The proposed bill establishes a new section, 83.684, in the Florida Statutes, which outlines the regulations surrounding rent reporting to credit reporting agencies. It defines key terms such as "credit reporting agency" and "rent reporting service," and authorizes landlords to report tenants' rent payment histories under specific conditions. Landlords are required to obtain written consent from tenants before reporting their rent payments, which must include information about the potential benefits and risks of rent reporting. Additionally, tenants must be informed that they can opt out of rent reporting at any time without penalty. Landlords are also mandated to provide written notice if they decide to start or stop reporting rent payments.

The bill allows landlords to charge a fee for rent reporting services, capped at $10 per month or the actual cost incurred, and prohibits landlords from taking retaliatory actions against tenants who refuse or opt out of rent reporting. If a tenant opts out or fails to pay the fee, they cannot participate in rent reporting for at least six months. The bill specifies that it does not apply to landlords of residential buildings with 15 or fewer units unless certain conditions are met, such as the landlord owning multiple properties or being a corporation or real estate investment trust. The act is set to take effect on July 1, 2026.