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Credit Union issued loan and not licensed in Florida?

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I am possibly about to be sued by a Credit Union based out of Indiana for a secured installment loan on an appliance. I cannot find them anywhere on the Florida Office of Financial Regulations website.


Are they required to be licensed here to provide such a loan and could this be used as a defense if a lawsuit occurs?

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No, it would not be a good defense to raise because it's unlikely to succeed and you'd have to admit everything in order to raise it.  The logic behind it is that you can't benefit from something and then later try to say it was illegal.  I would think the only exception would be if the terms itself were illegal.  For example, a payday loan at 247914712% interest when the law limits it to XX% I'd certainly raise that, but not if everything was valid as I'd assume was true in your case.   This ruling came down from the 1st DCA literally 2 days ago on the 11th:




"A person who has contracted with an association assuming to be incorporated and acting in a corporate capacity cannot, after having received the benefit of the contract, set up as a defense to an action brought by such company that the latter was not legally incorporated, or had no authority to enter into the contract in a corporate capacity.  ... It is settled that a conveyance by a corporation will not be treated as invalid merely because the corporation was not formed under authority of law, and the same rule applies to transfers of personal property and choses in actions by corporations de facto."


 This quote from the Opinion comes from the Supreme Court of Florida (1888) quoting the Laws of Fla (1868).  Nearly 150 years old and it's still valid caselaw being used just 2 days ago.  

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