Regulatory Alerts2026-05-14
Added · Updated
Final Order — Motor Vehicle Retail Installment
The Florida Office of Financial Regulation issued a Final Order against LC Motors 1 Inc. and Henry Raud for violating Chapter 520, Florida Statutes by requiring GAP product purchases and failing to provide proper validation and contract instructions. The Respondents agreed to a Stipulation and Consent Agreement requiring them to provide restitution to affected customers via account credits, mailed checks, or deficiency offsets within 21 days. Additionally, the Respondents must pay a $5,000 administrative fine within 7 days and cease all future violations of motor vehicle retail installment laws.
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