Florida Statutes

Fla. Stat. § 520.31 (2025)

Definitions.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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520.31 Definitions.—Unless otherwise clearly indicated by the context, the following words when used in this act, for the purposes of this act, shall have the meanings respectively ascribed to them in this section:

(1) “Branch” means any location, other than a licensee’s principal place of business, at which a licensee operates or conducts business under this act or which a licensee owns or controls for the purpose of conducting business under this act.

(2) “Cash price” means the price at which the seller, in the ordinary course of business, offers to sell for cash the property or service that is the subject of the transaction. At the seller’s option, the term “cash price” may include the price of accessories, services related to the sale, service contracts, and taxes. The term “cash price” does not include any finance charge.

(3) “Commission” means the Financial Services Commission.

(4) “Control person” means an individual, partnership, corporation, trust, or other organization that possesses the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person is presumed to control a company if, with respect to a particular company, that person:

(a) Is a director, general partner, or officer exercising executive responsibility or having similar status or functions;

(b) Directly or indirectly has the right to vote 10 percent or more of a class of a voting security or has the power to sell or direct the sale of 10 percent or more of a class of voting securities; or

(c) In the case of a partnership, has the right to receive upon dissolution or has contributed 10 percent or more of the capital.

(5) “Down payment” means the amount, including the value of any property used as a trade-in, paid to a seller to reduce the cash price of goods or services purchased in a credit sale transaction. A deferred portion of a down payment may be treated as part of the down payment if it is payable not later than the due date of the second otherwise regularly scheduled payment and is not subject to a finance charge.

(6) “Finance charge” means the cost of consumer credit as a dollar amount. The term “finance charge” includes any charge payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to or a condition of the extension of credit. The term “finance charge” does not include any charge of a type payable in a comparable cash transaction.

(7) “Goods” means all personalty when purchased primarily for personal, family, or household use, including certificates or coupons issued by a retail seller exchangeable for personalty or services, but not including other choses in action, personalty sold for commercial or industrial use, money, motor vehicles or construction, mining, or quarrying equipment. The term “goods” includes such personalty which is furnished or used, at the time of sale or subsequently, in the modernization, rehabilitation, repair, alteration, improvement, or construction of real property as to become a part thereof, whether or not severable therefrom.

(8) “Holder” means the retail seller or an assignee of the retail seller.

(9) “Motor vehicle” means any device or vehicle operated over the public highways and streets of this state and propelled by other than muscular power, but does not include traction engines, road rollers, implements of husbandry and other agricultural equipment, and such vehicles as run only upon a track.

(10) “Office” means the Office of Financial Regulation of the commission.

(11) “Official fees” means fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of, or for perfecting, releasing, or satisfying, any security related to the credit transaction or the premium payable for any insurance in lieu of perfecting any security interest otherwise required by the creditor in connection with the transaction, if the premium does not exceed the fees and charges which would otherwise be payable to public officials.

(12) “Principal place of business” means the physical location designated on the licensee’s application for licensure, unless otherwise designated as required by this chapter.

(13) “Retail buyer” or “buyer” means a person who buys goods or obtains services from a retail seller in a retail installment transaction and not principally for the purpose of resale.

(14) “Retail installment contract” or “contract” means an instrument or instruments reflecting one or more retail installment transactions entered into in this state pursuant to which goods or services may be paid for in installments. It does not include a revolving account or an instrument reflecting a sale pursuant thereto.

(15) “Retail installment transaction” or “transaction” means a contract to sell or furnish or the sale of or the furnishing of goods or services by a retail seller to a retail buyer pursuant to a retail installment contract or a revolving account.

(16) “Retail seller” or “seller” means a person regularly engaged in, and whose business consists to a substantial extent of, selling goods to a retail buyer. The term also includes a seller who regularly grants credit to retail buyers pursuant to a retail installment contract or a revolving account for the purpose of purchasing goods or services from any other person.

(17) “Revolving account” or “account” means an instrument or instruments prescribing the terms of retail installment transactions which may be made thereafter from time to time pursuant thereto, under which the buyer’s total unpaid balance thereunder, whenever incurred, is payable in installments over a period of time and under the terms of which a finance charge is to be computed in relation to the buyer’s unpaid balance from time to time.

(18) “Sales finance company” means a person engaged in the business of purchasing retail installment contracts from one or more retail sellers. The term includes, but is not limited to, a bank or trust company, if so engaged. The term does not include the pledgee of an aggregate number of such contracts to secure a bona fide loan thereon.

(19) “Services” means work, labor, or other personal services furnished for personal, family, or household use, including but not limited to the delivery, installation, servicing, repair, or improvement of goods, and includes such work or labor furnished in connection with the modernization, rehabilitation, repair, alteration, improvement, or construction upon or in connection with real property.

History.—s. 2, ch. 59-414; s. 1, ch. 61-398; s. 1, ch. 63-547; ss. 12, 35, ch. 69-106; s. 7, ch. 69-370; s. 199, ch. 71-377; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 80-256; s. 2, ch. 81-318; ss. 1, 2, ch. 82-77; s. 3, ch. 83-123; ss. 10, 35, 36, ch. 90-103; s. 4, ch. 91-429; s. 10, ch. 99-164; s. 622, ch. 2003-261; s. 42, ch. 2006-213.

Notes of Decisions

Cited in 7 cases, 1965–2000 · leading case: Gordon v. West Florida Enter. of Pensacola, Inc., 177 So. 2d 859 (Fla. 1st DCA 1965).

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Gordon v. West Florida Enter. of Pensacola, Inc., 177 So. 2d 859 (Fla. 1st DCA 1965). · cites it 6× “[3] F.S. § 520.31(1), F.S.A. [4] F.S. § 520.31(3), F.”

Federated Dept. Stores, Inc. v. Pasco, 275 So. 2d 46 (Fla. 3d DCA 1973). · cites it 2× “A "revolving account" is defined by Fla. Stat. § 520.31 , F.S.A., as follows: "(8) `Revolving account' or `account' means an instrument or instruments prescribing the terms of retail installment transactions which may be made thereafter from time to time pursuant thereto, under…”

In Re Oszajca, 207 B.R. 41 (2d Cir. BAP 1997). · cites it 2× “in a retail installment contract the purchase price of each purchase thereunder is to be payable in installments, from month to month or some other regular period, the time price differential being calculated at the time of purchase and the time of payment determined; while in a…”

Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995). · cites it 7× “” § 520.31(10), Fla.Stat. Credicorp argues that under section 520.”

Holzhauer-Mosher v. Ford Motor Co., 772 So. 2d 7 (Fla. 2d DCA 2000). · cites it 2× “[2] Section 520.31(1), Florida Statutes (1997), provides: "Cash price" means the price at which the seller, in the ordinary course of business, offers to sell for cash the property or service that is the subject of the transaction.”

Sears, Roebuck & Co. v. Taylor (In re Taylor), 208 B.R. 720 (Bankr. M.D. Fla. 1997). · cites it 4× “§ 520.31(10) defines a "retail installment contract” as “an instrument or instruments reflecting one or more installment transactions entered into in this state pursuant to which goods or services may be paid for in installments.”

Maas Bros., Inc. v. Green, 182 So. 2d 633 (Fla. 1st DCA 1966). · cites it 3× “, proclaimed its retail installment sales credit plan, sub judice, to constitute a “revolving account” within the meaning of Section 2, subsection 8 of Chapter 59-414 Laws of Florida 1959, now appearing as Section 520.31, Florida Statutes, F.S.A. In connection with the…”

— 520.31(1) — 2 cases

Holzhauer-Mosher v. Ford Motor Co., 772 So. 2d 7 (Fla. 2d DCA 2000). “[2] Section 520.31(1), Florida Statutes (1997), provides: "Cash price" means the price at which the seller, in the ordinary course of business, offers to sell for cash the property or service that is the subject of the transaction.”

Gordon v. West Florida Enter. of Pensacola, Inc., 177 So. 2d 859 (Fla. 1st DCA 1965). “[3] F.S. § 520.31(1), F.S.A. [4] F.S. § 520.31(3), F.”

— 520.31(10) — 2 cases

Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995). “” § 520.31(10), Fla.Stat. Credicorp argues that under section 520.”

Sears, Roebuck & Co. v. Taylor (In re Taylor), 208 B.R. 720 (Bankr. M.D. Fla. 1997). “§ 520.31(10) defines a "retail installment contract” as “an instrument or instruments reflecting one or more installment transactions entered into in this state pursuant to which goods or services may be paid for in installments.”

— 520.31(11) — 1 case

Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995). “” § 520.31(10), Fla.Stat. Credicorp argues that under section 520.”

— 520.31(13) — 1 case

— 520.31(3) — 1 case

Gordon v. West Florida Enter. of Pensacola, Inc., 177 So. 2d 859 (Fla. 1st DCA 1965). “[3] F.S. § 520.31(1), F.S.A. [4] F.S. § 520.31(3), F.”

— 520.31(6) — 1 case

Gordon v. West Florida Enter. of Pensacola, Inc., 177 So. 2d 859 (Fla. 1st DCA 1965). “[3] F.S. § 520.31(1), F.S.A. [4] F.S. § 520.31(3), F.”

— 520.31(8) — 1 case

Maas Bros., Inc. v. Green, 182 So. 2d 633 (Fla. 1st DCA 1966). “, proclaimed its retail installment sales credit plan, sub judice, to constitute a “revolving account” within the meaning of Section 2, subsection 8 of Chapter 59-414 Laws of Florida 1959, now appearing as Section 520.31, Florida Statutes, F.S.A. In connection with the…”

— 520.31(9) — 1 case

Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995). “” § 520.31(10), Fla.Stat. Credicorp argues that under section 520.”

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