FL S1524

Raises the maximum interest, fees, or other charges for deferred presentment transactions from 10 percent to 30 percent per annum of the currency or payment instrument provided, including ancillary products or services.

Prohibits persons from engaging in devices or subterfuge to evade deferred presentment requirements, including offering prohibited loans, disguising loans as personal property sales or leaseback transactions, and disguising loan proceeds as cash rebates.

Declares deferred presentment transactions that do not comply with chapter requirements void, and makes persons who charge, collect, or receive fees on such transactions subject to violation of the chapter.

Subjects persons who directly or indirectly charge, collect, or receive interest, fees, or other charges in excess of the allowed amount to penalties under chapter 687.

Effective date: July 1, 2016.