HB 857 & SB 920-Relating to Deferred Presentment Transactions

On Tuesday, February 13th, HB 857, by Representative James Grant (R-Tampa) was heard by the House Government Operations and Technology Appropriations Subcommittee and passed by a vote of 9 yeas to 2 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, spoke in support of this bill.

On Thursday, February 15th, SB 920, by Senator Rob Bradley (R-Orange Park) was heard by the Senate Committee on Appropriations and passed by a vote of 16 yeas to 1 nay. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.

The bills authorize deferred presentment installment transactions under Florida law. Deferred presentment transactions made pursuant to this legislation 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 Commerce Committee for its next hearing.

SB 920 will go on to the Senate Committee on Rules for its next hearing.

AIF supports legislation that creates a new framework for deferred presentment transactions that conforms with the federal guidelines while also retaining the choices Florida consumers need and deserve.

HB 469-Relating to Salvage of Pleasure Vessels

On Tuesday, February 13th, HB 469, by Representative Shawn Harrison (R-Tampa) was heard before the House Government Accountability Committee and passed by a vote of 21 yeas to 2 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. More specifically it requires that salvors must provide a customer or potential customer with a written disclosure statement and salvage work estimate for services. If a salvor’s charges exceed the written estimate by more than 20 percent, the salvor is required to promptly notify the customer of the additional estimated charge and allow the customer to authorize, modify, or cancel the order for salvage.

HB 469 will move on to the House floor for consideration.

AIF supports legislation that ensures price transparency and consumer protections.