FL S0990

Transfers regulation of motor vehicle title loans from the Department of Financial Services to the Department of Agriculture and Consumer Services, effective July 1, 2011.

Extends title loan maturity period from 30 days to a minimum of 120 days but no later than 1 year, and requires substantially equal monthly installment payments rather than lump-sum repayment.

Establishes tiered interest rate limits: 22% monthly on principal up to $700, 18% on $700-$1,400, and 15% on amounts exceeding $1,400; prohibits interest charges after 60 days of missed payment or after vehicle repossession.

Prohibits title loan lenders from also offering deferred presentment transactions and requires 10-day advance notice before vehicle repossession; limits lender's ability to seek personal judgments against borrowers except when borrower damages, conceals, or pledges the vehicle to others.

Allows borrowers to rescind a title loan without cost by returning loan proceeds before the close of business on the next business day following execution; caps loan principal at 50% of the vehicle's fair market value; prohibits loan extensions or renewals.