FLORIDA GOVERNOR VETOES BILL AMENDING CONSUMER FINANCE ACT

On June 26, 2023, Florida Governor Ron DeSantis vetoed HB 1267, which would have amended the Consumer Finance Act to allow licensed lenders to charge a greater rate of interest on consumer loans, among other changes. See our ALERT of May 26, 2023. In his veto transmittal letter, Governor DeSantis stated that while the bill included provisions modernizing the licensing process and increasing transparency requirements, the increase in the interest rate for loans of $25,000 or less caused him concern, as he believes the increase in rates “may result in additional consumer indebtedness and could exacerbate the pinch already being felt due to federal government-induced inflation.” In vetoing the bill, the Governor leaves the old tiered rate caps in place. Read More