Fla. Admin. Code Ann. R. 69V-160.030 - Application Procedure for Consumer Finance Company License

(1) Each person desiring to apply for a license for the principal place of business of a consumer finance company shall submit the following to the Office of Financial Regulation:

(a) A completed Application for Consumer Finance Company License, Form OFR-516-01, which is incorporated by reference in Rule 69V-160.039, F.A.C.;

(b) A completed Consumer Finance Company Attestation Form, Form OFR-516-05, which is incorporated by reference in Rule 69V-160.039, F.A.C.;

(c) The statutory, non-refundable investigation fee required by Section 516.03, F.S.;

(d) The statutory, non-refundable biennial license fee required by Section 516.03, F.S.; and,

(e) Evidence that the applicant has liquid assets of at least $25,000.00 for the operation of the consumer finance company. For the purposes of this rule "Evidence" means documentation from a financial institution, as defined in Section 655.005(1)(i), F.S., that the liquid assets are on deposit with the institution. In lieu of providing evidence of liquid assets of at least $25,000.00, the applicant may provide any one of the documents listed in Section 516.05(10), F.S.

(2) Each ultimate equitable owner of 10% or greater interest, each chief executive officer, each chief financial officer, chief operations officer, chief legal officer, chief compliance officer, control person, member, partner, joint venturer, and each director of an entity applying for licensure as a consumer finance company, shall submit a completed Biographical Summary from Form OFR-516-01 to the Office of Financial Regulation.

(3) Request for Additional Information. Any request for additional information will be made by the Office of Financial Regulation within thirty (30) days after receipt of the application by the Office of Financial Regulation. The additional information must be received by the Office of Financial Regulation within forty-five (45) days from the date of the request. The Office will grant a request for an additional forty-five (45) days to submit the additional information. The Office will not grant a request after the original forty-five (45) day deadline has passed. Failure to provide timely all additional information shall result in the application being deemed abandoned, which will result in the application being removed from further consideration by the Office and closed.

(4) Amendments to Pending Applications. If the information contained in any application form for licensure as a consumer finance company, or in any amendment thereto, becomes inaccurate for any reason, the applicant shall file an amendment correcting such information within thirty (30) days after the change on Form OFR-516-01, Application for Consumer Finance Company License. An applicant may amend the application as to those factors generally within the control or selection of the applicant once, as a matter of course, at any time within thirty (30) days after receipt of the application by the Office of Financial Regulation. Otherwise, the application may be amended only with prior written permission from the Office of Financial Regulation. Requests to make changes that are material to the application shall be deemed by the Office of Financial Regulation to be grounds for denial, and a new application, accompanied by the appropriate filing fees, shall be required. Material changes include:

(a) The substitution or addition of an ultimate equitable owner of 10% or greater interest, a chief executive officer, a chief financial officer, a chief operations officer, a chief legal officer, a chief compliance officer, a control person, a member, a partner, or a joint venturer; and,

(b) Amendments adversely affecting the $25,000.00 liquid asset, surety bond, certificate of deposit, or letter of credit requirement.

(5) Withdrawal of Application. An applicant may request withdrawal at any time during the pendency of an application by submitting a request to withdraw the application through the REAL System. Withdrawals will be deemed effective upon receipt by the Office.

(6) Refunds. If the application is withdrawn, abandoned, or denied, all fees are non-refundable.

(7) Upon approval of an application, a license will be issued for the remainder of the biennial licensure period.

(8) For the purpose of this rule chapter, "principal place of business" means the main office, first location, or corporate headquarters of a consumer finance company, as determined by the consumer finance company. Each additional physical location of a consumer finance company is a branch as defined in Section 516.01(1), F.S.

Notes

Fla. Admin. Code Ann. R. 69V-160.030

Rulemaking Authority 516.037, 516.22(1), 516.23(3), 516.03(1), 516.05(10) FS. Law Implemented 516.03(1), 516.037, 516.05, 516.07 FS.

New 12-18-88, Amended 5-9-90, 10-1-95, 1-5-00, Formerly 3D-160.030, Amended 12-20-07, Amended by Florida Register Volume 47, Number 002, January 5, 2021 effective 1/18/2021, Amended by Florida Register Volume 49, Number 020, January 31, 2023 effective 2/16/2023, Amended by Florida Register Volume 49, Number 138, July 18, 2023 effective 8/3/2023, Amended by Florida Register Volume 51, Number 038, February 25, 2025 effective 3/11/2025.

New 12-18-88, Amended 5-9-90, 10-1-95, 1-5-00, Formerly 3D-160.030, Amended 12-20-07, 1-18-21, 2-16-23, 8-3-23.