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FL S1436
Bill
Status
Introduced
1/5/2024
Primary Sponsor
Appropriations Committee on Agriculture, Environment, and General Government
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AI Summary
- Maximum interest rates on consumer finance loans are increased: 36% per annum on the first $10,000 (up from 30% on $3,000), 30% on amounts from $10,001–$20,000 (up from 24% on $3,001–$4,000), and 24% on amounts from $20,001–$25,000 (up from 18% on $4,001–$25,000)
- Licensees operating in counties covered by a Presidential Disaster Declaration must suspend delinquency charges, collateral repossessions, and civil collection actions for 90 days after the declaration date
- Licensees must offer borrowers a free credit education program or seminar at the time a loan is made, covering topics such as budgeting, credit scores, savings, and identity theft prevention; participation cannot be required as a condition of the loan
- Licensees must file annual reports with the Office of Financial Regulation by March 15 each year, including aggregated and anonymized data on loan originations, outstanding loans, delinquency status, charge-offs, and loan amounts by principal range
- The minimum delinquency period before a default charge may be imposed is extended from 10 days to 12 days, and branch offices of consumer finance loan businesses must now obtain a separate license with a $625 biennial fee
Legislative Description
Consumer Finance Loans
Last Action
Laid on Table, refer to CS/HB 1347
3/4/2024
Committee Referrals
Fiscal Policy2/15/2024
Appropriations Subcommittee on Agriculture, Environment, and General Government1/23/2024
Full Bill Text
No bill text available