Section 559.9612 - Scope of this partThis part applies to any commercial financing transaction consummated on or after January 1, 2024. This part does not apply to:
(1) A provider that is: (a) A federally insured depository institution or an affiliate or holding company of such institution; or(b) A subsidiary or service corporation that is owned and controlled by a federally insured depository institution or under common ownership with such institution.(2) A provider that is a lender regulated under the Farm Credit Act of 1971, 12 U.S.C. ss. 2001 et seq.(3) A commercial financing transaction that is:(a) Secured by real property;(c) A purchase money obligation that is incurred as all or part of the price of the collateral or for value given to enable the business to acquire rights in or the use of the collateral if the value is in fact so used.(4) A commercial financing transaction in which the recipient is a motor vehicle dealer or an affiliate of such a dealer, or a vehicle rental company or an affiliate of such a company, pursuant to a commercial loan or commercial open-end credit plan of at least $50,000 or a commercial financing transaction offered by a person in connection with the sale or lease of products or services that such person manufactures, licenses, or distributes, or whose parent company or any of its directly or indirectly owned and controlled subsidiaries manufactures, licenses, or distributes.(5) A provider that is licensed as a money transmitter under chapter 560 or licensed as a money transmitter by any other state, district, territory, or commonwealth of the United States.(6) A provider that consummates no more than five commercial financing transactions in this state in a 12-month period.(7) A commercial financing transaction of more than $500,000.Added by 2023 Fla. Laws, ch. 290,s 1, eff. 7/1/2023.