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 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 clarifies the circumstances under which a person is considered a lender subject to these prohibitions, emphasizing that even if a person acts as an agent or service provider for an exempt entity, they may still be held accountable if they engage in certain activities related to the loan.

Additionally, the bill outlines specific criteria that determine when a person is deemed a lender, such as holding a predominant economic interest in the loan or having the right to acquire the loan or its receivables. It also includes factors that indicate a person is acting as a lender, such as indemnifying an exempt entity or controlling the loan program. The act is set to take effect on July 1, 2025.