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Financial Services Law Insights and Observations

Florida expands motor vehicle retail installment initial payment rule

State Issues Covid-19 Florida Retail Banking Auto Finance

State Issues

On April 17, the commissioner of the Florida Office of Financial Regulation issued Emergency Order 2020-03, which temporarily expands the motor vehicle retail installment initial pay rule. The order permits a motor vehicle retail installment seller licensed under Chapter 520 of the Florida Statues to allow the first payment of a motor vehicle retail installment contract to be scheduled up to 90 days from the date of the loan.

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