FL S1478

Allows applicants and licensees to provide a surety bond, certificate of deposit, or irrevocable letter of credit of at least $25,000 as an alternative to maintaining $25,000 in liquid assets.

Prohibits licensed consumer finance lenders from charging prepayment penalties when borrowers pay all or part of the loan principal before the due date.

Requires all loans made on or after October 1, 2021, to have a minimum loan term of 6 months, including refinanced loans.

Establishes requirements for surety bonds, certificates of deposit, and letters of credit, including 30-day cancellation notice periods, 2-year post-closure maintenance, and pro rata claims payment up to the bond amount.

For companies with multiple licensed locations, allows bonds of at least $5,000 per additional license with an aggregate maximum of $100,000 across all locations.