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License requirements vary by each license type. All license holders and license applicants are responsible for identifying and gathering all requirements for their license.
Commercial Collection Agencies
COM: Commercial Collection Agencies – Chapter 559 Part V, Florida Statutes: The registration authorizes the holder to collect or solicit collection for commercial claims, asserted to be owed or due to another person, including third party collectors (assignee) of debts made by commercial business.
CCA: Consumer Collection Agencies – Chapter 559 Part VI, Florida Statutes: This registration authorizes the holder to collect or attempt to collect consumer debts, asserted to be owed or due to another person, including third party collectors (assignee) of debts made by individual consumers.
A Consumer Collection Agency may also collect third party commercial debts as long as less than one-half of the collection revenue of such agency arises from the collection of commercial claims.
CF: Consumer Finance Company: The license authorizes the holder to solicit, make and collect loans to consumers in this state for an amount not exceeding $25,000 at an interest rate greater than 18%. The license is not required for banks and certain other financial institutions doing business under state or federal laws.
Each location is treated as an independent license and there are no branches. The license does not apply to title loans or pawns.
LO: Loan Originator – Chapter 494, Florida Statutes: The license is required for an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan , accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a non-institutional investor for compensation or gain. The term includes an individual who is required to be licensed as a loan originator under the S.A.F.E. Mortgage Licensing Act of 2008.
The term does not include an employee of a mortgage broker or mortgage lender whose duties are limited to physically handling a completed application form or transmitting a completed application form to a lender on behalf of a prospective borrower.
MB & MBB: Mortgage Broker and Branches – Chapter 494, Florida Statutes: The license is required for an entity conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker.
Mortgage Broker Branch: This license is required for mortgage broker licensees who conduct business at locations other than their principal place of business:
- The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
- At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are originated or negotiated.
- At which mortgage loans are originated or negotiated by a licensee.
ML: Mortgage Lender – Chapter 494, Florida Statutes: This license is required for an entity making a mortgage loan for compensation or gain, directly or indirectly, or selling or offering to sell a mortgage loan to a noninstitutional investor.
"Making a mortgage loan" means closing a mortgage loan in a person's name, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a mortgage loan.
Mortgage Lender Servicer – The mortgage lender servicing license is required for any mortgage lender licensee who services a mortgage loan.
"Servicing a mortgage loan" means to receive, cause to be received, or transferred for another, installment payments of principal, interest, or other payments pursuant to a mortgage loan.
The servicing license authorizes a mortgage lender to service a loan for more than 4 months.
MLB: Mortgage Lender Branch – Chapter 494, Florida Statutes: This license is required for mortgage lender licensees who conduct business at locations other than their principal place of business:
- The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
- At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are originated, negotiated, or funded;
- At which mortgage loans are originated, negotiated, or funded by a licensee.
Mortgage Lender Servicer Branch – This license is required for mortgage lender servicer licensees who conduct business at locations other than their principal place of business:
- The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
- At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are serviced; or
- At which mortgage loans are serviced by a licensee.
Money Transmitters Part III: Check Casher
This license authorizes the holder to sell currency in exchange for payment instruments received, except for traveler's checks and foreign-drawn payment instrumentation.
A "deferred presentment provider" is licensed under Chapter 560, Florida Statutes, Part II or Part III, and engages in a deferred presentment transaction, which is to provide currency or a payment instrument in exchange for a person's check and agreeing to hold the person's check for a period of time prior to presentment, deposit, or redemption.
The license authorizes the holder to exchange currency of the U.S. or a foreign government to currency of another government, for compensation.
This license authorizes the holder to transmit currency, monetary value, or payment instruments, either by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer, within this country or to or from locations outside this country.
A licensee under PART II may also engage in the activities authorized under PART III of this chapter without the imposition of any additional licensing fees.
The license authorizes the holder to sell or issue checks, drafts, warrants, money orders, traveler's checks or other instruments, or to advertise such activity, for consideration.
A licensee under PART II may also engage in the activities authorized under PART III of this chapter without the imposition of any additional licensing fees.
Motor Vehicle Retail Installment Seller
MV: Motor Vehicle Retail Installment Seller – Chapter 520 Part I, Florida Statutes: The license authorizes its holder to offer installment payments to its customers, for the sale of motor vehicles to retail buyers. This license is required by firms that sell and finance automobiles, trucks, trailers, RV's, motorcycles, and mobile homes.
In addition to the main location license, any subsequent location in another county other than the main office must be filed as a MVB: Motor Vehicle Retail Installment Branch Office by way of online.
RS: Retail Installment Seller – Chapter 520 Part II, Florida Statutes: The license authorizes any retail business to offer installment payments to its customers, for goods or services other than motor vehicle and home improvement businesses. The license authorizes the holder to finance the goods or services sold by an installment contract or a revolving charge account to a retail buyer. The license is required if the goods or services are primarily for personal, family or household use.
In addition to the main location license, any subsequent location other than the main office must be filed as a RSB: Retail Installment Seller Branch by way of online.
If your company intends on offering Retail Installments for the sale of Motor Vehicles, review Chapter 520 – Part I, Florida Statutes for information regarding the Motor Vehicle Retail Installment Seller license.
SF: Sales Finance – Chapter 520 Part III, Florida Statutes: The license authorizes any business to purchase retail installment contracts from entities licensed in Florida as motor vehicle installment sellers, retail installment sellers or home improvement finance sellers.
In addition to the main location license, any subsequent location other than the main office must be filed as a SFB: Sales Finance Company Branch by way of Online Services.
Home Improvement Retail Installment Seller
HI: Home Improvement Retail Installment Seller – Chapter 520 Part IV, Florida Statutes: Any and all businesses involved in financing home improvements secured by a mortgage or lien on real property require this type of license. This provision applies to a business that directly or indirectly enters into two or more home improvement contracts, each of which is for consideration of $500 or more, in any calendar year. The license is required for a contractor who repairs, remodels or adds improvements to a single family residence pursuant to a written agreement, and when a mortgage lien on the property is retained as security. A home improvement contractor may also need a Retail Installment Seller license for contracts on which there is no mortgage taken as security for the loan.
In addition to the main location license, any subsequent location other than the main office must be filed as a HIB: Home Improvement Finance Seller Branch by way of online.
TLL: Title Loan Companies: The license authorizes the holder to engage in the business of making or servicing title loans by means of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle, except such loan made by a person licensed under Chapter 516, Chapter 520, Chapter 655, Chapter 657, Chapter 658, Chapter 660, Chapter 663, Chapter 665, or Chapter 667, Florida Statutes or a person who complies with Chapter 687.03, Florida Statutes. Each location is treated as an independent license and there are no branches.