Bill Text: FL S0642 | 2018 | Regular Session | Introduced

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Bill Title: Deferred Presentment Transactions

Spectrum: Bipartisan Bill

Status: (Failed) 2018-03-10 - Died in Banking and Insurance [S0642 Detail]

Download: Florida-2018-S0642-Introduced.html

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       Florida Senate - 2018                                     SB 642
       
       
        
       By Senator Baxley
       
       
       
       
       
       12-00820A-18                                           2018642__
    1                        A bill to be entitled                      
    2         An act relating to deferred presentment transactions;
    3         amending s. 560.404, F.S.; revising the maximum
    4         interest, fees, and charges that deferred presentment
    5         providers or their affiliates may charge, collect, or
    6         receive in deferred presentment transactions;
    7         reenacting s. 560.111(5), F.S., relating to prohibited
    8         acts, to incorporate the amendment made to s. 560.404,
    9         F.S., in a reference thereto; providing an effective
   10         date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Subsection (6) of section 560.404, Florida
   15  Statutes, is amended to read:
   16         560.404 Requirements for deferred presentment
   17  transactions.—
   18         (6) A deferred presentment provider or its affiliate may
   19  not directly or indirectly charge, collect, or receive interest,
   20  fees, or other charges exceeding 30 percent per annum on the
   21  principal amount, inclusive of ancillary products or services
   22  incident to or included in the deferred presentment transaction
   23  that exceed 10 percent of the currency or payment instrument
   24  provided. However, a verification fee may be charged as provided
   25  in s. 560.309(8). The 10-percent fee may not be applied to the
   26  verification fee. A deferred presentment provider may charge
   27  only the interest, those fees, and other charges specifically
   28  authorized in this section.
   29         Section 2. For the purpose of incorporating the amendment
   30  made by this act to section 560.404, Florida Statutes, in a
   31  reference thereto, subsection (5) of section 560.111, Florida
   32  Statutes, is reenacted to read:
   33         560.111 Prohibited acts.—
   34         (5) Any person who willfully violates any provision of s.
   35  560.403, s. 560.404, or s. 560.405 commits a felony of the third
   36  degree, punishable as provided in s. 775.082, s. 775.083, or s.
   37  775.084.
   38         Section 3. This act shall take effect July 1, 2018.