HB 477

1	A bill to be entitled
2	An act relating to title loans; amending s. 537.002, F.S.;
3	revising legislative intent to specify application of ch.
4	537, F.S., the Florida Title Loan Act, to title loans to
5	consumers; amending s. 537.003, F.S.; defining the term
6	"consumer" for purposes of ch. 537, F.S.; providing an
7	effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1.  Section 537.002, Florida Statutes, is amended
12	to read:
13	537.002  Legislative intent.--It is the intent of the
14	Legislature in the creation of this chapter that title loans to
15	consumers shall be regulated by the provisions of this act. The
16	provisions of this act shall supersede any other provisions of
17	state law affecting title loans to the extent of any conflict.
18	Section 2.  Section 537.003, Florida Statutes, is amended
19	to read:
20	537.003  Definitions.--As used in this act, unless the
21	context otherwise requires:
22	(1)  "Commercially reasonable" has the same meaning as used
23	in part V of chapter 679. In addition, nonpublic sales or
24	disposal of personal property between a title loan lender and
25	any business affiliates of a title loan lender or a member of a
26	title loan lender's family are presumed not to be made in a
27	commercially reasonable manner.
28	(2)  "Commission" means the Financial Services Commission.
29	(3)  "Consumer" means an individual borrowing money for
30	personal, family, or household purposes.
31	(4)(3)  "Office" means the Office of Financial Regulation
32	of the commission.
33	(5)(4)  "Executive officer" means the president, chief
34	executive officer, chief financial officer, chief operating
35	officer, executive vice president, senior vice president,
36	secretary, and treasurer.
37	(6)(5)  "Identification" means a government-issued
38	photographic identification.
39	(7)(6)  "Interest" means the cost of obtaining a title loan
40	and includes any profit or advantage of any kind whatsoever that
41	a title loan lender may charge, contract for, collect, receive,
42	or in any way obtain as a result of a title loan.
43	(8)(7)  "License" means a permit issued under this act to
44	make or service title loans in accordance with this act at a
45	single title loan office.
46	(9)(8)  "Licensee" means a person who is licensed as a
47	title loan lender.
48	(10)(9)  "Loan property" means any motor vehicle
49	certificate of title that is deposited with a title loan lender
50	as a security for a title loan in the course of the title loan
51	lender's business.
52	(11)(10)  "Motor vehicle" means an automobile, motorcycle,
53	mobile home, truck, trailer, semitrailer, truck tractor and
54	semitrailer combination, or any other vehicle operated on the
55	public highways and streets of this state, used to transport
56	persons or property, and propelled by power other than muscular
57	power, but excluding a vehicle which runs only upon a track and
58	a mobile home that is the primary residence of the owner.
59	(12)(11)  "Title loan" or "loan" means a loan of money to a
60	consumer secured by bailment of a certificate of title to a
61	motor vehicle, except such loan made by a person licensed under
62	chapter 516, chapter 520, chapter 655, chapter 657, chapter 658,
63	chapter 660, chapter 663, chapter 665, or chapter 667 or a
64	person who complies with s. 687.03.
65	(13)(12)  "Title loan agreement" or "agreement" means a
66	written agreement in which a title loan lender agrees to make a
67	title loan to a borrower.
68	(14)(13)  "Title loan lender" or "lender" means any person
69	who engages in the business of making or servicing title loans.
70	(15)(14)  "Title loan office" means the location at which,
71	or premises from which, a title loan lender regularly conducts
72	business under this chapter or any other location that is held
73	out to the public as a location at which a lender makes or
74	services title loans.
75	(16)(15)  "Titled personal property" means a motor vehicle
76	that has as evidence of ownership a state-issued certificate of
77	title except for a mobile home that is the primary residence of
78	the borrower.
79	(17)(16)  "Ultimate equitable owner" means a person who,
80	directly or indirectly, owns or controls an ownership interest
81	in a corporation, a foreign corporation, an alien business
82	organization, or any other form of business organization,
83	regardless of whether such person owns or controls such
84	ownership interest through one or more persons or one or more
85	proxies, powers of attorney, nominees, corporations,
86	associations, partnerships, trusts, joint stock companies, or
87	other entities or devices, or any combination thereof.
88	Section 3.  This act shall take effect July 1, 2008.

CODING: Words stricken are deletions; words underlined are additions.