HB 895 (Stevenson) passed the House Commerce Committee unanimously on March 29. FCCB supports this measure that gives vulnerable consumers an opportunity to access capital with less risk of exploitation. The bill ensures that borrowers are not penalized for prepayment of loans and that installment loans can be paid in installments. The term "installment loan" would presume multiple payments; however, installment lenders in Florida can require one lump sum payment which often results in borrowers having to re-borrow the same principal amount for additional interest and fees, leading to a cycle of debt. A lender that is licensed under the installment loan chapter, rather than the title loan chapter, can repossess the family vehicle on which the borrower depends to travel to work, making it even more difficult to repay the loan. SB 1478 (Gibson) waits to be heard by its second committee of reference, Commerce and Tourism.