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FL S0546
Bill
AI Summary
- Prohibits consumer finance loan licensees from charging borrowers prepayment penalties for paying all or part of loan principal before the due date
- Allows license applicants and licensees to provide a surety bond of at least $25,000, a certificate of deposit, or an irrevocable letter of credit in lieu of the $25,000 liquid asset requirement
- Companies with multiple licensed locations must provide a rider or surety bond of at least $5,000 per additional license, with an aggregate cap of $100,000
- Surety bonds, certificates of deposit, or letters of credit must remain in place for 2 years after a licensee ceases operations in Florida and must be for the benefit of borrowers injured by fraud, misrepresentation, or illegal charges
- Updates grounds for license denial or disciplinary action to include failure to maintain the required surety bond, certificate of deposit, or letter of credit; effective October 1, 2022
Legislative Description
Consumer Finance Loans
Last Action
Chapter No. 2022-130
5/23/2022
Committee Referrals
Rules1/11/2022
Commerce And Tourism12/1/2021
Full Bill Text
No bill text available