The proposed bill establishes a new section, 516.181, in 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, including making or assisting in obtaining loans with unauthorized higher 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 provides a framework for determining when a person is acting as a lender, based on their economic interest in the loan, their involvement in marketing or servicing the loan, and the overall circumstances of the transaction. Factors that may indicate a person is a lender include indemnifying an exempt entity from risks related to the loan, controlling the loan program, or acting as a lender in other states while representing themselves as an agent for an exempt entity. The act is set to take effect on July 1, 2025.