| 15 | 15 | | An act relating to consumer finance loans; amending s. 2 |
|---|
| 16 | 16 | | 516.01, F.S.; defining the term "branch"; amending s. 3 |
|---|
| 17 | 17 | | 516.02, F.S.; prohibiting a person from operating a 4 |
|---|
| 18 | 18 | | branch of a business making consumer finance loans 5 |
|---|
| 19 | 19 | | before obtaining a license from the Office o f 6 |
|---|
| 20 | 20 | | Financial Regulation; amending s. 516.03, F.S.; 7 |
|---|
| 21 | 21 | | specifying application fees for branch licenses; 8 |
|---|
| 22 | 22 | | revising the applicability of investigation fees; 9 |
|---|
| 23 | 23 | | making a technical change; amending s. 516.031, F.S.; 10 |
|---|
| 24 | 24 | | revising the maximum interest rates and the 11 |
|---|
| 25 | 25 | | calculation of interest rates on consumer finance 12 |
|---|
| 26 | 26 | | loans; revising the minimum amount of time before 13 |
|---|
| 27 | 27 | | which a delinquency charge for each payment in default 14 |
|---|
| 28 | 28 | | may be imposed; amending s. 516.15, F.S.; requiring 15 |
|---|
| 29 | 29 | | licensees offering an assistance program to borrowers 16 |
|---|
| 30 | 30 | | after a federally declared major disaster to send a 17 |
|---|
| 31 | 31 | | specified notice to the office within a certain 18 |
|---|
| 32 | 32 | | timeframe; providing construction; requiring licensees 19 |
|---|
| 33 | 33 | | to offer to borrowers credit education programs or 20 |
|---|
| 34 | 34 | | seminars; providing topics for such programs or 21 |
|---|
| 35 | 35 | | seminars; requiring that such programs or seminars be 22 |
|---|
| 36 | 36 | | free; prohibiting licensees from requiring borrowers 23 |
|---|
| 37 | 37 | | to participate in such programs or seminars as a 24 |
|---|
| 38 | 38 | | condition of receiving loans; creating s. 516.38, 25 |
|---|
| 46 | 46 | | Page 2 of 14 |
|---|
| 47 | 47 | | 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 |
|---|
| 48 | 48 | | |
|---|
| 49 | 49 | | |
|---|
| 50 | 50 | | |
|---|
| 51 | 51 | | F.S.; requiring licensees to file annual reports with 26 |
|---|
| 52 | 52 | | the office; providing for rulemaking by the Financial 27 |
|---|
| 53 | 53 | | Services Commission; specifying requirements for the 28 |
|---|
| 54 | 54 | | reports; providing requirements for a licensee 29 |
|---|
| 55 | 55 | | claiming that submitted information contains a trade 30 |
|---|
| 56 | 56 | | secret; authorizing the office to publish a report in 31 |
|---|
| 57 | 57 | | a certain manner; creating s. 516.39, F.S.; requiring 32 |
|---|
| 58 | 58 | | certain licensees to suspend specified actions for a 33 |
|---|
| 59 | 59 | | certain timeframe after a federally declared disaster; 34 |
|---|
| 60 | 60 | | reenacting s. 516.19, F.S., relating to penalties, to 35 |
|---|
| 61 | 61 | | incorporate the amendments made to ss . 516.02 and 36 |
|---|
| 62 | 62 | | 516.031, F.S., in references thereto; providing an 37 |
|---|
| 63 | 63 | | effective date. 38 |
|---|
| 64 | 64 | | 39 |
|---|
| 65 | 65 | | Be It Enacted by the Legislature of the State of Florida: 40 |
|---|
| 66 | 66 | | 41 |
|---|
| 67 | 67 | | Section 1. Section 516.01, Florida Statutes, is amended to 42 |
|---|
| 68 | 68 | | read: 43 |
|---|
| 69 | 69 | | 516.01 Definitions. —As used in this chapt er, the term: 44 |
|---|
| 70 | 70 | | (1) "Branch" means any location, other than a licensee's 45 |
|---|
| 71 | 71 | | principal place of business, at which a licensee operates or 46 |
|---|
| 72 | 72 | | conducts business under this chapter or which the licensee owns 47 |
|---|
| 73 | 73 | | or controls for the purpose of conducting business under t his 48 |
|---|
| 74 | 74 | | chapter. 49 |
|---|
| 75 | 75 | | (2)(3) "Commission" means the Financial Services 50 |
|---|
| 83 | 83 | | Page 3 of 14 |
|---|
| 84 | 84 | | 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 |
|---|
| 85 | 85 | | |
|---|
| 86 | 86 | | |
|---|
| 87 | 87 | | |
|---|
| 88 | 88 | | Commission. 51 |
|---|
| 89 | 89 | | (3)(1) "Consumer finance borrower" or "borrower" means a 52 |
|---|
| 90 | 90 | | person who has incurred either direct or contingent liability to 53 |
|---|
| 91 | 91 | | repay a consumer finance loan. 54 |
|---|
| 92 | 92 | | (4)(2) "Consumer finance loan" means a loan of money, 55 |
|---|
| 93 | 93 | | credit, goods, or choses in action, including, except as 56 |
|---|
| 94 | 94 | | otherwise specifically indicated, provision of a line of credit, 57 |
|---|
| 95 | 95 | | in an amount or to a value of $25,000 or less for which the 58 |
|---|
| 96 | 96 | | lender charges, contracts for, collects, or receives interest at 59 |
|---|
| 97 | 97 | | a rate greater than 18 percent per annum. 60 |
|---|
| 98 | 98 | | (5)(8) "Control person" means an individual, partnership, 61 |
|---|
| 99 | 99 | | corporation, trust, or other organization that possesses the 62 |
|---|
| 100 | 100 | | power, directly or indirectly, to direct the management or 63 |
|---|
| 101 | 101 | | policies of a company, whether through ownership of securities, 64 |
|---|
| 102 | 102 | | by contract, or otherwise. A person is presumed to control a 65 |
|---|
| 103 | 103 | | company if, with respect to a particular company, that person: 66 |
|---|
| 104 | 104 | | (a) Is a director, general partner, or officer exercising 67 |
|---|
| 105 | 105 | | executive responsibi lity or having similar status or functions; 68 |
|---|
| 106 | 106 | | (b) Directly or indirectly may vote 10 percent or more of 69 |
|---|
| 107 | 107 | | a class of a voting security or sell or direct the sale of 10 70 |
|---|
| 108 | 108 | | percent or more of a class of voting securities; or 71 |
|---|
| 109 | 109 | | (c) In the case of a partnership, ma y receive upon 72 |
|---|
| 110 | 110 | | dissolution or has contributed 10 percent or more of the 73 |
|---|
| 111 | 111 | | capital. 74 |
|---|
| 112 | 112 | | (6)(5) "Interest" means the cost of obtaining a consumer 75 |
|---|
| 120 | 120 | | Page 4 of 14 |
|---|
| 121 | 121 | | 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 |
|---|
| 122 | 122 | | |
|---|
| 123 | 123 | | |
|---|
| 124 | 124 | | |
|---|
| 125 | 125 | | finance loan and includes any profit or advantage of any kind 76 |
|---|
| 126 | 126 | | whatsoever that a lender may charge, contract for, col lect, 77 |
|---|
| 127 | 127 | | receive, or in anywise obtain, including by means of any 78 |
|---|
| 128 | 128 | | collateral sale, purchase, or agreement, as a condition for a 79 |
|---|
| 129 | 129 | | consumer finance loan. Charges specifically permitted by this 80 |
|---|
| 130 | 130 | | chapter, including commissions received for insurance written as 81 |
|---|
| 131 | 131 | | permitted by this chapter, shall not be deemed interest. 82 |
|---|
| 132 | 132 | | (7)(6) "License" means a permit issued under this chapter 83 |
|---|
| 133 | 133 | | to make and collect loans in accordance with this chapter at a 84 |
|---|
| 134 | 134 | | single place of business. 85 |
|---|
| 135 | 135 | | (8)(7) "Licensee" means a person to whom a license is 86 |
|---|
| 136 | 136 | | issued. 87 |
|---|
| 137 | 137 | | (9)(4) "Office" means the Office of Financial Regulation 88 |
|---|
| 138 | 138 | | of the commission. 89 |
|---|
| 139 | 139 | | Section 2. Subsection (1) of section 516.02, Florida 90 |
|---|
| 140 | 140 | | Statutes, is amended to read: 91 |
|---|
| 141 | 141 | | 516.02 Loans; lines of credit; r ate of interest; license. — 92 |
|---|
| 142 | 142 | | (1) A person must not engage in the business of making 93 |
|---|
| 143 | 143 | | consumer finance loans or operate a branch of such business 94 |
|---|
| 144 | 144 | | unless she or he is authorized to do so under this chapter or 95 |
|---|
| 145 | 145 | | other statutes and unless the person first obtains a license 96 |
|---|
| 146 | 146 | | from the office. 97 |
|---|
| 147 | 147 | | Section 3. Subsection (1) of section 516.03, Florida 98 |
|---|
| 148 | 148 | | Statutes, is amended to read: 99 |
|---|
| 149 | 149 | | 516.03 Application for license; fees; etc. — 100 |
|---|
| 157 | 157 | | Page 5 of 14 |
|---|
| 158 | 158 | | 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 |
|---|
| 159 | 159 | | |
|---|
| 160 | 160 | | |
|---|
| 161 | 161 | | |
|---|
| 162 | 162 | | (1) APPLICATION.—Application for a license to make loans 101 |
|---|
| 163 | 163 | | under this chapter shall be in the f orm prescribed by rule of 102 |
|---|
| 164 | 164 | | the commission. The commission may require each applicant to 103 |
|---|
| 165 | 165 | | provide any information reasonably necessary to determine the 104 |
|---|
| 166 | 166 | | applicant's eligibility for licensure. The applicant shall also 105 |
|---|
| 167 | 167 | | provide information that the office require s concerning any 106 |
|---|
| 168 | 168 | | officer, director, control person, member, partner, or joint 107 |
|---|
| 169 | 169 | | venturer of the applicant or any person having the same or 108 |
|---|
| 170 | 170 | | substantially similar status or performing substantially similar 109 |
|---|
| 171 | 171 | | functions or concerning any individual who is the ulti mate 110 |
|---|
| 172 | 172 | | equitable owner of a 10 -percent or greater interest in the 111 |
|---|
| 173 | 173 | | applicant. The office may require information concerning any 112 |
|---|
| 174 | 174 | | such applicant or person, including, but not limited to, his or 113 |
|---|
| 175 | 175 | | her full name and any other names by which he or she may have 114 |
|---|
| 176 | 176 | | been known, age, social security number, residential history, 115 |
|---|
| 177 | 177 | | qualifications, educational and business history, and 116 |
|---|
| 178 | 178 | | disciplinary and criminal history. The applicant must provide 117 |
|---|
| 179 | 179 | | evidence of liquid assets of at least $25,000 or documents 118 |
|---|
| 180 | 180 | | satisfying the requireme nts of s. 516.05(10). At the time of 119 |
|---|
| 181 | 181 | | making such application, the applicant shall pay to the office a 120 |
|---|
| 182 | 182 | | nonrefundable biennial license fee of $625 for the principal 121 |
|---|
| 183 | 183 | | place of business and for each branch application filed . 122 |
|---|
| 184 | 184 | | Applications for a license for the p rincipal place of business , 123 |
|---|
| 185 | 185 | | except for applications to renew or reactivate a license, must 124 |
|---|
| 186 | 186 | | also be accompanied by a nonrefundable investigation fee of 125 |
|---|
| 194 | 194 | | Page 6 of 14 |
|---|
| 195 | 195 | | 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 |
|---|
| 196 | 196 | | |
|---|
| 197 | 197 | | |
|---|
| 198 | 198 | | |
|---|
| 199 | 199 | | $200. An application is considered received for purposes of s. 126 |
|---|
| 200 | 200 | | 120.60 upon receipt of a completed applica tion form as 127 |
|---|
| 201 | 201 | | prescribed by commission rule, a nonrefundable application fee 128 |
|---|
| 202 | 202 | | of $625, and any other fee prescribed by law. The commission may 129 |
|---|
| 203 | 203 | | adopt rules requiring electronic submission of any form, 130 |
|---|
| 204 | 204 | | document, or fee required by this chapter act if such rules 131 |
|---|
| 205 | 205 | | reasonably accommodate technological or financial hardship. The 132 |
|---|
| 206 | 206 | | commission may prescribe by rule requirements and procedures for 133 |
|---|
| 207 | 207 | | obtaining an exemption due to a technological or financial 134 |
|---|
| 208 | 208 | | hardship. 135 |
|---|
| 209 | 209 | | Section 4. Subsection (1) and paragraph (a) of subse ction 136 |
|---|
| 210 | 210 | | (3) of section 516.031, Florida Statutes, are amended to read: 137 |
|---|
| 211 | 211 | | 516.031 Finance charge; maximum rates. — 138 |
|---|
| 212 | 212 | | (1) INTEREST RATES. —A licensee may lend any sum of money 139 |
|---|
| 213 | 213 | | up to $25,000. A licensee may not take a security interest 140 |
|---|
| 214 | 214 | | secured by land on any loan less than $1,000. The licensee may 141 |
|---|
| 215 | 215 | | charge, contract for, and receive thereon interest charges as 142 |
|---|
| 216 | 216 | | provided and authorized by this section. The maximum interest 143 |
|---|
| 217 | 217 | | rate shall be 36 30 percent per annum, computed on the first 144 |
|---|
| 218 | 218 | | $10,000 $3,000 of the principal amo unt; 30 24 percent per annum 145 |
|---|
| 219 | 219 | | on that part of the principal amount exceeding $10,000 $3,000 146 |
|---|
| 220 | 220 | | and up to $20,000 $4,000; and 24 18 percent per annum on that 147 |
|---|
| 221 | 221 | | part of the principal amount exceeding $20,000 $4,000 and up to 148 |
|---|
| 222 | 222 | | $25,000. The original principal amount as used in this section 149 |
|---|
| 223 | 223 | | is the same as the amount financed as defined by the federal 150 |
|---|
| 231 | 231 | | Page 7 of 14 |
|---|
| 232 | 232 | | 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 |
|---|
| 233 | 233 | | |
|---|
| 234 | 234 | | |
|---|
| 235 | 235 | | |
|---|
| 236 | 236 | | Truth in Lending Act and Regulation Z of the Board of Governors 151 |
|---|
| 237 | 237 | | of the Federal Reserve System. In determining compliance with 152 |
|---|
| 238 | 238 | | the statutory maximum interest and finance ch arges set forth 153 |
|---|
| 239 | 239 | | herein, the computations used shall be simple interest and not 154 |
|---|
| 240 | 240 | | add-on interest or any other computations. If two or more 155 |
|---|
| 241 | 241 | | interest rates are applied to the principal amount of a loan, 156 |
|---|
| 242 | 242 | | the licensee may charge, contract for, and receive intere st at 157 |
|---|
| 243 | 243 | | that single annual percentage rate which, if applied according 158 |
|---|
| 244 | 244 | | to the actuarial method to each of the scheduled periodic 159 |
|---|
| 245 | 245 | | balances of principal, would produce at maturity the same total 160 |
|---|
| 246 | 246 | | amount of interest as would result from the application of the 161 |
|---|
| 247 | 247 | | two or more rates otherwise permitted, based upon the assumption 162 |
|---|
| 248 | 248 | | that all payments are made as agreed. 163 |
|---|
| 249 | 249 | | (3) OTHER CHARGES.— 164 |
|---|
| 250 | 250 | | (a) In addition to the interest, delinquency, and 165 |
|---|
| 251 | 251 | | insurance charges provided in this section, further or other 166 |
|---|
| 252 | 252 | | charges or amount fo r any examination, service, commission, or 167 |
|---|
| 253 | 253 | | other thing or otherwise may not be directly or indirectly 168 |
|---|
| 254 | 254 | | charged, contracted for, or received as a condition to the grant 169 |
|---|
| 255 | 255 | | of a loan, except: 170 |
|---|
| 256 | 256 | | 1. An amount of up to $25 to reimburse a portion of the 171 |
|---|
| 257 | 257 | | costs for investigating the character and credit of the person 172 |
|---|
| 258 | 258 | | applying for the loan; 173 |
|---|
| 259 | 259 | | 2. An annual fee of $25 on the anniversary date of each 174 |
|---|
| 260 | 260 | | line-of-credit account; 175 |
|---|
| 268 | 268 | | Page 8 of 14 |
|---|
| 269 | 269 | | 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 |
|---|
| 270 | 270 | | |
|---|
| 271 | 271 | | |
|---|
| 272 | 272 | | |
|---|
| 273 | 273 | | 3. Charges paid for the brokerage fee on a loan or line of 176 |
|---|
| 274 | 274 | | credit of more than $10,000, title insu rance, and the appraisal 177 |
|---|
| 275 | 275 | | of real property offered as security if paid to a third party 178 |
|---|
| 276 | 276 | | and supported by an actual expenditure; 179 |
|---|
| 277 | 277 | | 4. Intangible personal property tax on the loan note or 180 |
|---|
| 278 | 278 | | obligation if secured by a lien on real property; 181 |
|---|
| 279 | 279 | | 5. The documentary excise tax and lawful fees, if any, 182 |
|---|
| 280 | 280 | | actually and necessarily paid out by the licensee to any public 183 |
|---|
| 281 | 281 | | officer for filing, recording, or releasing in any public office 184 |
|---|
| 282 | 282 | | any instrument securing the loan, which may be collected when 185 |
|---|
| 283 | 283 | | the loan is made or at any ti me thereafter; 186 |
|---|
| 284 | 284 | | 6. The premium payable for any insurance in lieu of 187 |
|---|
| 285 | 285 | | perfecting any security interest otherwise required by the 188 |
|---|
| 286 | 286 | | licensee in connection with the loan if the premium does not 189 |
|---|
| 287 | 287 | | exceed the fees which would otherwise be payable, which may be 190 |
|---|
| 288 | 288 | | collected when the loan is made or at any time thereafter; 191 |
|---|
| 289 | 289 | | 7. Actual and reasonable attorney fees and court costs as 192 |
|---|
| 290 | 290 | | determined by the court in which suit is filed; 193 |
|---|
| 291 | 291 | | 8. Actual and commercially reasonable expenses for 194 |
|---|
| 292 | 292 | | repossession, storing, repairing and pla cing in condition for 195 |
|---|
| 293 | 293 | | sale, and selling of any property pledged as security; or 196 |
|---|
| 294 | 294 | | 9. A delinquency charge for each payment in default for at 197 |
|---|
| 295 | 295 | | least 12 10 days if the charge is agreed upon, in writing, 198 |
|---|
| 296 | 296 | | between the parties before imposing the charge. Delinque ncy 199 |
|---|
| 297 | 297 | | charges may be imposed as follows: 200 |
|---|
| 305 | 305 | | Page 9 of 14 |
|---|
| 306 | 306 | | 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 |
|---|
| 307 | 307 | | |
|---|
| 308 | 308 | | |
|---|
| 309 | 309 | | |
|---|
| 310 | 310 | | a. For payments due monthly, the delinquency charge for a 201 |
|---|
| 311 | 311 | | payment in default may not exceed $15. 202 |
|---|
| 312 | 312 | | b. For payments due semimonthly, the delinquency charge 203 |
|---|
| 313 | 313 | | for a payment in default may not exceed $7.50. 204 |
|---|
| 314 | 314 | | c. For payments due every 2 weeks, the delinquency charge 205 |
|---|
| 315 | 315 | | for a payment in default may not exceed $7.50 if two payments 206 |
|---|
| 316 | 316 | | are due within the same calendar month, and may not exceed $5 if 207 |
|---|
| 317 | 317 | | three payments are due within the same calendar month. 208 |
|---|
| 318 | 318 | | 209 |
|---|
| 319 | 319 | | Any charges, including int erest, in excess of the combined total 210 |
|---|
| 320 | 320 | | of all charges authorized and permitted by this chapter 211 |
|---|
| 321 | 321 | | constitute a violation of chapter 687 governing interest and 212 |
|---|
| 322 | 322 | | usury, and the penalties of that chapter apply. In the event of 213 |
|---|
| 323 | 323 | | a bona fide error, the licensee shal l refund or credit the 214 |
|---|
| 324 | 324 | | borrower with the amount of the overcharge immediately but 215 |
|---|
| 325 | 325 | | within 20 days after the discovery of such error. 216 |
|---|
| 326 | 326 | | Section 5. Subsections (5) and (6) are added to section 217 |
|---|
| 327 | 327 | | 516.15, Florida Statutes, to read: 218 |
|---|
| 328 | 328 | | 516.15 Duties of licensee. —Every licensee shall: 219 |
|---|
| 329 | 329 | | (5) In the event of a Federal Emergency Management Agency 220 |
|---|
| 330 | 330 | | response to a Presidential Disaster Declaration in the state, if 221 |
|---|
| 331 | 331 | | the licensee offers any assistance program to borrowers impacted 222 |
|---|
| 332 | 332 | | by the disaster, within 10 days after the licensee's 223 |
|---|
| 333 | 333 | | establishment of the program, send written notice to the office 224 |
|---|
| 334 | 334 | | in physical or electronic format and include all of the 225 |
|---|
| 342 | 342 | | Page 10 of 14 |
|---|
| 343 | 343 | | 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 |
|---|
| 344 | 344 | | |
|---|
| 345 | 345 | | |
|---|
| 346 | 346 | | |
|---|
| 347 | 347 | | following information, subject to change as any additional 226 |
|---|
| 348 | 348 | | declaration is issued or any declaration is revoked: 227 |
|---|
| 349 | 349 | | (a) The licensed locations affected by the disaster 228 |
|---|
| 350 | 350 | | declaration, including the physical addresses, if applicable. 229 |
|---|
| 351 | 351 | | (b) The telephone number, e -mail address, or other contact 230 |
|---|
| 352 | 352 | | information for the licensee. 231 |
|---|
| 353 | 353 | | (c) A brief description of the assistance program 232 |
|---|
| 354 | 354 | | available to borrowers in the affec ted areas. 233 |
|---|
| 355 | 355 | | (d) The start date, and end date if known, of the 234 |
|---|
| 356 | 356 | | assistance program. 235 |
|---|
| 357 | 357 | | 236 |
|---|
| 358 | 358 | | For purposes of this subsection, assistance programs may 237 |
|---|
| 359 | 359 | | include, but are not limited to, deferments, forbearance, 238 |
|---|
| 360 | 360 | | waivers of late fees, payment modifications, or changes i n 239 |
|---|
| 361 | 361 | | payment due dates. 240 |
|---|
| 362 | 362 | | (6) Offer the borrower at the time a loan is made a credit 241 |
|---|
| 363 | 363 | | education program or seminar provided, in writing or by 242 |
|---|
| 364 | 364 | | electronic means, by the licensee or a third -party provider. The 243 |
|---|
| 365 | 365 | | credit education program or seminar may address, but need not be 244 |
|---|
| 366 | 366 | | limited to, any of the following topics: 245 |
|---|
| 367 | 367 | | (a) The importance and methodology of establishing a 246 |
|---|
| 368 | 368 | | household budget. 247 |
|---|
| 369 | 369 | | (b) The impact, value of, and ways to improve a credit 248 |
|---|
| 370 | 370 | | score. 249 |
|---|
| 371 | 371 | | (c) The importance and methodology of establishing 250 |
|---|
| 379 | 379 | | Page 11 of 14 |
|---|
| 380 | 380 | | 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 |
|---|
| 381 | 381 | | |
|---|
| 382 | 382 | | |
|---|
| 383 | 383 | | |
|---|
| 384 | 384 | | household savings. 251 |
|---|
| 385 | 385 | | (d) Ways to obtain a free copy of a credit report. 252 |
|---|
| 386 | 386 | | (e) Ways to dispute an error in a credit report. 253 |
|---|
| 387 | 387 | | (f) Ways to manage and prevent identity theft. 254 |
|---|
| 388 | 388 | | 255 |
|---|
| 389 | 389 | | A credit education program or seminar offered under this 256 |
|---|
| 390 | 390 | | subsection must be offered at no cost t o the borrower. A 257 |
|---|
| 391 | 391 | | licensee may not require a borrower to participate in a credit 258 |
|---|
| 392 | 392 | | education program or seminar as a condition of receiving a loan. 259 |
|---|
| 393 | 393 | | Section 6. Section 516.38, Florida Statutes, is created to 260 |
|---|
| 394 | 394 | | read: 261 |
|---|
| 395 | 395 | | 516.38 Annual reports by licensees. — 262 |
|---|
| 396 | 396 | | (1) By March 15, 2025, and each March 15 thereafter, a 263 |
|---|
| 397 | 397 | | licensee shall file a report with the office in a form and 264 |
|---|
| 398 | 398 | | manner prescribed by commission rule. The report must include 265 |
|---|
| 399 | 399 | | each of the items specified in subsection (2) for the preceding 266 |
|---|
| 400 | 400 | | calendar year using aggregated and anonymized data and without 267 |
|---|
| 401 | 401 | | reference to any borrower's nonpublic personal information. 268 |
|---|
| 402 | 402 | | (2) The report must include the following information for 269 |
|---|
| 403 | 403 | | the preceding calendar year: 270 |
|---|
| 404 | 404 | | (a) The number of locations held by the licensee under 271 |
|---|
| 405 | 405 | | this chapter as of December 31 of the preceding calendar year. 272 |
|---|
| 406 | 406 | | (b) The number of loan originations by the licensee from 273 |
|---|
| 407 | 407 | | all licenses held under this chapter during the preceding 274 |
|---|
| 408 | 408 | | calendar year. 275 |
|---|
| 416 | 416 | | Page 12 of 14 |
|---|
| 417 | 417 | | 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 |
|---|
| 418 | 418 | | |
|---|
| 419 | 419 | | |
|---|
| 420 | 420 | | |
|---|
| 421 | 421 | | (c) The total dollar amount of loans and the number of 276 |
|---|
| 422 | 422 | | loans outstanding with the licensee from all licenses held under 277 |
|---|
| 423 | 423 | | this chapter as of December 31 of the preceding calendar year. 278 |
|---|
| 424 | 424 | | (d) The total dollar amount of loans and the number of 279 |
|---|
| 425 | 425 | | loans in which the licensee holds a security interest in 280 |
|---|
| 426 | 426 | | collateral as of Dece mber 31 of the preceding calendar year. 281 |
|---|
| 427 | 427 | | (e) The total dollar amount of loans and the number of 282 |
|---|
| 428 | 428 | | unsecured loans as of December 31 of the preceding calendar 283 |
|---|
| 429 | 429 | | year. 284 |
|---|
| 430 | 430 | | (f) The total number of loans, separated by principal 285 |
|---|
| 431 | 431 | | amount, in the following ranges as of December 31 of the 286 |
|---|
| 432 | 432 | | preceding calendar year: 287 |
|---|
| 433 | 433 | | 1. Up to and including $5,000. 288 |
|---|
| 434 | 434 | | 2. Five thousand and one dollars to $10,000. 289 |
|---|
| 435 | 435 | | 3. Ten thousand and one dollars to $15,000. 290 |
|---|
| 436 | 436 | | 4. Fifteen thousand and one dollars to $20,000. 291 |
|---|
| 437 | 437 | | 5. Twenty thousand and one dollars to $25,000. 292 |
|---|
| 438 | 438 | | (g) The total dollar amount of loans and the number of 293 |
|---|
| 439 | 439 | | loans charged off as of December 31 of the preceding calendar 294 |
|---|
| 440 | 440 | | year. 295 |
|---|
| 441 | 441 | | (h) The total dollar amount of loans and the number of 296 |
|---|
| 442 | 442 | | loans with delinquency status listed as: 297 |
|---|
| 443 | 443 | | 1. Current or less than 30 days past due. 298 |
|---|
| 444 | 444 | | 2. From 30 to 59 days past due. 299 |
|---|
| 445 | 445 | | 3. From 60 to 89 days past due. 300 |
|---|
| 453 | 453 | | Page 13 of 14 |
|---|
| 454 | 454 | | 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 |
|---|
| 455 | 455 | | |
|---|
| 456 | 456 | | |
|---|
| 457 | 457 | | |
|---|
| 458 | 458 | | 4. At least 90 days past due. 301 |
|---|
| 459 | 459 | | (3) A licensee claiming that any information submitted in 302 |
|---|
| 460 | 460 | | the report contains a trade secret must submit to the office an 303 |
|---|
| 461 | 461 | | accompanying affidavit in accordance with s. 655.0591 and 304 |
|---|
| 462 | 462 | | designate the information claimed to be a trade secret pursuant 305 |
|---|
| 463 | 463 | | to s. 655.0591. 306 |
|---|
| 464 | 464 | | (4) The office may publish a report of information 307 |
|---|
| 465 | 465 | | submitted pursuant to this section, provided that all data 308 |
|---|
| 466 | 466 | | published in the report is anonymized and aggregated from all 309 |
|---|
| 467 | 467 | | licensees. 310 |
|---|
| 468 | 468 | | Section 7. Section 516.39, Florida Statutes, is created to 311 |
|---|
| 469 | 469 | | read: 312 |
|---|
| 470 | 470 | | 516.39 Suspension of penalties and remedial measures after 313 |
|---|
| 471 | 471 | | federal disaster declaration. —In the event of a Federal 314 |
|---|
| 472 | 472 | | Emergency Management Agency response to a Presidential Disaster 315 |
|---|
| 473 | 473 | | Declaration in the state, a licensee operating in a county 316 |
|---|
| 474 | 474 | | designated in the declaration must suspend for a period of 90 317 |
|---|
| 475 | 475 | | days after the date of the initial declaration the following: 318 |
|---|
| 476 | 476 | | (1) The application of delinquency charges under s. 319 |
|---|
| 477 | 477 | | 516.031(3)(a)9. 320 |
|---|
| 478 | 478 | | (2) Repossessions of collateral pledged to loans made 321 |
|---|
| 479 | 479 | | under this chapter. 322 |
|---|
| 480 | 480 | | (3) The filing of civil actions for the collection of 323 |
|---|
| 481 | 481 | | amounts owed for loans made under this chapter. 324 |
|---|
| 482 | 482 | | Section 8. For the purpose of incorporating the amendments 325 |
|---|
| 490 | 490 | | Page 14 of 14 |
|---|
| 491 | 491 | | 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 |
|---|
| 492 | 492 | | |
|---|
| 493 | 493 | | |
|---|
| 494 | 494 | | |
|---|
| 495 | 495 | | made by this act to sections 516.02 and 516.031, Florida 326 |
|---|
| 496 | 496 | | Statutes, in references thereto, section 516.19, Florida 327 |
|---|
| 497 | 497 | | Statutes, is reenacted to read: 328 |
|---|
| 498 | 498 | | 516.19 Penalties.—Any person who violates any of the 329 |
|---|
| 499 | 499 | | provisions of s. 516.02, s. 516.031, s. 516.05(3), s. 516.05(6), 330 |
|---|
| 500 | 500 | | or s. 516.07(1)(e) commits a misdemeanor of the first degree, 331 |
|---|
| 501 | 501 | | punishable as provided in s. 775.082 or s. 775.083. 332 |
|---|
| 502 | 502 | | Section 9. This act shall take effect July 1, 2024. 333 |
|---|