Florida Statutes 520.157 – Excess wear and use waiver
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(1) For purposes of this section, the term “excess wear and use waiver” means a contractual agreement wherein a lessor agrees, regardless of whether subject to a separate fee, to cancel or waive all or part of amounts that may become due under a lease agreement as a result of excess wear and use of a motor vehicle, which agreement must be part of, or a separate addendum to, the lease agreement. Such waivers may also cancel or waive amounts due for excess mileage.
(2) A retail lessee may contract with a retail lessor for an excess wear and use waiver in connection with a lease agreement.
(3) The terms of the related motor vehicle lease may not be conditioned upon the consumer’s payment for any excess wear and use waiver. However, excess wear and use waivers may be discounted or given at no charge in connection with the purchase of other noncredit-related goods.
(4) A lease agreement that includes an excess wear and use waiver must disclose all of the following:
(a) The total charge for the excess wear and use waiver.
Terms Used In Florida Statutes 520.157
- Contract: A legal written agreement that becomes binding when signed.
- 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
(b) Any exclusions or limitations on the amount of excess wear and use which may be waived under the excess wear and use waiver.
(c) The terms, restrictions, or conditions governing cancellation of the excess wear and use waiver before the termination or expiration of the excess wear and use waiver, which may include an administrative fee of not more than $75.
(5) An excess wear and use waiver is not insurance for purposes of the Florida Insurance Code.