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FL H0425

Bill

Official Source

Status

Introduced

1/22/2013

Primary Sponsor

Tom Goodson

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Reduces the principal amount threshold for the highest maximum interest rate from $3,000 to $2,000, meaning 30 percent per annum applies to the first $2,000 instead of $3,000
  • Adjusts the intermediate interest rate bracket from $3,000-$4,000 to $2,000-$3,000, with 24 percent per annum applying to amounts exceeding $2,000 up to $3,000
  • Increases the maximum delinquency charge from $10 to $15 for each payment in default for at least 10 days, if agreed upon in writing between parties
  • Makes technical and grammatical corrections to section 516.031 regarding interest calculations and other permissible charges
  • Takes effect July 1, 2013, and applies to all consumer finance loans entered into on or after that date

Legislative Description

Consumer Finance Charges

Last Action

Laid on Table, companion bill(s) passed, see SB 282 (Ch. 2013-124)

4/30/2013

Committee Referrals

Regulatory Affairs2/13/2013
Insurance And Banking Subcommittee1/30/2013

Full Bill Text

No bill text available