Florida 2024 Regular Session Status: Enacted Bipartisan · 1 R · 1 D cosponsors

HB 1347 — Consumer Finance Loans

Last action — Chapter No. 2024-276

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 05, 2024. Enacted.

Signed by Governor Ron DeSantis (Republican) on June 28, 2024.

Prognosis

Likely to advance 92% · high confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 3 sponsors

    2 primary, 1 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 R · 1 D) — cross-party backing.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Consumer Finance Loans; Prohibits person from operating branch of business making consumer finance loans before obtaining license; revises maximum interest rates on consumer finance loans; revises minimum amount of time before delinquency charge may be imposed; requires licensees offering assistance program to borrowers after federally declared major disaster to send notice to office; requires licensees to offer to borrowers credit education programs or seminars; provides requirements for licensee claiming submitted information contains trade secret; requires licensees to suspend actions for certain timeframe after federally declared disaster.

Bill Text

What changed in the latest version

29 added · 43 removed

29 line(s) added, 43 removed.

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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 ENROLLED CS/HB1347 2024Legislature 2 An act relating to consumer finance loans;
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/HB1347 2024 A bill to be entitled An act relating to consumer finance loans;
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature F.S.;
hb1347-01-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/HB1347 2024 F.S.;
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature Commission.
hb1347-01-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/HB1347 2024 Commission.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature 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.
hb1347-01-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/HB1347 2024 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.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature (1) APPLICATION.—Application for a license to make loans under this chapter shall be in the form prescribed by rule of the commission.
hb1347-01-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/HB1347 2024 (1) APPLICATION.—Application for a license to make loans under this chapter shall be in the form prescribed by rule of the commission.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature $200.
hb1347-01-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/HB1347 2024 $200.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature Truth in Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System.
hb1347-01-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/HB1347 2024 Truth in Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature 3.
hb1347-01-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/HB1347 2024 3.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature a.
hb1347-01-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/HB1347 2024 a.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature following information, subject to change as any additional declaration is issued or any declaration is revoked:
hb1347-01-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/HB1347 2024 following information, subject to change as any additional declaration is issued or any declaration is revoked:
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature household savings.
hb1347-01-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/HB1347 2024 household savings.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature (c) The total dollar amount of loans and the number of loans outstanding with the licensee from all licenses held under this chapter as of December 31 of the preceding calendar year.
hb1347-01-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/HB1347 2024 (c) The total dollar amount of loans and the number of loans outstanding with the licensee from all licenses held under this chapter as of December 31 of the preceding calendar year.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature 4.
hb1347-01-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/HB1347 2024 4.
hb1347-02-er 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 ENROLLED CS/HB1347 2024Legislature made by this act to sections 516.02 and 516.031, Florida Statutes, in references thereto, section 516.19, Florida Statutes, is reenacted to read:
hb1347-01-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/HB1347 2024 made by this act to sections 516.02 and 516.031, Florida Statutes, in references thereto, section 516.19, Florida Statutes, is reenacted to read:
hb1347-02-er
hb1347-01-c1
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How this bill changes current law

11 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends consumer finance laws in Florida by introducing new definitions, licensing requirements, fees, interest rate changes, and consumer protections.

  • 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.

    Defines 'branch' to specify locations where consumer finance business can be conducted.

  • 516.02

    A person 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. → A person 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 first obtains a license from the office.

    Establishes a requirement for licensing before conducting consumer finance loan operations.

  • 516.03

    The commission may require each applicant to provide any information reasonably necessary to determine the applicant's eligibility for licensure.

    Clarifies the commission's authority to require necessary information for licensing.

  • 516.031

    36 → 30

    Reduces the maximum interest rate from 36 percent to 30 percent per annum for the first $10,000 of a consumer finance loan.

  • 516.031

    $10,000 → $3,000

    Adjusts the threshold for maximum interest rates from $10,000 to $3,000 for a certain percentage rate.

  • 516.031

    30 → 24

    Reduces the maximum interest rate from 30 percent to 24 percent per annum for amounts exceeding $10,000 up to $20,000.

  • 516.031

    $20,000 → $4,000

    Adjusts the threshold for the revised interest rates on loans exceeding $20,000.

  • 516.031

    24 → 18

    Reduces the maximum interest rate from 24 percent to 18 percent per annum for amounts exceeding $20,000.

  • 516.031 (3)

    In addition to the interest, delinquency, and

    Specifies prohibited additional charges beyond the stated interest and fees.

  • 516.15

    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;

    Mandates that licensees notify the Office of Financial Regulation when providing assistance programs post-disaster.

  • 516.15

    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;

    Introduces requirements for credit education programs for borrowers.

Action History

  1. Chapter No. 2024-276

  2. Approved by Governor

  3. Signed by Officers and presented to Governor

  4. Ordered enrolled

  5. In Messages

  6. CS passed; YEAS 21 NAYS 18

  7. Read 3rd time

  8. Read 2nd time -SJ 647, 652

  9. Received

  10. Substituted for CS/SB 1436

  11. Placed on Calendar, on 2nd reading

  12. Withdrawn from Fiscal Policy

  13. Referred to Fiscal Policy

  14. In Messages

  15. CS passed; YEAS 104, NAYS 10

  16. Read 3rd time

  17. Added to Third Reading Calendar

  18. Placed on 3rd reading

  19. Read 2nd time

  20. Bill added to Special Order Calendar (3/1/2024)

  21. Added to Second Reading Calendar

  22. 1st Reading (Committee Substitute 1)

  23. Bill referred to House Calendar

  24. CS Filed

  25. Laid on Table under Rule 7.18(a)

  26. Reported out of Commerce Committee

  27. Favorable with CS by Commerce Committee

  28. Added to Commerce Committee agenda

  29. Now in Commerce Committee

  30. Reported out of State Administration & Technology Appropriations Subcommittee

  31. Favorable by State Administration & Technology Appropriations Subcommittee

  32. Added to State Administration & Technology Appropriations Subcommittee agenda

  33. Now in State Administration & Technology Appropriations Subcommittee

  34. Reported out of Insurance & Banking Subcommittee

  35. Favorable by Insurance & Banking Subcommittee

  36. Added to Insurance & Banking Subcommittee agenda

  37. Now in Insurance & Banking Subcommittee

  38. Referred to Commerce Committee

  39. Referred to State Administration & Technology Appropriations Subcommittee

  40. Referred to Insurance & Banking Subcommittee

  41. 1st Reading (Original Filed Version)

  42. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 1 co-sponsors · 157 not signed on · 20 voted No

Sponsors (2)

Co-sponsors (1)

Not signed on (157)

157 members have not signed on to this bill.

Show all 157 →

"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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 21 Yea · 18 Nay · 1 Other
Party YeaNayPresentNot Voting
Republican 18400
Democrat 0600
Unaffiliated 3701
No Party Affiliation 0100
Total 211801
% of votes cast 53%45%0%3%
How each member voted (40)
Member Party Vote
Powell — Nay
Baxley — Yea
Book — Nay
Stewart — Nay
Ingoglia — Nay
Torres — Nay
Broxson — Yea
Collins — Nay
Perry — Yea
Hutson — Not Voting
Thompson, Geraldine F. "Geri" — Nay
Berman, Lori Democrat Nay
Davis, Tracie Democrat Nay
Jones, Shevrin D. "Shev" Democrat Nay
Osgood, Rosalind Democrat Nay
Polsky, Tina Scott Democrat Nay
Rouson, Darryl Ervin Democrat Nay
Pizzo, Jason W. B. No Party Affiliation Nay
Albritton, Ben Republican Yea
Boyd, Jim Republican Yea
Bradley, Jennifer Republican Yea
Brodeur, Jason Republican Yea
Burgess, Danny Republican Yea
Burton, Colleen Republican Yea
Calatayud, Alexis Republican Yea
DiCeglie, Nick Republican Yea
Garcia, Ileana Republican Nay
Grall, Erin Republican Yea
Gruters, Joe Republican Yea
Harrell, Gayle Republican Yea
Hooper, Ed Republican Yea
Martin, Jonathan Republican Nay
Mayfield, Debbie Republican Yea
Passidomo, Kathleen Republican Yea
Rodriguez, Ana Maria Republican Yea
Simon, Corey Republican Nay
Trumbull, Jay Republican Yea
Vacant Republican Nay
Wright, Tom A. Republican Yea
Yarborough, Clay Republican Yea

Passage, Third Reading

Passed 104 Yea · 10 Nay · 6 Other
Party YeaNayPresentNot Voting
Republican 63201
Democrat 20702
Unaffiliated 21103
Total 1041006
% of votes cast 87%8%0%5%
How each member voted (120)
Member Party Vote
Altman — Yea
Payne — Yea
Fine — Yea
Renner — Yea
Roach — Yea
Grant — Yea
Beltran — Yea
Rommel — Yea
Benjamin — Yea
Roth — Yea
Rudman — Yea
Keen — Yea
Killebrew — Yea
Stevenson — Yea
Caruso — Yea
Temple — Yea
Tomkow — Yea
Clemons — Yea
Waldron — Yea
Williams — Nay
Amesty — Not Voting
Bell — Not Voting
Casello — Not Voting
Silvers — Yea
Lopez, V. — Yea
Antone, Bruce Hadley Democrat Yea
Arrington, Kristen Aston Democrat Yea
Bartleman, Robin Democrat Yea
Bracy Davis, LaVon Democrat Nay
Campbell, Daryl Democrat Yea
Chambliss, Kevin D. Democrat Yea
Cross, Lindsay Democrat Yea
Daley, Dan Democrat Yea
Daniels, Kimberly Democrat Yea
Driskell, Fentrice Democrat Yea
Dunkley, Lisa Democrat Yea
Edmonds, Jervonte "Tae" Democrat Yea
Eskamani, Dr. Anna V. Democrat Nay
Franklin II, Gallop Democrat Yea
Gantt, Ashley Viola Democrat Nay
Gottlieb, Michael "Mike" Democrat Nay
Gregory, Emily Democrat Yea
Harris, Jennifer "Rita" Democrat Yea
Hart-Lowman, Dianne "Ms Dee" Democrat Nay
Hinson, Yvonne Hayes Democrat Yea
Hunschofsky, Christine Democrat Yea
Joseph, Dotie Democrat Not Voting
López, Johanna Democrat Yea
Nixon, Angela "Angie" Democrat Nay
Rayner, Michele K. Democrat Nay
Robinson, Felicia Simone Democrat Yea
Skidmore, Kelly Democrat Not Voting
Tant, Allison Democrat Yea
Woodson, Marie Paule Democrat Yea
Abbott, Shane G. Republican Yea
Alvarez, Daniel Antonio "Danny" Republican Yea
Anderson, Adam Republican Yea
Andrade, Robert Alexander "Alex" Republican Yea
Baker, Jessica Republican Yea
Bankson, Douglas Michael "Doug" Republican Yea
Barnaby, Webster Republican Yea
Basabe, Fabián Republican Yea
Berfield, Kimberly Republican Yea
Black, Dean Republican Yea
Borrero, David Republican Yea
Botana, Adam Republican Yea
Brackett, Robert A. "Robbie" Republican Yea
Brannan III, Robert Charles "Chuck" Republican Yea
Buchanan, James Republican Yea
Busatta, Demi Republican Yea
Canady, Jennifer Republican Yea
Cassel, Hillary Republican Yea
Chamberlin, Ryan Republican Yea
Chaney, Linda Republican Not Voting
Duggan, Wyman Republican Yea
Esposito, Tiffany Republican Yea
Fabricio, Tom Republican Yea
Garcia, Ileana Republican Nay
Garrison, Sam Republican Yea
Giallombardo, Mike Republican Yea
Gonzalez Pittman, Karen Republican Yea
Gossett-Seidman, Peggy Republican Yea
Griffitts Jr., Philip Wayne "Griff" Republican Yea
Holcomb, Jeff Republican Yea
Jacques, Berny Republican Yea
Koster, Traci Republican Yea
LaMarca, Chip Republican Yea
Leek, Thomas J. "Tom" Republican Yea
Maggard, Randall Scott "Randy" Republican Yea
Maney, Patt Republican Yea
Massullo, Ralph E., Jr. Republican Yea
McClain, Stan Republican Yea
McClure, Lawrence Republican Yea
McFarland, Fiona Republican Yea
Melo, Lauren Republican Yea
Michael, Kiyan Republican Yea
Mooney Jr., James Vernon "Jim" Republican Yea
Overdorf, Tobin Rogers "Toby" Republican Yea
Perez, Daniel Republican Yea
Persons-Mulicka, Jenna Republican Yea
Plakon, Rachel Saunders Republican Yea
Plasencia, Susan Republican Yea
Porras, Juan Carlos Republican Yea
Redondo, Mike Republican Yea
Rizo, Alex Republican Yea
Robinson Jr., William Cloud "Will" Republican Yea
Salzman, Michelle Republican Yea
Shoaf, Jason Republican Yea
Sirois, Tyler I. Republican Yea
Smith, David Republican Yea
Snyder, John Republican Yea
Stark, Paula A. Republican Yea
Steele, Kevin M. Republican Yea
Trabulsy, Dana Republican Yea
Tramont, Chase Republican Yea
Truenow, Keith L. Republican Yea
Tuck, Kaylee Republican Yea
Valdés, Susan L. Republican Nay
Yarkosky, Taylor Michael Republican Yea
Yeager, Bradford Troy "Brad" Republican Yea

Subjects

finance labor
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Frequently asked questions

What does HB 1347 do?
Consumer Finance Loans; Prohibits person from operating branch of business making consumer finance loans before obtaining license; revises maximum interest rates on consumer finance loans; revises minimum amount of time before delinquency charge may be imposed; requires licensees offering assistance program to borrowers after federally declared major disaster to send notice to office; requires licensees to offer to borrowers credit education programs or seminars; provides requirements for licensee claiming submitted information contains trade secret; requires licensees to suspend actions for certain timeframe after federally declared disaster.
Who sponsors HB 1347?
HB 1347 is sponsored by Commerce Committee, Brackett, Robert A. "Robbie" (Republican), and López, Johanna (Democrat).
What is the current status of HB 1347?
This bill has been enacted into law. Introduced January 05, 2024. Enacted.
Where can I track HB 1347?
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