Author: Allen Monello

FAST FACTS   A creditor may not impose on a borrower a “military annual percentage rate (MAPR)” that’s greater than 36 percent. The MAPR is defined differently than the APR we are familiar with. The MAPR “includes all cost elements associated …

Military Lending Act (MLA) Read More »

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NOTICE:  The information below was obtained directly from the Florida Division of Motorist Services (DMS). A link is provided so you may access Dealer Advisory DE18-003. FAST FACTS The number of dealer plates that may be purchased must be reflected in …

Dealer Plates Read More »

FAST FACTS   Dealers are required to complete many forms in a deal, beyond title and registration forms. Although not all of these forms are required, they are commonly used in the industry to protect dealers and customers. The following list …

Forms Needed in a Deal and Steps to Follow Read More »

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NOTICE:  The information below was obtained directly from the Consumer Financial Protection Bureau’s (CFPB) Paper on the Equal Credit Opportunity Act (ECOA) and Regulation B FAST FACTS   Dealers’ policy for setting the amount earned for arranging financing must not have …

Dealer Participation (Markup) Read More »

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NOTICE:  The information below was obtained directly from section 501.98, Florida Statutes FAST FACTS   Customer signs notice at time of sale Before customer can bring a claim against the dealer, customer must provide dealer with a written demand letter 30 …

Claims Against Dealers Read More »

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NOTICE:  The information below was obtained directly from the Division of Motorist Services (DMS). FAST FACTS   If you are the victim of title fraud, you may only place an administrative stop on a Florida Title if you have a court …

Title Stops – How to Place Them Read More »

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NOTICE:  The information below was obtained directly from the Division of Motorist Services (DMS). FAST FACTS   The Division of Motorist Services has issued a position paper distributed to field staff which concludes as follows: “…licensed dealers should be allowed to …

Off-Site Vehicle Inventory Storage Read More »

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NOTICE:  The information below was obtained directly from the Division of Motorist Services’ (DMS) website, DMS Procedures, DMS Forms and Florida Statutes. Links are provided so you may access DMS forms, procedures and Florida law. FAST FACTS   When customers fail …

Tag and Title Fees — Unpaid Read More »

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NOTICE:  The information below was obtained directly from the Florida Department of Revenue (DOR) website. Links are provided so you may access the content on the DOR website. FAST FACTS When you sell a service agreement the amount of sales …

Sales Tax on Service Agreements Read More »

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NOTICE:  The information below was obtained directly from the listed government agency through its website. FAST FACTS   You may reach the following agencies by clicking on the links below: Division of Motorist Services (DMV – includes driver license and FHP offices) …

Agency Contact Phone Numbers Read More »

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