520.60 Short title.—This act may be known and cited as “The Home Improvement Sales and Finance Act.” History.—s. 1, ch. 69-44; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 80-256; s. 2, ch. 81-318; ss. 35, 36, ch. 90-103; s. 4, ch. 91-429.
520.61 Definitions.—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 […]
520.63 Licensees.— (1) A person may not engage in or transact any business as a home improvement finance seller or operate a branch without first obtaining a license from the office, except that a banking institution, trust company, savings and loan association, credit union authorized to do business in this state, or licensee under part III of […]
520.68 Persons not required to be licensed.—No home improvement finance seller’s or seller’s license shall be required under this act of any person when acting in any capacity or type of transaction set forth in this section: (1) An individual who performs services for a home improvement finance seller for wages or salary. (2) A plumber, electrician, architect, […]
520.69 Scope of license authority; scope of provisions.— (1) All persons engaged in the home improvement business as defined herein shall be required to obtain a license under this act as well as any other licenses required by law. (2) No mortgage broker’s license shall be required pursuant to chapter 494 of a person whose business is exclusively […]
520.70 Employee of the seller.— (1) No individual may concurrently represent more than one home improvement finance seller in the solicitation or negotiation of any home improvement contract from an owner. The use of a contract form which fails to disclose a named home improvement finance seller is prohibited. No employee of a seller may be authorized […]
520.71 Contract copy to owner.—Every home improvement finance seller shall furnish without charge a completely executed copy of the home improvement contract to the owner immediately after the owner signs such home improvement contract, and any acknowledgment of receipt thereof by the owner shall be in 10-point boldfaced type or larger. History.—s. 1, ch. 69-44; s. […]
520.72 Cancellation of contract.—Every home improvement finance seller or home improvement seller shall furnish to the buyer a notice of the right to rescind the contract. Either party to a home improvement contract may cancel the contract by the exercise of the right to rescind until midnight of the third business day following the execution of […]
520.73 Home improvement contract; form and content; separate disclosures.— (1) Every home improvement contract shall be evidenced by a written agreement and shall be signed by the parties. The home improvement contract shall be in the form approved by the office and shall contain: (a) The name, address, and license number of the home improvement finance seller; (b) The […]
520.74 Provisions expressly prohibited.—No home improvement contract shall contain any provision by which: (1) The buyer agrees not to assert against a home improvement finance seller a claim or defense arising out of the sale or agrees not to assert against an assignee such a claim or defense; (2) In the absence of the buyer’s default in the […]
520.75 Buyer’s waiver of statutory protection.—No act, agreement, or statement of any buyer under a home improvement contract shall constitute a valid waiver of any provision of this act intended for the benefit or protection of the buyer. History.—s. 1, ch. 69-44; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 80-256; s. 2, […]
520.76 Insurance provisions, procurement, rates.— (1) The premium paid for any group credit life or other insurance shall be included in the home improvement contract. (2) The home improvement contract shall state which party is to procure insurance. (3) The amount, if any, included for such insurance shall not exceed the applicable premiums chargeable in accordance with rates filed […]
520.78 Finance charge limitation.— (1) The maximum finance charge included in a home improvement contract payable in substantially equal successive monthly installments beginning 1 month from the date the finance charge accrues shall not exceed $12 per $100 per annum. Such finance charge shall be computed on the principal amount financed on the contract, notwithstanding that the […]
520.785 Simple-interest contracts.—A retail installment contract under The Home Improvement Sales and Finance Act may provide that the finance charge be calculated on a simple-interest basis subject to the following provisions: (1) Instead of a finance charge computed on the amount financed as determined under s. 520.73(2), the seller may compute the finance charge at a simple-interest […]
520.79 Unauthorized charges.—All costs and charges in connection with home improvement contracts which are not authorized by this act shall be unenforceable. Any payment of such costs or charges shall be applied to the next maturing installment or, if the contract has been fully paid, remitted to the owner, and the owner shall be entitled to […]
520.80 Mortgages, promissory notes.—Every promissory note or mortgage shall bear on the side of the note or mortgage which contains the maker’s signature the following legend in at least 10-point boldfaced type: “Payment of this note or mortgage is subject to the terms of a home improvement installment contract of even date between maker and payee […]
520.81 Completion certificate.— (1) Upon completion of the home improvement for which the owner and the home improvement finance seller contracted, the seller shall prepare a certificate which shall be signed by both parties. (2) The form of the certificate shall be prescribed by the commission. History.—s. 1, ch. 69-44; ss. 12, 35, ch. 69-106; s. 3, ch. […]
520.82 Statement of account.—Upon written request from the owner, the holder of the home improvement contract shall deliver to the owner within 10 days from receipt of the written request a statement of the owner’s account showing the date and amount of all payments made or credited to the account and the total amount, if any, […]
520.83 Cancellation of contract on payment in full.— (1) For all home improvement contracts pursuant to which there is a lien, mortgage, or encumbrance upon the goods or real property, upon payment in full by the owner of the time sales price and other amounts lawfully due under a home improvement contract, the holder shall: (a) Return to […]
520.84 Credit to owner on prepayment.—Any buyer may pay in full at any time before maturity the debt of any home improvement contract and in so paying such debt shall receive a refund credit thereon for such anticipation of payments. The amount of such refund shall represent at least as great a proportion of the time […]
