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Can you summarize FLCL 655.954?
FINANCIAL INSTITUTIONS GENERALLY > Financial institution loans; credit cards.
Short Summary
This legal document, found in the Florida Statutes under the section ‘BANKS AND BANKING’ and ‘FINANCIAL INSTITUTIONS GENERALLY’, grants financial institutions the power to provide loans or extensions of credit to individuals through credit cards or overdraft financing arrangements. The financial institution can charge interest on the outstanding amount based on a written agreement between the institution and the borrower. The credit card agreement can modify the terms and conditions of the credit card account, provided that the borrower receives prior written notice of the modifications. The borrower has the right to surrender the credit card if they do not agree with the modifications. Additionally, financial institutions may offer optional debt cancellation products alongside loans, lines of credit, or loan extensions, but they cannot require the purchase of such products as a condition for obtaining the loan. The document also provides definitions for terms such as ‘billing cycle’ and ‘interest’ based on the federal Truth in Lending Act. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Financial institutions and borrowers
What does it govern?
Financial institution loans; credit cards
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Florida