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An act relating to title loans; amending s. 537.002, F.S.;

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clarifying that ch. 537, F.S., the Florida Title Loan Act,

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regulates title loans to consumers; amending s. 537.003,

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F.S.; defining the term "consumer" for purposes of ch.

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537, F.S.; providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Section 537.002, Florida Statutes, is amended to

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read:

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     537.002  Legislative intent.--It is the intent of the

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Legislature in the creation of this chapter that title loans to

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consumers shall be regulated by the provisions of this act. The

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provisions of this act shall supersede any other provisions of

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state law affecting title loans to the extent of any conflict.

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     Section 2.  Section 537.003, Florida Statutes, is amended to

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read:

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     537.003  Definitions.--As used in this act, unless the

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context otherwise requires:

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     (1)  "Commercially reasonable" has the same meaning as used

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in part V of chapter 679. In addition, nonpublic sales or

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disposal of personal property between a title loan lender and any

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business affiliates of a title loan lender or a member of a title

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loan lender's family are presumed not to be made in a

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commercially reasonable manner.

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     (2)  "Commission" means the Financial Services Commission.

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     (3) "Consumer" means an individual borrowing money for

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personal, family, or household purposes.

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     (4)(3) "Office" means the Office of Financial Regulation of

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the commission.

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     (5)(4) "Executive officer" means the president, chief

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executive officer, chief financial officer, chief operating

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officer, executive vice president, senior vice president,

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secretary, and treasurer.

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     (6)(5) "Identification" means a government-issued

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photographic identification.

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     (7)(6) "Interest" means the cost of obtaining a title loan

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and includes any profit or advantage of any kind whatsoever that

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a title loan lender may charge, contract for, collect, receive,

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or in any way obtain as a result of a title loan.

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     (8)(7) "License" means a permit issued under this act to

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make or service title loans in accordance with this act at a

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single title loan office.

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     (9)(8) "Licensee" means a person who is licensed as a title

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loan lender.

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     (10)(9) "Loan property" means any motor vehicle certificate

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of title that is deposited with a title loan lender as a security

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for a title loan in the course of the title loan lender's

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business.

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     (11)(10) "Motor vehicle" means an automobile, motorcycle,

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mobile home, truck, trailer, semitrailer, truck tractor and

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semitrailer combination, or any other vehicle operated on the

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public highways and streets of this state, used to transport

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persons or property, and propelled by power other than muscular

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power, but excluding a vehicle which runs only upon a track and a

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mobile home that is the primary residence of the owner.

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     (12)(11) "Title loan" or "loan" means a loan of money to a

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consumer secured by bailment of a certificate of title to a motor

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vehicle, except such loan made by a person licensed under chapter

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516, chapter 520, chapter 655, chapter 657, chapter 658, chapter

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660, chapter 663, chapter 665, or chapter 667 or a person who

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complies with s. 687.03.

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     (13)(12) "Title loan agreement" or "agreement" means a

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written agreement in which a title loan lender agrees to make a

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title loan to a borrower.

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     (14)(13) "Title loan lender" or "lender" means any person

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who engages in the business of making or servicing title loans.

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     (15)(14) "Title loan office" means the location at which,

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or premises from which, a title loan lender regularly conducts

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business under this chapter or any other location that is held

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out to the public as a location at which a lender makes or

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services title loans.

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     (16)(15) "Titled personal property" means a motor vehicle

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that has as evidence of ownership a state-issued certificate of

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title except for a mobile home that is the primary residence of

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the borrower.

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     (17)(16) "Ultimate equitable owner" means a person who,

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directly or indirectly, owns or controls an ownership interest in

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a corporation, a foreign corporation, an alien business

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organization, or any other form of business organization,

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regardless of whether such person owns or controls such ownership

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interest through one or more persons or one or more proxies,

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powers of attorney, nominees, corporations, associations,

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partnerships, trusts, joint stock companies, or other entities or

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devices, or any combination thereof.

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     Section 3.  This act shall take effect July 1, 2008.