Ask Reggi Your Question Now
Can you summarize FLCL 655.55?
FINANCIAL INSTITUTIONS GENERALLY > Law applicable to deposits in and contracts relating to extensions of credit by a deposit or lending institution located in this state.
Short Summary
This legal document, governed by the Florida Statutes, applies to deposits in and contracts relating to extensions of credit made by a deposit or lending institution located in the state of Florida. It specifies that the law of Florida governs all aspects, including the validity and effect, of any deposit account in a branch or office in Florida, regardless of the citizenship, residence, location, or domicile of any other party to the contract or agreement governing such deposit account. The law of Florida also governs all aspects of any contract relating to an extension of credit made by a branch or office in Florida, if the contract expressly provides that it will be governed by the law of Florida. The term ‘deposit or lending institution’ includes various types of financial institutions, such as banks, credit unions, and federal associations. This law does not apply if parties have agreed in writing that the law of another jurisdiction will govern the deposit account or contract. It does not specify any penalties for non-compliance or violations.
Whom does it apply to?
Deposit or lending institutions located in this state, parties to contracts relating to extensions of credit made by a branch or office in this state
What does it govern?
Deposits in and contracts relating to extensions of credit by a deposit or lending institution located in this state
What are exemptions?
Deposit accounts or contracts where parties have agreed in writing that the law of another jurisdiction will govern
What are the Penalties?
No penalties mentioned
Jurisdiction
Florida