The Florida Office of Financial Regulation (OFR) today issued an emergency order to allow additional time before a first payment is due on an automobile loan.
A motor vehicle retail installment seller, licensed with OFR per Chapter 520, Florida Statutes, may allow the first payment of a motor vehicle retail installment contract to be scheduled up to 90 days from the date of the loan.
Consumer finance financial services businesses and professionals in Florida are ready and willing to assist consumers impacted by COVID-19. OFR will continue to communicate with state and federal agencies and the financial services industry regarding the latest developments.
The Florida Office of Financial Regulation provides regulatory oversight for Florida’s financial services providers. Our mission is to protect Floridians, promote a safe and sound financial marketplace, and contribute to the growth of Florida’s economy with smart, efficient and effective regulation of the financial services industry.