Bill Increasing Financial Risk for Consumer Loans Passed by House

On Thursday, the Florida House voted to pass HB 1267 (Fernandez-Barquin) by a 96-18 vote. The bill will be sent to the Senate for final passage. 

Earlier in the week, Christie Arnold, FCCB associate for social concerns and respect life, testified in opposition to the Senate companion, SB 580 (Gruters). Arnold conveyed FCCB's concerns that the bill would harm vulnerable low-income Floridians by increasing interest rates between 6% and 18% on what are already high-cost installment loans for consumers in financial distress. SB 580 was approved by Senate Fiscal Policy by a 15-4 vote and has been placed on the Senate Special Order Calendar for Monday, May 1.