HB 239 — Consumer Finance

F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 239 2018 A bill to be entitled An act relating to consumer finance;

revising aprovisions provision relating to the maximum delinquency chargecharges that may be charged for consumer loans;

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hb0239-00hb0239-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 239 2018 3.

A delinquency charge of up to $15 for each calendar month for each payment in default for at least 10 days if the charge is agreed upon, in writing, between the parties before imposing the charge.

PageDelinquency 2charges ofmay 3be CODING:imposed as follows:

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hb0239-00hb0239-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 239 2018 Anya. charges, including interest, in excess of the combined total of all charges authorized and permitted by this chapter constitute a violation of chapter 687 governing interest and usury, and the penalties of that chapter apply.

For payments due monthly, the delinquency charge for a payment in default may not exceed $15.

b.

For payments due semimonthly, the delinquency charge for a payment in default may not exceed $7.50.

c.

For payments due every 2 weeks, the delinquency charge for a payment in default may not exceed $7.50 if two payments are due within the same calendar month, and may not exceed $5 if three payments are due within the same calendar month.

Any charges, including interest, in excess of the combined total of all charges authorized and permitted by this chapter constitute a violation of chapter 687 governing interest and usury, and the penalties of that chapter apply.

516.36 Monthly Installment requirement.—Every loan made pursuant to this chapter shall be repaid in approximately equal, periodic monthly installments,installments as nearly equal as mathematically practicable, except that the final payment may be less than the amount of the prior installments.

Installments may be due every 2 weeks, semimonthly, or monthlymonthly. as nearly equal as mathematically practicable.

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Words stricken are deletions;

words underlined are additions.

hb0239-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 239 2018 Section 3.

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