Florida Statutes

Fla. Stat. § 687.14 (2025)

Definitions.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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687.14 Definitions.—As used in this act, unless the context otherwise requires:

(1) “Advance fee” means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker.

(2) “Borrower” means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit.

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

(4) “Loan broker” means any person, except any bank or savings and loan association, trust company, building and loan association, credit union, consumer finance company, retail installment sales company, securities broker-dealer, real estate broker or sales associate, attorney, federal Housing Administration or United States Department of Veterans Affairs approved lender, credit card company, installment loan licensee, mortgage broker or lender, or insurance company, provided that the person excepted is licensed by and subject to regulation or supervision of any agency of the United States or this state and is acting within the scope of the license; and also excepting subsidiaries of licensed or chartered consumer finance companies, banks, or savings and loan associations; who:

(a) For or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;

(b) For or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;

(d) Holds herself or himself out as a loan broker.

(5) “Principal” means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker.

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

History.—s. 1, ch. 91-87; s. 35, ch. 93-268; s. 748, ch. 97-102; s. 57, ch. 2003-164; s. 1873, ch. 2003-261.

Notes of Decisions

Cited in 4 cases (2 in the last 5 years), 1995–2022 · leading case: Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995).

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Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995). · cites it 12× “The statute presently under review regulates, rather than prohibits, loan brokering, and Credieorp raises no argument that it is unable to meet one of the exceptions of section 687.14, only that it may not constitutionally be required to meet one of the exceptions.”

Dept. of Banking & Fin. v. Credicorp, 684 So. 2d 746 (Fla. 1996). · cites it 2× “The court held that (1) Credicorp was a retail installment seller under the Act, (2) the licensing *750 requirements of the Retail Installment Sales Act could not be applied to Credicorp without violating the Commerce Clause, (3) Credicorp was a loan broker as defined in section…”

Wright v. GreenSky Mgmt. Co., LLC (S.D. Fla. 2022). · cites it 2× “The Complaint asserts the following three counts against Defendants: Count I – Violations of Florida’s Loan Broker Law (“FLBL”) ( Fla. Stat. § 687.14 , et seq.); Count II – Violations of Florida’s Credit Service Organizations Act (“CSOA”) ( Fla.”

— 687.14(4) — 1 case

Credicorp, Inc. v. State, Dep't of Banking & Fin., 659 So. 2d 376 (Fla. 1st DCA 1995). “The statute presently under review regulates, rather than prohibits, loan brokering, and Credieorp raises no argument that it is unable to meet one of the exceptions of section 687.14, only that it may not constitutionally be required to meet one of the exceptions.”

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