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Can you summarize FLCL 658.995?
BANKS AND TRUST COMPANIES > Credit Card Bank Act.
Short Summary
The Credit Card Bank Act is a section of the Florida Statutes that governs the issuance and use of credit cards by domestic lenders and credit card banks. The Act defines key terms such as ‘credit card’ and ‘credit card account’. It allows domestic lenders, foreign lenders, and business organizations to organize, own, and control credit card banks, subject to certain conditions and approval from the office. Credit card banks are limited to engaging in activities related to soliciting, processing, and making loans through credit card accounts. They are prohibited from accepting demand deposits, making commercial loans, and engaging in certain other activities. The Act also establishes that credit card accounts between domestic lenders or credit card banks and borrowers are governed by the laws of Florida and federal law, unless otherwise agreed in writing. The Act grants the office the authority to supervise, regulate, and examine credit card banks, and subjects them to the provisions of the financial institutions codes. Overall, the Credit Card Bank Act provides a regulatory framework for the operation of credit card banks in Florida.
Whom does it apply to?
Domestic lenders, credit card banks, borrowers
What does it govern?
Credit Card Bank Act
What are exemptions?
Not specified
What are the Penalties?
Not specified
Jurisdiction
Florida