On June 28, Governor Ron DeSantis signed five bills, including HB 1347, a bill that was opposed by the FCCB during the legislative session held earlier this year. The bill amends Florida's consumer finance statutes, ultimately allowing lenders to charge higher interest rates on loans to borrowers that would not have been able to qualify under the state's current framework.
The FCCB sent a letter to DeSantis in March, expressing concerns that borrower protections utilized by other states were not incorporated in the legislation. "As we seek to protect marginalized, economically challenged Floridians who rely on these installment loans and other products, increasing Florida’s interest rates and the maximum size of loans without simultaneously adopting protections for Florida consumers causes significant concern," wrote Michael Sheedy, FCCB executive director.
Despite having vetoed a similar measure in 2023, DeSantis approved this year's legislation.