Consumer Finance Loans
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SB 1436 — Consumer Finance Loans
Last action — Laid on Table, companion bill(s) passed, see CS/HB 1347 (Ch. 2024-276)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Consumer Finance Loans; Defining the term “branch”; prohibiting a person from operating a branch of a business making consumer finance loans before obtaining a license from the Office of Financial Regulation; specifying application fees for branch licenses; 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; requiring certain licensees to suspend specified actions for a certain timeframe after a federally declared disaster, etc.
Bill Text
What changed in the latest version
354 added · 324 removed354 line(s) added, 324 removed.
Florida Senate - 2024 CS for SB 1436 By Senatorthe BurtonAppropriations 12-01002-24Committee 20241436__on AAgriculture, billEnvironment, toand beGeneral entitledGovernment; An act relating to consumer finance loans;
and Senator Burton 601-03262-24 20241436c1 A bill to be entitled An act relating to consumer finance loans;
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;
providing requirements for a licensee claimingPage that1 submittedof information12 containsCODING: a trade secret;
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 1436 601-03262-24 20241436c1 claiming that submitted information contains a trade secret;
516.02 and Page516.031, 1F.S., ofin 11references CODING:thereto;
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 SB 1436 12-01002-24 20241436__ 516.031, F.S., in references thereto;
(2)(3)Page “Commission”2 meansof the12 FinancialCODING: Services Commission.
(9)(4) “Office” means the Office of Financial Regulation of the commission.
(6)(5) “Interest” means the cost of obtaining a consumer finance loan and includes any profit or advantage of any kind whatsoever that a lender may charge, contract for, collect, Page 2 of 11 CODING:
Florida Senate - 2024 CS for SB 1436 12-01002-24601-03262-24 20241436__20241436c1 receive,(2)(3) or“Commission” in anywise obtain, including by means ofthe anyFinancial collateralServices sale,Commission. purchase, or agreement, as a condition for a consumer finance loan.
(9)(4) “Office” means the Office of Financial Regulation of the commission.
(6)(5) “Interest” means the cost of obtaining a consumer finance loan and includes any profit or advantage of any kind whatsoever that a lender may charge, contract for, collect, receive, or in anywise obtain, including by means of any collateral sale, purchase, or agreement, as a condition for a consumer finance loan.
or (c) In the case of a partnership, may receive upon dissolutionPage or3 has contributed 10 percent or more of the12 capital.CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 1436 601-03262-24 20241436c1 dissolution or has contributed 10 percent or more of the capital.
license.— (1) A person may must not engage in the business of making consumer finance loans or operate a branch of such business Pageunless 3she ofor 11he CODING:is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 SB 1436 12-01002-24 20241436__ unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.
The office may require information concerning any such applicant or person, including, but not limited to, his or her full name and any other names by which he or she may have been known, age, social security number, residential history, qualifications, educational and business history, and disciplinaryPage and4 criminalof history.12 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 1436 601-03262-24 20241436c1 disciplinary and criminal history.
Applications for a license for the principal place of business, Pageexcept 4for ofapplications 11to CODING:renew or reactivate a license, must also be accompanied by a nonrefundable investigation fee of $200.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 SB 1436 12-01002-24 20241436__ except for applications to renew or reactivate a license, must also be accompanied by a nonrefundable investigation fee of $200.
30 24 percent per annum on that part of thePage principal5 amountof exceeding12 $10,000CODING: $3,000 and up to $20,000 $4,000;
and 24 18 percent per annum on that part of the principal amount exceeding $20,000 $4,000 and up to $25,000.
The original principal amount as used in this section is the same as the amount financed as defined by the federal Truth in Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System.
In determining compliance with the statutory Page 5 of 11 CODING:
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Florida Senate - 2024 CS for SB 1436 12-01002-24601-03262-24 20241436__20241436c1 maximum interest and finance charges set forth herein, the computationsprincipal usedamount shallexceeding be$10,000 simple$3,000 interest and notup add-onto interest$20,000 or$4,000; any other computations.
and 24 18 percent per annum on that part of the principal amount exceeding $20,000 $4,000 and up to $25,000.
The original principal amount as used in this section is the same as the amount financed as defined by the federal Truth in Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System.
In determining compliance with the statutory maximum interest and finance charges set forth herein, the computations used shall be simple interest and not add-on interest or any other computations.
An annual fee of $25 on the anniversary date of each line-of-creditPage account;6 of 12 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 1436 601-03262-24 20241436c1 line-of-credit account;
Page5. 6 of 11 CODING:
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words underlined are additions.
Florida Senate - 2024 SB 1436 12-01002-24 20241436__ 5.
For payments due semimonthly, the delinquency charge for aPage payment7 inof default12 mayCODING: 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 Page 7 of 11 CODING:
Florida Senate - 2024 CS for SB 1436 12-01002-24601-03262-24 20241436__20241436c1 of all charges authorized and permitted by this chapter constitute a violationpayment ofin chapterdefault 687may governingnot interestexceed and$7.50. usury, and the penalties of that chapter apply.
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.
SubsectionSubsections (5) isand (6) are added to section 516.15, Florida Statutes, to read:
(c) A brief description of the assistance program available toPage borrowers8 inof the12 affectedCODING: areas;
and (d) The start date, and end date if known, of the assistance program.
For purposes of this subsection, assistance programs may include, but are not limited to, deferments, forbearance, waiver of late fees, payment modification, or changing payment due Page 8 of 11 CODING:
Florida Senate - 2024 CS for SB 1436 12-01002-24601-03262-24 20241436__20241436c1 dates.to borrowers in the affected areas;
and (d) The start date, and end date if known, of the assistance program.
For purposes of this subsection, assistance programs may include, but are not limited to, deferments, forbearance, waiver of late fees, payment modification, or changing payment due dates.
(6) Offer the borrower at the time a loan is made a credit education program or seminar provided by the licensee or a third-party provider, either in writing or electronically.
The credit education program or seminar may address, but need not be limited to, any of the following topics:
(a) The importance and methodology of establishing a household budget.
(b) The impact, value of, and ways to improve a credit score.
(c) The importance and methodology of establishing household savings.
(d) Ways to obtain a free copy of a credit report.
(e) Ways to dispute an error in a credit report.
(f) Ways to manage and prevent identity theft.
A credit education program or seminar offered under this subsection must be offered at no cost to the borrower.
A licensee may not require a borrower to participate in a credit education program or seminar as a condition of receiving a loan.
516.38Page Annual9 reportsof by12 licensees.—CODING: (1) By March 15, 2025, and each March 15 thereafter, a licensee shall file a report with the office in a form and manner prescribed by commission rule.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 1436 601-03262-24 20241436c1 516.38 Annual reports by licensees.— (1) By March 15, 2025, and each March 15 thereafter, a licensee shall file a report with the office in a form and manner prescribed by commission rule.
Page1. 9 of 11 CODING:
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words underlined are additions.
Florida Senate - 2024 SB 1436 12-01002-24 20241436__ 1.
4.Page 10 of 12 CODING:
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words underlined are additions.
Florida Senate - 2024 CS for SB 1436 601-03262-24 20241436c1 4.
516.39 Suspension of penalties and remedial measures after federal disaster declaration.—In the event of a Federal Emergency Management Agency response to a Presidential Disaster Declaration in the state, a licensee operating in a county Pagedesignated 10in the declaration must suspend for a period of 1190 CODING:days after the date of the initial declaration the following:
(1) The application of delinquency charges under s.
Page 11 of 12 CODING:
Florida Senate - 2024 SBCS 1436 12-01002-24 20241436__ designated in the declaration must suspend for aSB period1436 of601-03262-24 9020241436c1 days516.031(3)(a)9. after the date of the initial declaration the following:
(1) The application of delinquency charges under s.
516.031(3)(a)9.
Page 1112 of 1112 CODING:
Show all 96 changed rows (56 more)
View plain text versions (2)
- S 1436 c1 View text Current pdf
- Introduced S 1436 Filed pdf
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
The bill amends various sections of Florida Statutes related to consumer finance loans to enhance regulatory oversight and consumer protections.
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516.01
"Branch" means any location, other than a licensee’s principal place of business, at which a licensee operates or conducts business under this chapter or which the licensee owns or controls for the purpose of conducting business under this chapter.→ "Branch" means any location, other than a licensee’s principal place of business, at which a licensee operates or conducts business under this chapter or which the licensee owns or controls for the purpose of conducting business under this chapter.The definition of 'branch' is defined to clarify locations of operation.
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516.02
may must not engage in the business of making consumer finance loans or operate a branch of such business unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.→ may not engage in the business of making consumer finance loans or operate a branch of such business unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.Strengthens the requirement for licensing to operate consumer finance businesses.
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516.03
A nonrefundable investigation fee of $200.→ A nonrefundable investigation fee of $200. An application is considered received for purposes of s. 120.60 upon receipt of a completed application form as prescribed by commission rule, a nonrefundable application fee of $625, and any other fee prescribed by law.Clarifies the application process and fees for licensing.
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516.031
36 percent per annum, computed on the first $10,000 of the principal amount; 30 percent per annum on that part of the principal amount exceeding $10,000 and up to $20,000; and 24 percent per annum on that part of the principal amount exceeding $20,000 and up to $25,000.→ 30 percent per annum, computed on the first $3,000 of the principal amount; 24 percent per annum on that part of the principal amount exceeding $3,000 and up to $4,000; and 18 percent per annum on that part of the principal amount exceeding $4,000 and up to $25,000.Reduces maximum interest rates for consumer finance loans.
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516.031
the maximum interest rate shall be 36 percent per annum, computed on the first $10,000 of the principal amount; 30 percent per annum on that part of the principal amount exceeding $10,000 and up to $20,000; and 24 percent per annum on that part of the principal amount exceeding $20,000 and up to $25,000.→ 30 percent per annum, computed on the first $3,000 of the principal amount; 24 percent per annum on that part of the principal amount exceeding $3,000 and up to $4,000; and 18 percent per annum on that part of the principal amount exceeding $4,000 and up to $25,000.Adjusts maximum interest rates to improve borrower affordability.
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516.031
A licensee may lend any sum of money up to $25,000. A licensee may not take a security interest secured by land on any loan less than $1,000.→ A licensee may lend any sum of money up to $25,000. A licensee may not take a security interest secured by land on any loan less than $1,000.Clarifies loan amount limitations and restrictions on security interests.
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516.15
No current text available; amendment adds requirements regarding disaster assistance programs for borrowers.→ Licensees offering an assistance program to borrowers after a federally declared disaster to send a specified notice to the office within a certain timeframe; requiring licensees to offer borrowers a certain education program or seminar.Introduces requirements for disaster-related borrower assistance programs.
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516.38
Licensees must file annual reports with the office providing for rulemaking; specifying requirements for the reports.
Establishes new reporting requirements for licensees.
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516.39
Certain licensees must suspend specified actions for a certain timeframe after a federally declared disaster.
Imposes additional consumer protections during federally declared disasters.
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516.19
to incorporate the amendments made to ss. 516.02 and 516.031, F.S., in references thereto; providing an effective date.Reenacts penalty provisions to align with new regulatory changes.
Action History
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Laid on Table, companion bill(s) passed, see CS/HB 1347 (Ch. 2024-276)
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Substituted CS/HB 1347
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Read 2nd time
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Retained on Special Order Calendar
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Placed on Special Order Calendar, 03/01/24
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Placed on Calendar, on 2nd reading
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Favorable by- Fiscal Policy; YEAS 13 NAYS 6
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On Committee agenda-- Fiscal Policy, 02/27/24, 9:00 am, 412 Knott Building
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CS by Appropriations Committee on Agriculture, Environment, and General Government read 1st time
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Now in Fiscal Policy
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Pending reference review under Rule 4.7(2) - (Committee Substitute)
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CS by Appropriations Committee on Agriculture, Environment, and General Government; YEAS 8 NAYS 2
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On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 02/13/24, 8:30 am, 110 Senate Building
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On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 02/08/24, 2:00 pm, 110 Senate Building --Temporarily Postponed
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Now in Appropriations Committee on Agriculture, Environment, and General Government
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Favorable by Banking and Insurance; YEAS 7 NAYS 2
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On Committee agenda-- Banking and Insurance, 01/22/24, 4:00 pm, 412 Knott Building
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Introduced
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Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
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Filed
Sponsors
- Appropriations Committee on Agriculture, Environment, and General Government · Primary
- Colleen Burton · Primary
Sponsorship breakdown
Export CSV (upgrade) →2 sponsors · 0 co-sponsors · 162 not signed on · 5 voted No
Sponsors (2)
- Appropriations Committee on Agriculture, Environment, and General Government
- Burton, Colleen Republican
Co-sponsors (0)
None.
Not signed on (162)
162 members have not signed on to this bill.
Show all 162 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 10 | 1 | 0 | 1 |
| Unaffiliated | 3 | 2 | 0 | 0 |
| Democrat | 0 | 3 | 0 | 0 |
| Total | 13 | 6 | 0 | 1 |
| % of votes cast | 65% | 30% | 0% | 5% |
How each member voted (20)
| Member | Party | Vote |
|---|---|---|
| Collins | — | Yea |
| Stewart | — | Yea |
| Hutson | — | Yea |
| Torres | — | Nay |
| Thompson, Geraldine F. "Geri" | — | Nay |
| Berman, Lori | Democrat | Nay |
| Jones, Shevrin D. "Shev" | Democrat | Nay |
| Osgood, Rosalind | Democrat | Nay |
| Albritton, Ben | Republican | Not Voting |
| Boyd, Jim | Republican | Yea |
| Burton, Colleen | Republican | Yea |
| Calatayud, Alexis | Republican | Yea |
| DiCeglie, Nick | Republican | Yea |
| Garcia, Ileana | Republican | Nay |
| Mayfield, Debbie | Republican | Yea |
| Rodriguez, Ana Maria | Republican | Yea |
| Simon, Corey | Republican | Yea |
| Trumbull, Jay | Republican | Yea |
| Wright, Tom A. | Republican | Yea |
| Yarborough, Clay | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 7 | 0 | 0 | 0 |
| Democrat | 1 | 2 | 0 | 0 |
| Total | 8 | 2 | 0 | 0 |
| % of votes cast | 80% | 20% | 0% | 0% |
How each member voted (10)
| Member | Party | Vote |
|---|---|---|
| Berman, Lori | Democrat | Nay |
| Osgood, Rosalind | Democrat | Nay |
| Polsky, Tina Scott | Democrat | Yea |
| Boyd, Jim | Republican | Yea |
| Brodeur, Jason | Republican | Yea |
| Garcia, Ileana | Republican | Yea |
| Grall, Erin | Republican | Yea |
| Mayfield, Debbie | Republican | Yea |
| Rodriguez, Ana Maria | Republican | Yea |
| Trumbull, Jay | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 2 | 2 | 0 | 2 |
| Republican | 5 | 0 | 0 | 0 |
| Total | 7 | 2 | 0 | 2 |
| % of votes cast | 64% | 18% | 0% | 18% |
How each member voted (11)
| Member | Party | Vote |
|---|---|---|
| Broxson | — | Yea |
| Powell | — | Yea |
| Torres | — | Nay |
| Hutson | — | Not Voting |
| Ingoglia | — | Not Voting |
| Thompson, Geraldine F. "Geri" | — | Nay |
| Boyd, Jim | Republican | Yea |
| Burton, Colleen | Republican | Yea |
| DiCeglie, Nick | Republican | Yea |
| Mayfield, Debbie | Republican | Yea |
| Trumbull, Jay | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 1436 do?
- Consumer Finance Loans; Defining the term “branch”; prohibiting a person from operating a branch of a business making consumer finance loans before obtaining a license from the Office of Financial Regulation; specifying application fees for branch licenses; 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; requiring certain licensees to suspend specified actions for a certain timeframe after a federally declared disaster, etc.
- Who sponsors SB 1436?
- SB 1436 is sponsored by Appropriations Committee on Agriculture, Environment, and General Government and Burton, Colleen (Republican).
- What is the current status of SB 1436?
- This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 1436?
- Track SB 1436 free on One Click Politics — get push/email alerts when it moves.
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