Fla. Admin. Code Ann. R. 69V-50.002 - Excessive Charges, Correction

If the sales finance company discovers that, as a result of an inadvertent clerical error or some other unintentional mistake, the finance charge to a buyer is in excess of the amount permitted, or that any other charges in the contract are excessive, it shall immediately notify the buyer in writing of such overcharge. The overcharge, plus any finance charge that may have been assessed thereon, shall be credited to the account balance, and the buyer shall be notified in writing of any reduction of contractual payments. Contracts paid in full containing excessive charges which were not previously given credit should be corrected by making a refund to the buyer.

Notes

Fla. Admin. Code Ann. R. 69V-50.002

Rulemaking Authority 520.994(5) FS. Law Implemented 520.08 FS.

Renumbered from 3-6.02 to 3D-50.02 on 8-26-75, Amended 1-10-79, Formerly 3D-50.02, Amended 7-10-96, Formerly 3D-50.002.

New 8-26-75, Formerly 3-6.02, 3D-50.02, Amended 1-10-79, Formerly 3D-50.02, Amended 7-10-96, Formerly 3D-50.002.