The bill introduces a new section, 516.181, to the Florida Statutes, aimed at preventing predatory lending practices in consumer finance loans. It explicitly prohibits individuals from using any device or scheme to evade the requirements set forth in Chapter 516, including making or assisting in obtaining loans with unauthorized interest rates or fees. Any consumer finance loan made in violation of these provisions will be deemed void and uncollectible. The bill also outlines specific criteria under which a person may be considered a lender subject to these prohibitions, regardless of their claimed role as an agent or service provider for an exempt entity.
Additionally, the bill establishes that if a consumer finance loan exceeds the authorized rate, the person engaging in prohibited activities related to the loan will be classified as a lender. This classification is based on various factors, such as the person's economic interest in the loan, their involvement in marketing or servicing the loan, and the overall circumstances indicating that they are effectively acting as the lender. The act is set to take effect on July 1, 2025.