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 clarifies the 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 outlines specific actions that would classify a person as a lender, such as holding a predominant economic interest in the loan or engaging in activities like marketing or servicing the loan. It emphasizes that the totality of circumstances will be considered to determine if a transaction is structured to evade the requirements of the chapter. The act is set to take effect on July 1, 2025.