HB 1373 Summary

• Specifies that assessments for qualifying improvements under s. 163.08 do not have priority over previously recorded liens, and removes the provision establishing equal dignity status with county taxes and assessments.

• Requires local governments and lenders to provide specified disclosures in financing agreements, including borrower protections, interest rates, payment amounts, and terms.

• Authorizes property owners to cancel financing agreements without penalty within 3 business days after signing the loan agreement.

• Adds credit unions to the list of entities that may qualify as "qualified public depositories" under the Florida Security for Public Deposits Act (s. 280.02).

• Effective January 1, 2018; reenacts multiple statutory sections to incorporate the definition of qualified public depository to include credit unions.