Fla. Admin. Code Ann. R. 69U-100.100 - Authority, Purpose, and Scope

(1) Financial institutions may offer debt cancellation products, and charge fees for such products, in connection with the loans, leases, and similar extensions of credit made by the financial institutions, pursuant to sections 655.947 and 655.954, F.S., and the rules and orders of the Commission and the Office.

(2) Rules 69U-100.100 through 69U-100.106, F.A.C., set forth the standards that apply to debt cancellation products offered by financial institutions. The purpose of these standards is to ensure that financial institutions offer debt cancellation products consistent with safe and sound financial institution practices, and subject to appropriate consumer protection.

(3) Rules 69U-100.100 through 69U-100.106, F.A.C., apply to all contracts and agreements for debt cancellation products entered into by financial institutions in connection with extensions of credit they make, purchase, or assume.

Notes

Fla. Admin. Code Ann. R. 69U-100.100

Rulemaking Authority 655.012(2), 655.947(3) FS. Law Implemented 655.947, 655.954 FS.

New 12-2-08.

New 12-2-08.