Final Order on Amended Petition for Declaratory Statement Regarding BlueWater Financial

Index: ore. 1D7JJ2 -2,70 STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION In Re: ADAM VANFLEET, and BLUEWATER FINANCIAL, Case Number: 138136 Petitioners. FINAL ORDER ON AMENDED PETITION FOR DECLARATORY STATEMENT THIS CAUSE came on for consideration upon the Amended Petition for Declaratory Statement ("Petition") filed by Adam Vanfleet and BlueWater Financial ("Petitioners"), received by the Office of Financial Regulation ("Office") on May 6, 2026. Having considered the Petition and relevant statutes and rules, the Office issues this Final Order. FINDINGS OF FACT

1. The Petition, attached hereto as Attachment "A", poses the following questions: a. Whether, under Florida law, BlueWater Financial's proposed business model - specifically acting as an active loan broker and intermediary that submits applications, presents loan options, and facilitates negotiation of terms on behalf of consumers, while being compensated solely by the institutional lender and charging no fees to consumers - requires a Consumer Finance license, or any other license, issued by the Office of Financial Regulation; b. Whether BlueWater Financial's activities as described fall within the regulatory jurisdiction of the Division of Consumer Finance under chapter 687, Florida Statutes, or any other chapter administered by the Office.

2. Blue Water Financial is an established business in Massachusetts and is seeking to conduct business in Florida assisting consumers with obtaining boat loans from institutional lenders.

3. Pursuant to and in compliance with section 120.565(3), Florida Statutes, the Office published notice of the Petition in the Florida Administrative Register at Volume 52, Number 90, on May 8, 2026. The Office has received no comments regarding the matter.

4. The Office considered all the information Petitioners provided and, pursuant to Rule 28-105.003, Florida Administrative Code, has taken such information as fact for the purposes of this Order. The facts set forth in the Petition are hereby adopted and incorporated herein by reference as the findings of fact by the Office.

5. The Office's conclusions are based on the assertions of fact contained in the Petition. Any modification of the assertions of fact could alter the Office's conclusions. If any facts asserted by Petitioners are untrue or materially incomplete, the Office's conclusions provided herein would not apply. CONCLUSIONS OF LAW

6. Pursuant to section 120.565(1), Florida Statutes, any substantially affected person may seek a declaratory statement regarding an agency's opinion as to the applicability of a statute as it applies to the petitioner's particular set of circumstances.

7. It is well-established that the purpose of a declaratory statement is to afford a petitioner the opportunity to seek an agency's position regarding the applicability of the agency's statutory provisions, rules, or orders to the petitioner's particular circumstances. Adventist Health System/Sunbelt, Inc. v. Agency for Health Care Admin., 955 So. 2d 1173, 1176 (Fla. 1st DCA

2007. ( citing Chiles v. Div. of Elections, 711 So.2d 151, 154 (Fla. 1st DCA 1998) ).

8. A declaratory statement can be used to avoid costly administrative litigation by informing a petitioner in advance as to the agency's views regarding the petitioner's contemplated conduct. Agencyfor Health Care Admin., 955 So. 2d at 1176; Chiles, 711 So.2d at 154; and Nat'! 2

Ass'n of Optometrists & Opticians v. Fla. Dep't of Health, 922 So.2d 1060, 1062 (Fla. 1st DCA 2006). 9. A declaratory statement must therefore be sought from an agency in advance of taking a particular course of action. Agency for Health Care Admin., 955 So. 2d at 1176 (citing Novickv. Dep't of Health, Bd. of Med., 816 So. 2d 1237, 1240 (Fla. 5th DCA 2002. 10. Petitioners intend to operate as a loan broker intermediary in Florida on behalf of Florida consumers seeking personal boat loans from third-party institutional lenders. The expected average loan amount will be in excess of$150,000.00. 11. Petitioners will identify Florida consumers seeking personal boat loans, assist them m completing and submitting boat loan applications, present available loan options from institutional lenders, and facilitate the negotiation of loan terms between the consumer and the lender. Consumers will not be required to sign any proprietary agreement to engage Petitioners' services. 12. All final lending decisions, credit approvals, and loan terms will be made exclusively by the institutional lender. BlueWater Financial will not originate, fund, or service boat loans. Petitioners have identified institutional lenders with whom they intend to establish formal brokering relationships. Executed lender agreements are not yet in place. 13. Petitioners will be compensated solely by the institutional lender upon the successful closing of a loan. Compensation make take the form of a flat fee per closed loan, a percentage of the loan amount, or a combination of both, as negotiated with each lender. Petitioners will not collect fees, points, charges, or compensation directly from consumers at any stage of the transaction. Any fees incurred by a consumer will be standard loan origination or closing costs charged directly by the institutional lender, included as terms within the loan agreement. 3

14. Pursuant to section 687.14, Florida Statutes, a "loan broker" means [ A ]ny person, except any bank or savings and loan association, trust company, building and loan association, credit union, consumer finance company, retail installment sales company, securities broker-dealer, real estate broker or sales associate, attorney, federal Housing Administration or United States Department of Veterans Affairs approved lender, credit card company, installment loan licensee, mortgage broker or lender, or insurance company, provided that the person excepted is licensed by and subject to regulation or supervision of any agency of the United States or this state and is acting within the scope of the license; and also excepting subsidiaries of licensed or chartered consumer finance companies, banks, or savings and loan associations; who:

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(b) For or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;

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(d) Holds herself or himself out as a loan broker. 15. The activities of loan brokers fall under chapter 687, Florida Statutes, regulating lending practices. The Office is responsible for the administration and enforcement of chapter 687, Florida Statutes. Therefore, the Office can investigate loan brokers, issue Administrative Complaints, seek orders to cease and desist, or seek injunctions. Where a violation has been found, the Office may also refer cases for criminal prosecution. 16. BlueWater Financial intends to engage in loan brokering in Florida. BlueWater Financial's business activities therefore will fall within the jurisdiction of the Office. No license is required to operate as a loan broker in Florida. 4

Based on the foregoing Findings of Fact and Conclusions of Law, it is hereby DECLARED THAT: I. The Office has jurisdiction over the subject matter and the parties thereto pursuant to chapter 687, Florida Statutes. II. For the reasons stated above, the Petition filed by Adam Vanfleet and Blue Water Financial is GRANTED. Blue Water Financial's proposed business activities as a loan broker are governed by chapter 687, Florida Statutes, and do not require licensure in Florida. DONE AND ORDERED this 2 2.~ day of May, 2026, in Tallahassee, Leon County, Florida. 5

NOTICE OF RIGHTS A PARTY WHO IS ADVERSELY AFFECTED BY THIS FINAL ORDER IS ENTITLED TO JUDICIAL REVIEW PURSUANT TO SECTION 120.68, FLORIDA STATUTES. REVIEW PROCEEDINGS ARE GOVERNED BY THE FLORIDA RULES OF APPELLATE PROCEDURE. SUCH PROCEEDINGS ARE COMMENCED BY FILING THE ORIGINAL NOTICE OF APPEAL WITH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AS FOLLOWS: By Mail or Email Agency Clerk Office of Financial Regulation P.O. Box 8050 Tallahassee, Florida 32314-8050 Phone: (850) 410-9889 Agency.clerk@flofr.com OR By Hand Delivery Agency Clerk Office of Financial Regulation General Counsel's Office The Fletcher Building 101 East Gaines Street Tallahassee, Florida 32399-0379 Phone: (850) 410-9889 A COPY OF THE NOTICE OF APPEAL, ACCOMPANIED BY THE FILING FEES AS REQUIRED BY LAW, MUST ALSO BE FILED WITH THE DISTRICT COURT OF APPEAL, FIRST DISTRICT, 2000 DRAYTON DRIVE, TALLAHASSEE, FLORIDA 32399-0950, OR WITH THE DISTRICT COURT OF APPEAL IN THE APPELLATE DISTRICT WHERE THE PARTY RESIDES. THE NOTICE OF APPEAL MUST BE FILED WITH BOTH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AND THE DISTRICT COURT OF APPEAL WITHIN 30 DAYS OF THE RENDITION OF THE ORDER TO BE REVIEWED CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order on Amended Petition for Declaratory Statement and Notice of Rights has been furnished to Blue Water Financial and Adam Vanfleet at adamvanfleet@yahoo.com this ~ day of May, 2026. 6 A~~b,v￾Office of Financial Regulation Post Office Box 8050 Tallahassee, FL 32314-8050 Email: Agency.Clerk@flofr.com Tel: (850) 410-9987

From: To: Cc: adam van fleet Agency Clerk Wilkinson Miriam Attachment A Subject: Date: Amended Petition for Declaratory Statement - BlueWater Financial / Consumer Finance License Applicability Wednesday, May 6, 2026 2:21:05 PM I You don't often get email from adamvanfleet@yahoo.com. Learn wh:y this is important AMENDED PETITION FOR DECLARATORY STATEMENT BEFORE THE FLORIDA OFFICE OF FINANCIAL REGULATION Petitioner Information: Adam Van Fleet BlueWater Financial 781-635-8684 Attorney or Qualified Representative: Adam Van Fleet Statutory Provisions at Issue: Section 7.14, Section 687.14 , and any other applicable provisions under Chapter 687, Florida Statutes, as administered by the Division of Consumer Finance, Office of Financial Regulation. Clarification of Operating Status: BlueWater Financial is currently established as a business entity in the Commonwealth of Massachusetts. The company has NOT commenced any business operations in the State of Florida. No loans have been brokered, no Florida consumers have been contacted or served, and no business activity of any kind has occurred in Florida. This petition is filed in advance of any Florida operations, for the express purpose of ensuring full compliance with applicable Florida law before commencing business in the state Proposed Business Model for Florida: BlueWater Financial intends to operate as a loan broker and intermediary for Florida consumers seeking personal boat loans from third-party institutional lenders. BlueWater Financial's role will be active in nature and is described in detail below: Scope of Services: BlueWater Financial will identify consumers seeking personal boat loans, assist them in completing and submitting loan applications, present available loan options from institutional lenders, and facilitate the negotiation of loan terms between the consumer and the lender. All final lending decisions, credit approvals, and loan terms will be made exclusively by the institutional lender. BlueWater Financial will not originate, fund, or service loans. Loan Amounts: The expected average loan amount is in excess of $150,000. Lender Relationships: BlueWater Financial has identified institutional lenders with whom it intends to establish formal brokering relationships. Executed lender agreements are not yet in place, as the company is awaiting regulatory guidance before finalizing those arrangements. Copies of any such agreements will be provided to the Office upon request once they are executed. Compensation Structure: BlueWater Financial will be compensated solely by the institutional lender upon the successful closing of a loan. Compensation may take the form of a flat fee per closed loan, a percentage of the loan amount, or a combination of both, as negotiated with each lender. BlueWater Financial will receive no compensation

of any kind from consumers. Consumer Fees: BlueWater Financial will collect no fees, points, charges, or compensation of any kind directly from consumers at any stage of the transaction. Any fees a consumer may incur will be standard loan origination or closing costs charged directly by the institutional lender, included within the loan documentation itself, and entirely separate from BlueWater Financial's compensation arrangement. No consumer fees flow to BlueWater Financial directly or indirectly. Consumer Agreements: BlueWater Financial does not intend to require consumers to sign any proprietary agreement to engage its services. Consumers will execute standard state-regulated loan documents directly with the institutional lender. BlueWater Financial is not a party to those loan agreements and has no obligations or rights thereunder. Obligations to Lenders: BlueWater Financial's obligations to lenders will be defined by the individual brokering agreements negotiated with each institution. Generally, these obligations will include identifying and assisting qualified consumers, submitting complete and accurate loan applications, and facilitating communication between the consumer and lender throughout the process. Obligations to Consumers: BlueWater Financial will assist consumers in understanding available loan options and navigating the application and negotiation process. BlueWater Financial does not make lending decisions, set final loan terms, collect payments, or service loans. BlueWater Financial does not charge consumers for its services at any point. Declaratory Statement Sought: Petitioner respectfully seeks a declaratory statement addressing the following questions:

1. Whether BlueWater Financial's proposed business model - specifically acting as an active loan broker and intermediary that submits applications, presents loan options, and facilitates negotiation of terms on behalf of consumers, while being compensated solely by the institutional lender and charging no fees to consumers - requires a Consumer Finance License or any other license issued by the Office of Financial Regulation under Florida law.
2. Whether BlueWater Financial's activities, as described herein, fall within the regulatory jurisdiction of the Division of Consumer Finance under Chapter 687, Florida Statutes, or any other chapter administered by the Office. Respectfully submitted, Adam Van Fleet BlueWater Financial 781-635-8684 05/06/2026