Florida House Passes Consumer Loan Legislation

On Tuesday, Tammy Fecci, associate for life and dignity, spoke on SB 1436 (Burton) before the Senate Fiscal Policy Committee. “At its core, SB 1436 would allow consumer finance loan companies to charge higher interest rates at the expense of struggling and already economically challenged Florida families and individuals.” The FCCB sought an amendment to the bill that would have utilized protections in other states prohibiting licensed lenders from exceeding the rate caps through the sale of ancillary products, such as insurance, which makes it harder for low-income families to afford to pay their loans and only increases consumer indebtedness. The committee passed the bill on a 13-6 vote. 

SB 1436 is on the Senate calendar for next week, and its companion, HB 1347 (Brackett), has inched closer to passage in the House.