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FLACP and many members of the Floridians for Responsible Lending Coalition have defeated a bill for four consecutive years that would increase the int...

2019 Session: High Cost Consumer Loan Bill

March 7, 2019

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2019 Session: High Cost Consumer Loan Bill

March 7, 2019

FLACP and many members of the Floridians for Responsible Lending Coalition have defeated a bill for four consecutive years that would increase the interest rate on small dollar consumer finance loans under Chapter 516. Unfortunately, California company Insikt (now Aura) is returning for a fifth year seeking the same increase in interest rate on these loans.

 

SB 874HB 469 (by Sen. Rouson and Rep. Fernandez-Barquin)

 

Consumer Finance loans in Florida under current law are limited to 30% APR for loans up to $3,000, 24% APR for loans between $3,000 and $4,000 and 18% for loans above $4,000. These bills increase each tier by 6% for unsecured loans up to $10,000. This legislation moves us backwards with loans that cost borrowers even more.

 

Read a one-page information sheet about the bill here. For more information, here is a white paper analysis of the bill. 

 

 

 

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Phone: (850) 556-3121

Email: alicevickers@flacp.org