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FL H0937
Bill
Status
Failed
6/16/2025
Primary Sponsor
Lisa Dunkley
Click for details
AI Summary
- Creates s. 516.181, F.S., prohibiting any person from using a device, scheme, or artifice to evade Florida's consumer finance lending requirements under Chapter 516, including making or arranging loans with interest rates, fees, or charges exceeding those authorized by law through any method (mail, telephone, Internet, or electronic means), regardless of physical location.
- Declares any consumer finance loan made in violation of these prohibitions void and uncollectible as to all principal, fees, interest, charges, and payments.
- Targets "rent-a-charter" arrangements by deeming a person to be a lender subject to the law even if they purport to act as an agent or service provider for an exempt entity, when that person holds the predominant economic interest, risk, or reward in the loan.
- Establishes a totality-of-the-circumstances test for determining true lender status, weighing factors such as whether the person indemnifies an exempt entity from loan risks, controls the loan program, holds intellectual property rights in the program, or acts as a direct lender in other states.
- Effective date is July 1, 2025.
Legislative Description
Consumer Finance Loans
Last Action
Died in Insurance & Banking Subcommittee
6/16/2025
Committee Referrals
Insurance And Banking Subcommittee3/2/2025
Full Bill Text
No bill text available