Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69U - FSC - Financial Institution Regulation
Chapter 69U-100 - FINANCIAL INSTITUTIONS GENERALLY
Section 69U-100.103 - Refunds

Universal Citation: FL Admin Code R 69U-100.103

Current through Reg. 50, No. 187; September 24, 2024

(1) If a debt cancellation product is terminated (including, for example, when the customer prepays the covered loan), the financial institution shall refund to the customer any unearned fees paid for the debt cancellation product unless the debt cancellation product provides otherwise. A financial institution may offer a customer a debt cancellation product that does not provide for a refund only if the financial institution also offers that customer a bona fide option to purchase a comparable debt cancellation product that provides for a refund.

(2) The financial institution shall calculate the amount of a refund using a method at least as favorable to the customer as the actuarial method.

Rulemaking Authority 655.012(2), 655.947(3) FS. Law Implemented 655.947, 655.954 FS.

New 12-2-08.

Disclaimer: These regulations may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.