Florida Statutes 516.15 – Duties of licensee
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Every licensee shall:
(1) Deliver to the borrower at the time a loan is made a statement in the English language showing in clear and distinct terms the amount and date of the loan and the date of its maturity; the nature of the security, if any, for the loan; the name and address of the borrower and of the licensee; and the rate of interest charged. However, with respect to a line of credit, the statement need not show a maturity date.
(2) Give to the borrower a plain and complete receipt for each payment made on account of any loan at the time the payment is made or, alternatively, furnish to the borrower an annual statement showing the amount of interest paid on the loan during the previous year as well as the remaining balance on the loan, provided a simple receipt is given to the borrower for each payment made in cash and for any payment when requested in writing by the borrower.
(3) Permit payment of the loan in whole or in part prior to its maturity with interest on such payment to the date thereof.
(4) Upon repayment of the loan in full, mark indelibly every paper signed by the borrower with the word “Paid” or “Canceled” and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given by the borrower as security.
(5) In the event of a Federal Emergency Management Agency response to a Presidential Disaster Declaration in the state, if the licensee offers any assistance program to borrowers impacted by the disaster, within 10 days after the licensee’s establishment of the program, send written notice to the office in physical or electronic format and include all of the following information, subject to change as any additional declaration is issued or any declaration is revoked:
(a) The licensed locations affected by the disaster declaration, including the physical addresses, if applicable.
Terms Used In Florida Statutes 516.15
- borrower: means a person who has incurred either direct or contingent liability to repay a consumer finance loan. See Florida Statutes 516.01
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Forbearance: A means of handling a delinquent loan. A
- 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
- Licensee: means a person to whom a license is issued. See Florida Statutes 516.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Office: means the Office of Financial Regulation of the commission. See Florida Statutes 516.01
- writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
(b) The telephone number, e-mail address, or other contact information for the licensee.
(c) A brief description of the assistance program available to borrowers in the affected areas.
(d) The start date, and end date if known, of the assistance program.
For purposes of this subsection, assistance programs may include, but are not limited to, deferments, forbearance, waivers of late fees, payment modifications, or changes in payment due dates.
(6) Offer the borrower at the time a loan is made a credit education program or seminar provided, in writing or by electronic means, by the licensee or a third-party provider. The credit education program or seminar may address, but need not be limited to, any of the following topics:
(a) The importance and methodology of establishing a household budget.
(b) The impact 1of, value of, and ways to improve a credit score.
(c) The importance and methodology of establishing household savings.
(d) Ways to obtain a free copy of a credit report.
(e) Ways to dispute an error in a credit report.
(f) Ways to manage and prevent identity theft.
A credit education program or seminar offered under this subsection must be offered at no cost to the borrower. A licensee may not require a borrower to participate in a credit education program or seminar as a condition of receiving a loan.