Florida Statute 516.35 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 516
CONSUMER FINANCE

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F.S. 516.35

516.35 Credit insurance must comply with credit insurance act.—

(1) Tangible property offered as security may be reasonably insured against loss for a reasonable term, considering the circumstances of the loan. If such insurance is sold at standard rates through a person duly licensed by the Department of Financial Services and if the policy is payable to the borrower or any member of her or his family, it shall not be deemed to be a collateral sale, purchase, or agreement even though a customary mortgagee clause is attached or the licensee is a coassured.

(2) Credit property, credit life, and disability insurance may be provided at the expense of the borrowers and must be provided under a group or individual insurance policy which complies with ss. 627.676-627.684 and lawful regulations thereunder. The cost of such insurance shall be deducted from the principal amount of the loan and shall be disclosed on the statement required by s. 516.15(1) or on a combined note and disclosure statement required by the federal Truth in Lending Act.

History.—s. 12, ch. 73-192; s. 2, ch. 81-318; s. 536, ch. 82-243; ss. 14, 16, 17, ch. 88-342; s. 4, ch. 91-429; s. 681, ch. 97-103; s. 582, ch. 2003-261; s. 14, ch. 2004-390.

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Amendments to 516.35

Arrestable Offenses / Crimes under Fla. Stat. 516.35

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 516.35.

Annotations, Discussions, Cases:

Cases Citing Statute 516.35

Total Results: 3

State v. Beach Blvd Automotive, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2014-05-19

Citation: 139 So. 3d 380, 2014 WL 2040853, 2014 Fla. App. LEXIS 7574

Snippet: regulating the type of insurance at issue. Section 516.35, Florida Statutes (2011), which is entitled “Credit

Vissers v. Jordon

Court: District Court of Appeal of Florida | Date Filed: 1961-07-14

Citation: 131 So. 2d 754, 1961 Fla. App. LEXIS 2820

Snippet: 81 *756So. 476; Sater v. Stenor, Inc., 160 Fla. 516, 35 So.2d 584; Schutzer v. City of Miami, Fla.App.1958

Van Roy v. Hoover

Court: Supreme Court of Florida | Date Filed: 1928-07-11

Citation: 117 So. 887, 96 Fla. 194

Snippet: 5 L. R. A. 104; Cochrane v. Schnell, 140 N.Y. 516, 35 N.E. R. *Page 200 971; Minot v. Taylor, 129 Mass