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 will be deemed void and uncollectible, ensuring that borrowers are protected from exploitative lending practices.

Additionally, the bill clarifies the circumstances under which a person may be considered a lender subject to these prohibitions, even if they claim to act as an agent or service provider for an exempt entity. Factors that may indicate a person is acting as a lender include holding a predominant economic interest in the loan, marketing or facilitating the loan, and the overall structure of the transaction suggesting an intent to evade the law. The act is set to take effect on July 1, 2025.