The bill establishes a new section, 520.105, in the Florida Statutes, which pertains to the processing of electronic payments for retail installment contracts. It defines key terms such as "ACH payment" and "electronic payment," and authorizes holders of retail installment contracts, along with their agents, to collect fees for processing electronic payments made by motor vehicle retail buyers under specific conditions. The bill outlines that the fee must be reasonably related to the actual expenses incurred in processing the payment and mandates that the holder or agent must provide alternative payment methods that do not incur a fee.

Additionally, the bill requires that before a retail buyer agrees to an electronic payment method that incurs a fee, the holder or agent must disclose the fee amount and inform the buyer of their options to make payments without incurring a fee, such as through cash, check, money order, or ACH payment. The act is set to take effect on July 1, 2026.