Florida Senate - 2019                        COMMITTEE AMENDMENT
       Bill No. SB 874
       
       
       
       
       
       
                                Ì402070iÎ402070                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: RS            .                                
                  03/25/2019           .                                
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       The Committee on Banking and Insurance (Rouson) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 146 - 245
    4  and insert:
    5         (c)Demonstrate financial responsibility, experience,
    6  character, or general fitness, such as to command the confidence
    7  of the public and to warrant the belief that the business
    8  operated at the licensed or proposed location is lawful, honest,
    9  fair, efficient, and within the purposes of this chapter.
   10         (d)Not be subject to the issuance of a cease and desist
   11  order; the issuance of a removal order; the denial, suspension,
   12  or revocation of a license; or any other action within the
   13  authority of the office, any financial regulatory agency in this
   14  state, or any other state or federal regulatory agency that
   15  affects the ability of such person to participate in the
   16  program.
   17         (3)(a)A program applicant must file with the office a
   18  digital application in a form and manner prescribed by
   19  commission rule which contains all of the following information
   20  with respect to the applicant:
   21         1.The legal business name and any other name under which
   22  the applicant operates.
   23         2.The applicant’s main address.
   24         3.The applicant’s telephone number and e-mail address.
   25         4.The address of each program branch office.
   26         5.The name, title, address, telephone number, and e-mail
   27  address of the applicant’s contact person.
   28         6.The license number, if the applicant is licensed under
   29  s. 516.05.
   30         7.A statement as to whether the applicant intends to use
   31  the services of one or more access partners under s. 516.44.
   32         8.A statement that the applicant has been accepted as a
   33  data furnisher by a consumer reporting agency and will report to
   34  a consumer reporting agency the payment performance of each
   35  borrower on all program loans.
   36         9.The signature and certification of an authorized person
   37  of the applicant.
   38         (b)A person who desires to participate in the program but
   39  who is not licensed to make consumer finance loans pursuant to
   40  s. 516.05 must concurrently submit the following digital
   41  applications in a form and manner specified in this chapter to
   42  the office:
   43         1.An application pursuant to s. 516.03 for licensure to
   44  make consumer finance loans.
   45         2.An application for admission to the program in
   46  accordance with paragraph (a).
   47         (4)Except as otherwise provided in ss. 516.405-516.46, a
   48  program licensee is subject to all the laws and rules governing
   49  consumer finance loans under this chapter. A program license
   50  must be renewed biennially.
   51         (5)Notwithstanding s. 516.05(3), only one program license
   52  is required for a person to make program loans under ss.
   53  516.405-516.46, regardless of whether the program licensee
   54  offers program loans to prospective borrowers at its own
   55  physical business locations, through access partners, or via an
   56  electronic access point through which a prospective borrower may
   57  directly access the website of the program licensee.
   58         (6)Each branch office of a program licensee must be
   59  licensed under this section.
   60         (7)The office shall issue a program branch office license
   61  to a program licensee after the office determines that the
   62  program licensee has submitted a completed electronic
   63  application for a program branch office license in a form
   64  prescribed by commission rule. The program branch office license
   65  must be issued in the name of the program licensee that
   66  maintains the branch office. An application is considered
   67  received for purposes of s. 120.60 upon receipt of a completed
   68  application form. The application for a program branch office
   69  license must contain the following information:
   70         (a)The legal business name and any other name under which
   71  the applicant operates.
   72         (b)The applicant’s main address.
   73         (c)The applicant’s telephone number and e-mail address.
   74         (d)The address of each program branch office.
   75         (e)The name, title, address, telephone number, and e-mail
   76  address of the applicant’s contact person.
   77         (f)The applicant’s license number, if the applicant is
   78  licensed under this chapter.
   79         (g)The signature and certification of an authorized person
   80  of the applicant.
   81         (8)Except as provided in subsection (9), a program branch
   82  office license must be renewed biennially at the time of
   83  renewing the program license.
   84         (9)Notwithstanding subsection (7), the office may deny an
   85  initial or renewal application for a program license or program
   86  branch office license if the applicant or any person with power
   87  to direct the management or policies of the applicant’s
   88  business:
   89         (a)Fails to demonstrate financial responsibility,
   90  experience, character, or general fitness, such as to command
   91  the confidence of the public and to warrant the belief that the
   92  business operated at the licensed or proposed location is
   93  lawful, honest, fair, efficient, and within the purposes of this
   94  chapter.
   95         (b)Pled nolo contendere to, or was convicted or found
   96  guilty of, a crime involving fraud, dishonest dealing, or any
   97  act of moral turpitude, regardless of whether adjudication was
   98  withheld.
   99         (c)Is subject to the issuance of a cease and desist order;
  100  the issuance of a removal order; the denial, suspension, or
  101  revocation of a license; or any other action within the
  102  authority of the office, any financial regulatory agency in this
  103  state, or any other state or federal regulatory agency that
  104  affects the applicant’s ability to participate in the program.
  105         (10)The commission shall adopt rules to implement this
  106  section.
  107         Section 4. Section 516.43, Florida Statutes, is created to
  108  read:
  109         516.43Requirements for program loans.—
  110         (1)REQUIREMENTS.—A program licensee shall comply with each
  111  of the following requirements in making program loans:
  112         (a)A program loan must be unsecured.
  113         (b)A program loan must have:
  114         1.A term of at least 120 days, but not more than 60
  115  months, for a loan with a principal