HB 857-Relating to Deferred Presentment Transactions
On Thursday, February 22nd, HB 857, by Representative James Grant (R-Tampa) was heard by the House Commerce Committee and passed by a vote of 24 yeas to 0 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.
The bill authorizes deferred presentment installment transactions under Florida law. Deferred presentment transactions made pursuant to HB 857 would be exempt from the underwriting requirement of the Consumer Finance Protection Bureau (CFPB) rule because such loans would be for a term longer than 30 days and would not be a longer-term balloon payment loan because the bill requires installment payment to be as equal as practicable.
Provisions of the CFPB rule relating to payment practices, lender reporting, and compliance will apply to deferred presentment installment transaction lenders that provide loans with a term longer than 45 days, with a cost of credit exceeding 36 percent per annum, and that have a leveraged payment mechanism.
HB 857 will go on to the House floor for consideration.
AIF supports legislation that creates a new framework that conforms with the federal guidelines while also retaining the choices Florida consumers need and deserve.
SB 664-Relating to Salvage of Pleasure Vessels
On Thursday, February 22nd, SB 664, by Senator Dana Young (R-Tampa) was heard before the Senate Committee on Rules and passed by a vote of 13 yeas to 0 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.
This legislation creates the “Florida Salvage of Pleasure Vessels Act” (act) to provide certain consumer protections for salvage work performed on pleasure vessels. To provide protections, the salvor is required to provide a verbal and written notice that the service is not covered by their towing contract, that federal law will apply and that the cost of the salvage could cost up to the value of the vessel.
SB 664 will move on to the Senate floor for consideration.
AIF supports legislation that ensures price transparency and consumer protections.
