FL S0116

Requires lenders and creditors licensed under specified Florida chapters and federal law to verify the identity of persons applying for loans, credit cards, or extensions of credit.

Creates a rebuttable presumption that a lender or creditor failed to verify identity if subsequent determination shows an applicant knowingly and willfully used another individual's personal identifying information.

Provides that the individual whose personal information was fraudulently used has no liability for the resulting debt when the identity verification presumption applies.

Applies to lenders and creditors licensed under chapters 516, 520, 657, 658, 665, part XV of chapter 627, and part III of chapter 494 of Florida Statutes, as well as federally chartered lenders operating in Florida.

Effective July 1, 2011.