The bill introduces a new section, 520.105, to the Florida Statutes, which pertains to electronic payment processing fees for motor vehicle purchases. It defines key terms such as "ACH payment" and "electronic payment," and authorizes holders of retail installment contracts and their agents to collect fees for processing electronic payments made by retail buyers, under specific conditions. These conditions include that the fee must be reasonably related to the actual processing expense, cannot exceed $10 or 3% of the payment amount, and the holder must provide alternative payment methods that do not incur a fee.

Additionally, the bill mandates 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 pay 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.