Loading chat...
FL H1177
Bill
Status
Failed
3/11/2016
Primary Sponsor
Barbara Watson
Click for details
AI Summary
- Sets a maximum annual charge of 30 percent for interest, fees, and other charges in deferred presentment transactions, including ancillary products or services up to 10 percent of the currency or payment instrument provided
- Exempts verification fees from the 30 percent cap and prohibits the 10 percent fee limit from applying to verification fees
- Prohibits persons from engaging in devices or subterfuges to evade requirements, including disguising loans as personal property sales, making long-term loans, or disguising loan proceeds as cash rebates
- Declares deferred presentment transactions that do not comply with these requirements void and makes it a violation to charge, collect, or receive any interest, fees, or charges on such transactions
- Declares deferred presentment transactions with charges exceeding the allowed amount to be usurious under Florida law
- Takes effect July 1, 2016
Legislative Description
Deferred Presentment Transactions
Last Action
Died in Insurance and Banking Subcommittee
3/11/2016
Committee Referrals
Insurance And Banking Subcommittee1/13/2016
Full Bill Text
No bill text available