summary
Introduced
01/05/2024
01/05/2024
In Committee
01/10/2024
01/10/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
Potential new amendment
2024 Regular Session
Bill Summary
An act relating to consumer finance loans; reordering and amending s. 516.01, F.S.; defining the term “branch”; amending s. 516.02, F.S.; prohibiting a person from operating a branch of a business making consumer finance loans before obtaining a license from the Office of Financial Regulation; amending s. 516.03, F.S.; specifying application fees for branch licenses; revising the applicability of investigation fees; making a technical change; amending s. 516.031, F.S.; revising the maximum interest rate on consumer finance loans; revising the minimum amount of time before which a delinquency charge for each payment in default may be imposed; amending s. 516.15, F.S.; requiring licensees offering an assistance program to borrowers after a federally declared disaster to send a specified notice to the office within a certain timeframe; providing construction; requiring licensees to offer borrowers a certain education program or seminar; specifying the topics that such program or seminar may address; requiring that such program or seminar be offered at no cost to borrowers; prohibiting licensees from requiring borrowers to participate in such education program or seminar as a condition of a loan; creating s. 516.38, F.S.; requiring licensees to file annual reports with the office; providing for rulemaking by the Financial Services Commission; specifying requirements for the reports; providing requirements for a licensee claiming that submitted information contains a trade secret; authorizing the office to publish a report in a certain manner; creating s. 516.39, F.S.; requiring certain licensees to suspend specified actions for a certain timeframe after a federally declared disaster; reenacting s. 516.19, F.S., relating to penalties, to incorporate the amendments made to ss. 516.02 and 516.031, F.S., in references thereto; providing an effective date.
AI Summary
This bill makes several changes to the regulation of consumer finance loans in Florida. It defines the term "branch" and requires a license to operate a branch of a business making consumer finance loans. The bill also increases the maximum interest rate on consumer finance loans, revises the minimum time before a delinquency charge can be imposed, requires licensees to provide certain assistance programs and educational offerings to borrowers after a federally declared disaster, and mandates that licensees file annual reports with the Office of Financial Regulation. Additionally, the bill suspends certain actions by licensees, such as the application of delinquency charges and repossessions, for 90 days after a federal disaster declaration.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Appropriations Committee on Agriculture, Environment, and General Government (S)
Last Action
Laid on Table, refer to CS/HB 1347 (on 03/04/2024)
Official Document
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bill summary
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bill summary
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