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FL S0162
Bill
AI Summary
- Creates section 516.181, F.S., prohibiting any person from using devices, schemes, or artifices to evade Florida's consumer finance loan requirements under Chapter 516, including charging interest, fees, or other payments exceeding authorized amounts
- Applies to loans made through any method—mail, telephone, internet, or electronic means—regardless of whether the person is physically located in Florida
- Declares any consumer finance loan made in violation of these provisions void and uncollectible as to all principal, fees, interest, charges, and payments
- Deems a person to be a lender subject to the law if they hold the predominant economic interest, risk, or reward in the loan, even if they claim to act as an agent or service provider for an entity exempt from Chapter 516
- Establishes a "totality of the circumstances" test for identifying true lenders, weighing factors such as whether the person designs or controls the loan program, indemnifies the exempt entity, or holds trademark/intellectual property rights in core aspects of the loan program
- Takes effect July 1, 2025
Legislative Description
Consumer Finance Loans
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
No bill text available