Fla. Admin. Code Ann. R. 69U-100.106 - Affirmative Election to Purchase and Acknowledgement of Receipt of Disclosures Required
(1) Before entering
into a debt cancellation product, the financial institution must obtain a
customer's written affirmative election to purchase a debt cancellation product
and written acknowledgment of receipt of the disclosures required by subsection
69U-100.105(2),
F.A.C. The election and acknowledgment information must be conspicuous, simple,
direct, readily understandable, and designed to call attention to their
significance. The election and acknowledgment satisfy these standards if they
conform with the requirements of subsections
69U-100.105(8),
(9), F.A.C.
(2) If the sale of a debt cancellation
product occurs by telephone, the customer's affirmative election to purchase
may be made orally, provided the financial institution:
(a) Maintains sufficient documentation to
show that the customer received the short form disclosures and then
affirmatively elected to purchase the debt cancellation product;
(b) Mails the affirmative written election
and written acknowledgment, together with the long form disclosures required
rule 69U-100.105, F.A.C., to the customer within 3 business days after the
telephone solicitation, and maintains sufficient documentation to show it made
reasonable efforts to obtain the documents from the customer; and,
(c) Permits the customer to cancel the
purchase of the debt cancellation product without penalty within 30 days after
the financial institution has mailed the long form disclosures to the
customer.
(3) If the
contract is solicited through written mail inserts or "take one" applications
and the financial institution provides only the short form disclosures in the
written materials, then the financial institution shall mail acknowledgment of
the receipt of disclosures, together with the long form disclosures required by
rule 69U-100.105, F.A.C., to the customer within 3 business days, beginning on
the first business day after customer contacts the financial institution or
otherwise responds to the solicitation. The financial institution may not
obligate the customer to pay for the debt cancellation product until after the
financial institution has received the customer's written acknowledgment of
receipt of disclosures unless the financial institution:
(a) Maintains sufficient documentation to
show that the financial institution provided the acknowledgment of receipt of
disclosures to the customer as required by this rule;
(b) Maintains sufficient documentation to
show that the financial institution made reasonable efforts to obtain from the
customer a written acknowledgment of receipt of the long form disclosures;
and,
(c) Permits the customer to
cancel the purchase of the debt cancellation product without penalty within 30
days after the financial institution has mailed the long form disclosures to
the customer.
(4) The
affirmative election and acknowledgment may be made electronically in a manner
consistent with the requirements of the Electronic Signatures in Global and
National Commerce Act, 15
U.S.C. ยงยง
7001-7006,
7021,
7031 (2006), which is incorporated
by reference in Rule 69U-100.105, F.A.C., and Chapter
668, F.S.
Notes
Rulemaking Authority 655.012(2), 655.947(3) FS. Law Implemented 655.947, 655.954 FS.
New 12-2-08.
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