Florida Senate - 2017                                     SB 522
       
       
        
       By Senator Steube
       
       23-00534-17                                            2017522__
    1                        A bill to be entitled                      
    2         An act relating to deferred presentment transactions;
    3         amending s. 560.404, F.S.; revising the maximum limit
    4         on interest, fees, and charges that a deferred
    5         presentment provider may charge, collect, or receive
    6         in a deferred presentment transaction; providing an
    7         effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (6) of section 560.404, Florida
   12  Statutes, is amended to read:
   13         560.404 Requirements for deferred presentment
   14  transactions.—
   15         (6) A deferred presentment provider or its affiliate may
   16  not directly or indirectly charge, collect, or receive interest,
   17  fees, or other charges exceeding 30 percent per annum, inclusive
   18  of ancillary products or services incident to or included in the
   19  deferred presentment transaction that exceed 10 percent of the
   20  currency or payment instrument provided. However, a verification
   21  fee may be charged as provided in s. 560.309(8). The 10-percent
   22  fee may not be applied to the verification fee. A deferred
   23  presentment provider may charge, collect, or receive only the
   24  interest, those fees, and other charges specifically authorized
   25  in this section.
   26         Section 2. This act shall take effect July 1, 2017.