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FLORIDA LEGISLATURE PASSES BILL AMENDING CONSUMER FINANCE ACT

On May 1, 2023, both chambers of the Florida legislature passed HB 1267, amending the Consumer Finance Act, Florida’s licensed lender statute. Most notably, the proposed amendments would modify the interest rate provision for loans up to $25,000 from the current tiered rate caps to a flat maximum rate of 36% per annum for all loans up to $25,000. The interest rate cap for loans greater than $25,000 was not affected. The bill also proposes to increase the statutorily mandated grace period on delinquency charges to 12 days (up from the current 10 day grace period). Read More