summary
Introduced
01/05/2024
01/05/2024
In Committee
03/04/2024
03/04/2024
Crossed Over
03/04/2024
03/04/2024
Passed
06/28/2024
06/28/2024
Dead
Signed/Enacted/Adopted
07/01/2024
07/01/2024
Introduced Session
2024 Regular Session
Bill Summary
An act relating to consumer finance loans; 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 rates and the calculation of interest rates 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 major disaster to send a specified notice to the office within a certain timeframe; providing construction; requiring licensees to offer to borrowers credit education programs or seminars; providing topics for such programs or seminars; requiring that such programs or seminars be free; prohibiting licensees from requiring borrowers to participate in such programs or seminars as a condition of receiving loans; creating s. 516.38,Legislature 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 amends various sections of Florida's consumer finance loan laws. Key provisions include:
1) Defining the term "branch" and requiring a license to operate a branch of a consumer finance loan business.
2) Increasing the maximum interest rates on consumer finance loans and revising the minimum time before a delinquency charge can be imposed.
3) Requiring licensees to provide credit education programs or seminars to borrowers at no cost, and prohibiting licensees from requiring borrower participation as a condition of receiving a loan.
4) Requiring licensees to file annual reports with the state's Office of Financial Regulation, including data on loan originations, outstanding balances, delinquencies, and charge-offs.
5) Requiring licensees to suspend certain actions like repossessions and collections for 90 days after a federal disaster declaration in the state.
The bill aims to regulate the consumer finance loan industry in Florida, with a focus on increasing transparency, protecting borrowers, and providing assistance during natural disasters.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Other Sponsors (1)
Commerce Committee (H)
Last Action
Chapter No. 2024-276 (on 07/01/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
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