Section 69U-100.103 - Refunds(1) If a debt cancellation product is terminated (including, for example, when the customer prepays the covered loan), the financial institution shall refund to the customer any unearned fees paid for the debt cancellation product unless the debt cancellation product provides otherwise. A financial institution may offer a customer a debt cancellation product that does not provide for a refund only if the financial institution also offers that customer a bona fide option to purchase a comparable debt cancellation product that provides for a refund.(2) The financial institution shall calculate the amount of a refund using a method at least as favorable to the customer as the actuarial method.Fla. Admin. Code Ann. R. 69U-100.103
Rulemaking Authority 655.012(2), 655.947(3) FS. Law Implemented 655.947, 655.954 FS.