Florida Statutes 516.01 – Definitions
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As used in this chapter, the term:
(1) “Branch” means any location, other than a licensee‘s principal place of business, at which a licensee operates or conducts business under this chapter or which the licensee owns or controls for the purpose of conducting business under this chapter.
(2) “Commission” means the Financial Services Commission.
(3) “Consumer finance borrower” or “borrower” means a person who has incurred either direct or contingent liability to repay a consumer finance loan.
(4) “Consumer finance loan” means a loan of money, credit, goods, or choses in action, including, except as otherwise specifically indicated, provision of a line of credit, in an amount or to a value of $25,000 or less for which the lender charges, contracts for, collects, or receives interest at a rate greater than 18 percent per annum.
(5) “Control person” means an individual, partnership, corporation, trust, or other organization that possesses the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person is presumed to control a company if, with respect to a particular company, that person:
(a) Is a director, general partner, or officer exercising executive responsibility or having similar status or functions;
Terms Used In Florida Statutes 516.01
- Commission: means the Financial Services Commission. See Florida Statutes 516.01
- Consumer finance loan: means a loan of money, credit, goods, or choses in action, including, except as otherwise specifically indicated, provision of a line of credit, in an amount or to a value of $25,000 or less for which the lender charges, contracts for, collects, or receives interest at a rate greater than 18 percent per annum. See Florida Statutes 516.01
- 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.
- Interest: means the cost of obtaining a consumer finance loan and includes any profit or advantage of any kind whatsoever that a lender may charge, contract for, collect, receive, or in anywise obtain, including by means of any collateral sale, purchase, or agreement, as a condition for a consumer finance loan. See Florida Statutes 516.01
- License: means a permit issued under this chapter to make and collect loans in accordance with this chapter at a single place of business. See Florida Statutes 516.01
- Licensee: means a person to whom a license is issued. See Florida Statutes 516.01
- Office: means the Office of Financial Regulation of the commission. See Florida Statutes 516.01
- 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: 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) Directly or indirectly may vote 10 percent or more of a class of a voting security or sell or direct the sale of 10 percent or more of a class of voting securities; or
(c) In the case of a partnership, may receive upon dissolution or has contributed 10 percent or more of the capital.
(6) “Interest” means the cost of obtaining a consumer finance loan and includes any profit or advantage of any kind whatsoever that a lender may charge, contract for, collect, receive, or in anywise obtain, including by means of any collateral sale, purchase, or agreement, as a condition for a consumer finance loan. Charges specifically permitted by this chapter, including commissions received for insurance written as permitted by this chapter, shall not be deemed interest.
(7) “License” means a permit issued under this chapter to make and collect loans in accordance with this chapter at a single place of business.
(8) “Licensee” means a person to whom a license is issued.
(9) “Office” means the Office of Financial Regulation of the commission.