CopyPublished | District Court of Appeal of Florida | 1995 Fla. App. LEXIS 7535, 20 Fla. L. Weekly Fed. D 1639
...the company’s president after Rheinfrank’s departure. Appellants were specifically charged with violating the licensing provisions for retail installment contractors found in section
520.32, 2 Florida Statutes, and the loan broker provisions in section
687.141, 3 Florida Statutes....
...tes; (2) even if the licensing provisions do not violate the Commerce Clause, they do not apply to Credicorp because they do not cover retail installment contracts not entered into in Florida; (3) because Credicorp is not a loan broker as defined in section 687.14(4), 4 it did not violate the provisions of section 687.141 by collecting an advance fee from borrowers in exchange for its services as a loan broker; and (4) the penalty 5 imposed is unduly harsh....
...ers 516, 520, 687 and 817, Florida Statutes. Before the final hearing, the Department withdrew its allegations that Credieorp violated chapters 516 and 817. The Department alleged Credieorp was a “loan broker” under chapter 687 and was violating section 687.141 by collecting an advance fee from boiTowers in exchange for its services as a loan broker and making misleading representations or omissions in connection with the offer or sale of its services....
...Therefore, the Department, as the agency responsible for compliance with the statute, did not abuse its discretion in finding that Credieorp entered into “retail installment contracts” in this state. IV The Loan Broker Act A We affirm the Department’s ruling that appellants violated provisions of sections 687.141(1) and (3). Although appellants contend that Credieorp is not a loan broker as defined in section 687.14(4) 9 , our review of the record and the statute leads to a contrary conclusion....
...Primarily, appellants contend that Credieorp fits the exception in the loan broker act for any “retail installment sales company ... licensed by and subject to regulation or supervision of any agency of the United States or this state and ... acting within the scope of the license.” § 687.14(4), Fla.Stat....
...without offending the Commerce Clause, Credieorp falls within the exception for retail installment companies. We disagree. Even if the state cannot require Credieorp to be licensed in Florida, Credieorp may not shelter itself under the definition in section 687.14(4), which excepts only retail installment sales companies licensed by any agency of the United States or Florida....
..., or complying with Florida’s regulation that prohibits certain loan brokering acts. Credieorp chose not to voluntarily submit to licensure; therefore, it was required to play by the rules found in chapter 687. The loan broker provisions, sections 687.14-687.148, viewed in light of the cases discussed in section II, supra, constitute a permissible exercise of Florida’s police power....
...rotecting against the presumed evils....”
447 U.S. at 43 ,
100 S.Ct. at 2019 . 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....
...This case is, thus, different from those eases in which the out-of-state company found itself, as the result of protectionist legislation, unable, by any means, to obtain the same treatment afforded to domestic companies. B Credicorp next argues that it does not fall within the definition of a “loan broker” contained in section 687.14(4)....
...a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature; (c) acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or (d) holds himself out as a loan broker. § 687.14(4), Fla.Stat....
...rvices or merchandise from other retailers. We reject Credicorp’s argument that it is protected because the line of credit and credit card offers were in truth neither. V Finally, the award of penalties was within the permissible range as found in section 687.143 and is supported by competent substantial evidence....
...s without a license, except that a license is not required for a retail seller whose retail installment transactions are limited to the honoring of credit cards issued by dealers in oil and petroleum products licensed to do business in this state. . Section 687.141 provides: No loan broker shall: (1) Assess or collect an advance fee from a borrower to provide services as a loan broker....
...fer or sale of the services of a loan broker, notwithstanding the absence of reliance by the buyer. (3) Make or use any false or deceptive representation in its business dealings or to the department or conceal a material fact from the department. . Section 687.14(4) defines “loan broker" as: [A]ny 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-dea...
...line of credit or related guarantee, enhancement, or collateral of any kind or nature; (c) Acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or (d) Holds himself out as a loan broker. .Penalties were imposed pursuant to section 687.143(3), Florida Statutes (1991), which provides: (3) The department may impose and collect an administrative fine against any person found to have violated any provision of this act, any rule or order promulgated by the department, or any...
