Author: Allen Monello

Military Lending Act (MLA)

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

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Dealer Plates

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

Forms Needed in a Deal and Steps to Follow

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

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Dealer Participation (Markup)

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

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Claims Against Dealers

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

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Title Stops – How to Place Them

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 place an administrative stop on a Florida Title. Stop may be placed for up

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Off-Site Vehicle Inventory Storage

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

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Tag and Title Fees — Unpaid

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

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Sales Tax on Service Agreements

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

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Agency Contact Phone Numbers

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)

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