FL S0386

Revises maximum delinquency charges for consumer finance loans by establishing different limits based on payment frequency: $15 for monthly payments, $7.50 for semimonthly payments, and $7.50 or $5 for biweekly payments depending on whether two or three payments fall in the same calendar month.

Changes installment repayment requirements from strictly monthly payments to periodic installments that may be due every 2 weeks, semimonthly, or monthly, while maintaining equal installment amounts as mathematically practicable.

Permits the final payment on consumer finance loans to be less than prior installment amounts.

Excludes lines of credit from the installment repayment requirements.

Takes effect July 1, 2018.