The bill establishes a new section, 520.083, in the Florida Statutes, which pertains to electronic payment processing fees for motor vehicle purchases. It defines "electronic payment" as any payment made through methods such as credit cards, debit cards, electronic funds transfers, or electronic checks. The bill authorizes holders of retail installment contracts and their agents to collect fees for processing electronic payments, provided certain conditions are met. These conditions include that the fee must be reasonably related to the processing costs incurred and that the buyer is informed of the fee and alternative payment methods that do not incur a fee.

Additionally, the bill stipulates that the holder or their agent must allow the buyer to choose a non-electronic payment method, must not establish electronic payment as the default payment option, and must inform the buyer of the fee amount before they agree to make the electronic payment. The act is set to take effect on July 1, 2026.