Florida Statutes 559.9615 – Enforcement
Current as of: 2024 | Check for updates
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(1) The Attorney General has exclusive authority to enforce this part. The Attorney General may:
(a) Receive and act on complaints.
Terms Used In Florida Statutes 559.9615
- 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
- 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
(b) Take action designed to obtain voluntary compliance with this part.
(c) Commence administrative or judicial proceedings to enforce compliance with this part.
(2)(a) A violation of this part is punishable by a fine of $500 per incident, not to exceed $20,000 for all aggregated violations, arising from the use of the transaction documentation or materials found to be in violation of this part.
(b) A violation of this part after receipt of a written notice of a prior violation from the Attorney General is punishable by a fine of $1,000 per incident, not to exceed $50,000 for all aggregated violations, arising from the use of the transaction documentation or materials found to be in violation of this part.
(c) A violation of this part does not affect the enforceability or validity of the underlying commercial financing transaction.
(3) This part does not create a private right of action against any person or entity based upon compliance or noncompliance with this part.