Fla. Stat. § 520.61 Definitions

• Library: Florida Statutes
• Edition: 2023
• Currency: Current through Chapter 352 of the 2023 Legislative Session
• Year: 2023
• Citation: Fla. Stat. § 520.61

As used in this act:

(1) "Banking institution" means any bank, bank and trust company, trust company, or any national banking association organized and doing business under the provisions of any state or of the United States.

(2) "Branch" means any location, other than a licensee's principal place of business, at which a licensee operates or conducts business under this act or which a licensee owns or controls for the purpose of conducting business under this act.

(3) "Business day" means all calendar days except Sundays and the following legal public holidays: New Year's Day, January 1; Birthday of Dr. Martin Luther King, Jr., January 15; Washington's Birthday, the third Monday in February; Memorial Day, the last Monday in May; Independence Day, July 4; Labor Day, the first Monday in September; Columbus Day, the second Monday in October; Veterans' Day, November 11; Thanksgiving Day, the fourth Thursday in November; and Christmas Day, December 25.

(4) "Cash price" means the price at which a home improvement finance seller, in the ordinary course of business, offers to sell for cash the property or service that is the subject of the transaction. At the seller's option, the term "cash price" may include the price of accessories, services related to the sale, service contracts, and taxes. The term "cash price" does not include any finance charge.

(5) "Commission" means the Financial Services Commission.

(6) "Control person" means an individual, partnership, corporation, trust, or other organization that possesses the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person is presumed to control a company if, with respect to a particular company, that person:

(a) Is a director, general partner, or officer exercising executive responsibility or having similar status or functions;

(b) Directly or indirectly may vote 10 percent or more of a class of a voting security or sell or direct the sale of 10 percent or more of a class of voting securities; or

(c) In the case of a partnership, may receive upon dissolution or has contributed 10 percent or more of the capital.

(7) "Debt consolidation" means any money advanced to an owner or the owner's assignee in any connection with a home improvement contract.

(8) "Down payment" means the amount paid in money and goods to the home improvement finance seller and allowances given by the home improvement finance seller to the buyer pursuant to a home improvement contract.