FL H0747

Establishes the Access to Responsible Credit Pilot Program within the Office of Financial Regulation to make consumer finance loans of $300 to $10,000 with enhanced consumer protections.

Requires program licensees to obtain a pilot program license, meet strict eligibility requirements including existing consumer finance licensing, and pay $1,000 application and $1,000 biennial renewal fees.

Sets maximum interest rates of 36% on balances up to $3,000, 30% on $3,000-$4,000, and 24% on $4,000-$10,000, with origination fees capped at lesser of 6% or $75 and insufficient funds fees limited to $20.

Mandates program licensees report borrower payment performance to consumer reporting agencies, provide credit education, and underwrite loans ensuring total debt service does not exceed 35% of gross monthly income.

Program expires December 31, 2022 unless reenacted; Office of Financial Regulation must examine licensees every 24 months beginning January 1, 2019 and post annual program reports by January 1 starting in 2021.