Formerly 3D-50.001.
Terms Used In Florida Regulations 69V-50.001
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
(2) Charges for official fees as defined in Florida Statutes § 520.02(13), and charges for licenses and other fees prescribed by law.
(a) In order to support motor vehicle license charges and liens for perfecting any security interest in the collateral, the registration form provided by the Department of Motor Vehicles shall be maintained. In addition, the month of birth of the retail buyer must be shown on the face of the contract and the trade-in amount must be clearly described.
(b) Charges for documentary excise tax must be supported by attaching documentary stamps to the appropriate document and canceling or by paying the appropriate amount of tax directly to the Department of Revenue and maintaining documentation necessary to determine compliance.
(3) Charges for insurance purchased by the retail buyer to the extent such charges are not included as part of the finance charge as defined in Florida Statutes § 520.02(6) The type of such insurance shall be specifically noted on the contract. Vendors Single Interest Insurance (V.S.I.) coverage issued to a contract holder on a blanket form may also be written in addition to the buyer’s physical damage coverage, and a charge made to the buyer provided the contract contains a provision authorizing the contract holder to purchase the V.S.I. coverage. Should the contract holder purchase V.S.I. coverage at the time the contract is signed, the contract holder shall deliver or cause to be delivered to the buyer evidence of insurance at the time the contract is signed and the buyer shall receive a copy of the policy within thirty (30) days from the date the contract was signed.
(4) Charges for other benefits such as service agreements or warranties bargained for and purchased by the retail buyer to the extent said charges are supported in fact. The type of such benefits shall be specifically noted on the contract. The contract holder shall deliver or cause to be delivered to the buyer evidence of such benefits at the time the contract is signed and the buyer shall receive a copy of the policy within thirty (30) days from the date the contract was signed.
Rulemaking Authority Florida Statutes § 520.994(5). Law Implemented 520.02, 520.07 FS. History-New 8-26-75, Formerly 3-6.01, 3D-50.01, Amended 11-1-77, 4-22-84, Formerly 3D-50.01, Amended 7-10-96, 12-8-99, Formerly 3D-50.001.