The bill introduces a new section, 516.181, to the Florida Statutes, aimed at preventing predatory lending practices in consumer finance loans. It prohibits individuals from using any device, scheme, or artifice to evade the requirements set forth in Chapter 516, specifically targeting actions such as offering loans with unauthorized interest rates or fees and receiving payments that exceed those authorized by the chapter. Any consumer finance loan made in violation of these provisions is declared void and uncollectible, ensuring that borrowers are protected from exploitative lending practices.

Additionally, the bill outlines criteria for determining when a person is considered a lender subject to these prohibitions, even if they claim to act as an agent or service provider for an exempt entity. Factors include holding a predominant economic interest in the loan, marketing or facilitating the loan, and the overall circumstances indicating that the person is effectively acting as a lender. The act is set to take effect on July 1, 2025, reinforcing the state's commitment to consumer protection in financial transactions.