This 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 "electronic payment" to include payments made via credit card, debit card, electronic funds transfer, electronic check, or other electronic methods. The bill authorizes holders of retail installment contracts, or their agents, to collect a processing fee for electronic payments, provided certain conditions are met. These conditions include that the fee must be reasonably related to the actual processing costs, the buyer must have the option to pay without incurring a fee, and the buyer must receive clear disclosure about the fee and alternative payment methods before agreeing to make an electronic payment.

The bill aims to ensure transparency and fairness in the collection of fees associated with electronic payments in retail installment contracts. It emphasizes the importance of providing buyers with options and clear information regarding any fees they may incur. The act is set to take effect on July 1, 2026.