Chapter 520 Retail Installment Sales
Part I - Motor Vehicle Sales Finance (ss. 520.01-520.14)
- §520.01 Motor Vehicle Retail Sales Finance Act.
Sections 520.01-520.10, 520.12, 520.125, and 520.13 may be cited as "The Motor Vehicle Retail Sales Finance Act." History.--s. 14, ch. 57-799; s. 3, ch. 76-168;...
- §520.02 Definitions.
In this act, unless the context or subject matter otherwise requires: (1) "Branch" means any location, other than a licensee's principal place of business, at which...
- §520.03 Licenses.
(1) A person may not engage in the business of a motor vehicle retail installment seller or operate a branch of such business without a license...
- §520.07 Requirements and prohibitions as to retail installment contracts.
(1)(a) A retail installment contract shall be in writing, shall be signed by both the buyer and the seller, and shall be completed as to all...
- §520.08 Finance charge limitation.
(1) Notwithstanding the provisions of any other law, the finance charge, exclusive of insurance, shall not exceed the following rates: (a) Class 1. Any new motor vehicle...
- §520.085 Simple-interest contracts.
(1) A retail installment contract under The Motor Vehicle Retail Sales Finance Act may provide that the rate of finance charge be calculated on a simple-interest...
- §520.09 Credit upon anticipation of payments.
Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of...
- §520.10 Refinancing retail installment contract.
The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or...
- §520.12 Penalties.
(1) Any person who willfully and intentionally violates any provision of s. 520.995 or engages in the business of a retail installment seller without obtaining a...
- §520.125 Variable rate contracts; mobile homes.
A retail installment contract for the purchase of a mobile home may provide that the rate of finance charge may be adjusted at stated regular...
- §520.13 Waiver.
Any waiver of the provisions of ss. 520.01-520.10, s. 520.12, s. 520.13, s. 520.993, s. 520.994, or s. 520.995 shall be unenforceable and void. History.--s....
- §520.14 Termination of retail installment contract for leasing a motor vehicle by a servicemember.
(1) Any servicemember, as defined in s. 250.01, may terminate his or her retail installment contract for leasing a motor vehicle by providing the sales finance...
Part II - Retail Installment Sales (ss. 520.30-520.42)
- §520.30 Short title.
This act may be cited as "The Retail Installment Sales Act." History.--s. 1, ch. 59-414; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21,...
- §520.31 Definitions.
Unless otherwise clearly indicated by the context, the following words when used in this act, for the purposes of this act, shall have the meanings...
- §520.32 Licenses.
(1) A person may not engage in or transact the business of a retail seller engaging in retail installment transactions as defined in this part or...
- §520.34 Retail installment contracts.
(1)(a) A retail installment contract shall be in writing, shall be signed by both the buyer and the seller, and shall be completed as to all...
- §520.345 Simple-interest contracts.
A retail installment contract under The Retail Installment Sales Act may provide that the rate of finance charge be calculated on a simple-interest basis subject...
- §520.35 Revolving accounts.
(1) Every revolving account shall be in writing and shall be completed prior to the signing thereof by the retail buyer. The printed portion, other than...
- §520.351 Consolidated debts.
(1) If debts arising from two or more retail installment sales other than sales pursuant to a revolving account are secured by more than one security...
- §520.36 Mail order and telephone sales.
Retail installment contracts negotiated and entered into by mail or telephone without personal solicitation by salespersons or other representatives of the seller, when a catalog...
- §520.37 Delinquency charges, attorney's fees and court costs.
A retail installment contract may provide for payment by the buyer of a delinquency charge on each installment in default for a period not less...
- §520.38 Transfer of contracts.
Any retail seller may assign, pledge, hypothecate, or otherwise transfer a retail installment contract or revolving account to any person, firm or corporation on such...
- §520.39 Penalties.
(1) Any person who willfully and intentionally violates any provision of s. 520.995 or engages in the business of a retail seller engaging in retail installment...
- §520.40 Waiver.
Any waiver by the retail buyer of any provisions of this act or of any remedies granted to the buyer by this act shall be...
- §520.41 Prior contracts not affected.
The provisions of this act shall not make contracts or accounts in effect prior to July 1, 1980, unlawful. History.--s. 13, ch. 59-414; s. 3,...
- §520.42 Construction.
Nothing in this act shall be construed to affect any transaction covered by chapter 516 and part I of this chapter or any transaction by...
Part III - Installment Sales Finance (ss. 520.50-520.57)
- §520.50 Short title.
This act may be cited as "The Installment Sales Finance Act." History.--s. 1, ch. 63-244; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21,...
- §520.51 Definitions.
The definitions contained within ss. 520.02, 520.31, and 520.61 apply to this part. History.--s. 2, ch. 63-244; ss. 12, 35, ch. 69-106; s. 200, ch....
- §520.52 Licensees.
(1) A person may not engage in the business of a sales finance company or operate a branch of such business without a license as provided...
- §520.57 Penalties.
(1) Any person who willfully and intentionally violates any provision of s. 520.995 or engages in the business of a sales finance company without obtaining a...
Part IV - Home Improvement Sales And Finance (ss. 520.60-520.98)
- §520.60 Short title.
This act may be known and cited as "The Home Improvement Sales and Finance Act." History.--s. 1, ch. 69-44; s. 3, ch. 76-168; s. 1,...
- §520.61 Definitions.
As used in this act: (1) "Banking institution" means any bank, bank and trust company, trust company, or any national banking association organized and doing business...
- §520.63 Licensees.
(1) A person may not engage in or transact any business as a home improvement finance seller or operate a branch without first obtaining a license...
- §520.68 Persons not required to be licensed.
No home improvement finance seller's or seller's license shall be required under this act of any person when acting in any capacity or type of...
- §520.69 Scope of license authority; scope of provisions.
(1) All persons engaged in the home improvement business as defined herein shall be required to obtain a license under this act as well as any...
- §520.70 Employee of the seller.
(1) No individual may concurrently represent more than one home improvement finance seller in the solicitation or negotiation of any home improvement contract from an owner....
- §520.71 Contract copy to owner.
Every home improvement finance seller shall furnish without charge a completely executed copy of the home improvement contract to the owner immediately after the owner...
- §520.72 Cancellation of contract.
Every home improvement finance seller or home improvement seller shall furnish to the buyer a notice of the right to rescind the contract. Either party...
- §520.73 Home improvement contract; form and content; separate disclosures.
(1) Every home improvement contract shall be evidenced by a written agreement and shall be signed by the parties. The home improvement contract shall be in...
- §520.74 Provisions expressly prohibited.
No home improvement contract shall contain any provision by which: (1) The buyer agrees not to assert against a home improvement finance seller a claim or...
- §520.75 Buyer's waiver of statutory protection.
No act, agreement, or statement of any buyer under a home improvement contract shall constitute a valid waiver of any provision of this act intended...
- §520.76 Insurance provisions, procurement, rates.
(1) The premium paid for any group credit life or other insurance shall be included in the home improvement contract. (2) The home improvement contract shall state...
- §520.78 Finance charge limitation.
(1) The maximum finance charge included in a home improvement contract payable in substantially equal successive monthly installments beginning 1 month from the date the finance...
- §520.785 Simple-interest contracts.
A retail installment contract under The Home Improvement Sales and Finance Act may provide that the finance charge be calculated on a simple-interest basis subject...
- §520.79 Unauthorized charges.
All costs and charges in connection with home improvement contracts which are not authorized by this act shall be unenforceable. Any payment of such costs...
- §520.80 Mortgages, promissory notes.
Every promissory note or mortgage shall bear on the side of the note or mortgage which contains the maker's signature the following legend in at...
- §520.81 Completion certificate.
(1) Upon completion of the home improvement for which the owner and the home improvement finance seller contracted, the seller shall prepare a certificate which shall...
- §520.82 Statement of account.
Upon written request from the owner, the holder of the home improvement contract shall deliver to the owner within 10 days from receipt of the...
- §520.83 Cancellation of contract on payment in full.
(1) For all home improvement contracts pursuant to which there is a lien, mortgage, or encumbrance upon the goods or real property, upon payment in full...
- §520.84 Credit to owner on prepayment.
Any buyer may pay in full at any time before maturity the debt of any home improvement contract and in so paying such debt shall...
- §520.85 Delinquency and collection charges; court costs and attorney's fees.
A home improvement contract may provide for the payment by the owner of a delinquency and collection charge on each installment in default for a...
- §520.86 Extension or deferment.
(1) The holder of a home improvement contract, upon agreement in writing with the owner, may extend the scheduled due date, or defer the scheduled payment,...
- §520.87 Receipt for cash payment; payment to assignor.
Whenever payment is made in cash on account of any home improvement contract, the person receiving such payment shall, at the time of receiving such...
- §520.88 Assignments of contracts or notes.
(1) No holder shall sell, transfer, or assign any obligation in connection with a home improvement contract or any evidence of indebtedness thereunder to any person...
- §520.90 Prohibited acts.
The following acts are prohibited: (1) Abandonment or willful failure to perform, without justification, any home improvement contract or project engaged in or undertaken by a...
- §520.91 Uttering a false completion certificate.
Any person who accepts or receives a completion certificate or other evidence that performance of a home improvement contract is complete or satisfactorily concluded, with...
- §520.92 Compensation of other than licensee prohibited.
No home improvement finance seller shall pay, credit, or allow any consideration or compensation of any kind to any other home improvement finance seller, other...
- §520.98 Penalties.
(1) Any person who willfully and intentionally violates any provision of s. 520.995 or engages in the business of a home improvement finance seller or a...
Part V - Department Regulation Of Sales And Finance
(ss. 520.993-520.999)
- §520.993 Definitions.
The definitions contained within ss. 520.02, 520.31, and 520.61 apply to this part. History.--ss. 34, 36, ch. 90-103; s. 4, ch. 91-429. ...
- §520.994 Powers of office.
(1) The office may issue and serve subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records, and other evidence before...
- §520.995 Grounds for disciplinary action.
(1) The following acts are violations of this chapter and constitute grounds for the disciplinary actions specified in subsection (2): (a) Failure to comply with any provision...
- §520.996 Investigations and complaints.
(1)(a) The office or its agent may, at intermittent periods, make such investigations and examinations of any licensee or other person as it deems necessary to...
- §520.9965 Confidentiality of information relating to investigations and examinations.
(1)(a) Except as otherwise provided by this section, information relative to an investigation or examination by the office pursuant to this chapter, including any consumer complaint...
- §520.997 Books, accounts, and records.
(1) Every licensee shall maintain, at the principal place of business, such books, accounts, and records of the business conducted under the license issued for such...
- §520.998 Regulatory Trust Fund.
All fees, charges, and fines collected by the office pursuant to this chapter shall be deposited in the State Treasury to the credit of the...
- §520.999 Requirements of licensees.
(1) Each licensee under this chapter shall report, on a form prescribed by rule of the commission, any change in the information contained in any initial...
