FL S1012

Allows licensees to offer consumer installment loans of $300 to $2,000 with loan terms of 6 to 24 months, with a one-time processing fee up to 10 percent of amount financed or $150 and monthly handling charges of $5 or $4 per $100 financed depending on loan size.

Permits delinquency charges up to $15 per late payment (10+ days late) and bad check charges, with no other charges allowed except court costs and attorney fees.

Allows borrowers to rescind installment loans within 5 business days by returning the full loan amount, with automatic cancellation of processing and handling fees.

Requires licensees to refund or credit unearned handling charges using the actuarial method if the loan is paid in full at least 30 days before final installment due date.

Prohibits licensees from paying referral fees or compensation to third parties if such amounts are charged directly or indirectly to borrowers.