Other than the items and charges properly included as part of
the cash price as defined in Section
520.02(2),
F.S., the following are the only charges permitted to be made by the retail
installment seller. All authorized charges are permitted only to the extent
they are actually paid, used, or disbursed for the purposes stated.
(1) Charges for taxes, prescribed by law, to
the extent same are not included as part of the cash price.
(2) Charges for official fees as defined in
Section
520.02(13),
F.S., and charges for licenses and other fees prescribed by law.
(a) In order to support motor vehicle license
charges and liens for perfecting any security interest in the collateral, the
registration form provided by the Department of Motor Vehicles shall be
maintained. In addition, the month of birth of the retail buyer must be shown
on the face of the contract and the trade-in amount must be clearly
described.
(b) Charges for
documentary excise tax must be supported by attaching documentary stamps to the
appropriate document and canceling or by paying the appropriate amount of tax
directly to the Department of Revenue and maintaining documentation necessary
to determine compliance.
(3) Charges for insurance purchased by the
retail buyer to the extent such charges are not included as part of the finance
charge as defined in Section
520.02(6), F.S.
The type of such insurance shall be specifically noted on the contract. Vendors
Single Interest Insurance (V.S.I.) coverage issued to a contract holder on a
blanket form may also be written in addition to the buyer's physical damage
coverage, and a charge made to the buyer provided the contract contains a
provision authorizing the contract holder to purchase the V.S.I. coverage.
Should the contract holder purchase V.S.I. coverage at the time the contract is
signed, the contract holder shall deliver or cause to be delivered to the buyer
evidence of insurance at the time the contract is signed and the buyer shall
receive a copy of the policy within thirty (30) days from the date the contract
was signed.
(4) Charges for other
benefits such as service agreements or warranties bargained for and purchased
by the retail buyer to the extent said charges are supported in fact. The type
of such benefits shall be specifically noted on the contract. The contract
holder shall deliver or cause to be delivered to the buyer evidence of such
benefits at the time the contract is signed and the buyer shall receive a copy
of the policy within thirty (30) days from the date the contract was
signed.
Notes
Fla. Admin.
Code Ann. R. 69V-50.001
Rulemaking Authority 520.994(5) FS. Law Implemented 520.02,
520.07 FS.
Renumbered from 3-6.01
to 3D-50.01 on 8-26-75, Amended 11-1-77, 4-22-84, Formerly 3D-50.01, Amended
7-10-96, 12-8-99, Formerly 3D-50.001.
New 8-26-75, Formerly 3-6.01, 3D-50.01, Amended 11-1-77,
4-22-84, Formerly 3D-50.01, Amended 7-10-96, 12-8-99, Formerly
3D-50.001.
