Consumer & commercial lending in Florida

Who needs this in Florida

Florida is a rate-and-product trigger state. A Consumer Finance License under Chapter 516 is generally required to make consumer loans of $25,000 or less at more than 18 percent interest. Retail installment and sales-finance products fall under Chapter 520 instead. Banks and credit unions lending under a charter are typically exempt.

Where to file

Map each product to Chapter 516 or Chapter 520, then file with OFR. The 18 percent / $25,000 line is in the Florida Consumer Finance Act — confirm the current statute text before you rely on an exemption.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts
• Florida Statutes Chapter 516