FL S0414

Prohibits insurers from requesting or using credit reports or credit scores for underwriting or rating purposes in personal lines motor vehicle insurance.

Prohibits insurers from making adverse decisions against motor vehicle insurance applicants or insureds based on their credit reports or credit scores.

Continues to regulate (but not prohibit) the use of credit information in personal lines residential insurance, including requirements for disclosure, notification of adverse decisions, and appeal procedures for extenuating circumstances.

Requires insurers using credit information in residential insurance to provide clear explanations for adverse decisions, excluding generalized terms like "poor credit history," and requires credit score reviews at least every 2 years for existing policyholders.

Takes effect July 1, 2018.