Industry Alert: OFR Temporarily Expands Motor Vehicle Retail Installment Initial Payment Rule
04/17/2020
Tallahassee, Fla. - The Florida Office of Financial Regulation (OFR) today issued an emergency order to allow additional time before a first payment is due on an automobile loan.
A motor vehicle retail installment seller, licensed with OFR per Chapter 520, Florida Statutes, may allow the first payment of a motor vehicle retail installment contract to be scheduled up to 90 days from the date of the loan.
Consumer finance financial services businesses and professionals in Florida are ready and willing to assist consumers impacted by COVID-19. OFR will continue to communicate with state and federal agencies and the financial services industry regarding the latest developments.