HB 1267 (Fernandez-Barquin) and SB 580 (Gruters) would create an increase of interest rates by between 6% and 18% on what are already high-cost installment loans for consumers who are often in acute financial distress. It could drastically raise the cost of Chapter 516 loans for the consumer, despite consumer protection advocates that have long worked to keep the current cap at 30%. Low-income consumers rely on these installment loans to provide access to credit that banks do not offer, and these loans serve as strong alternatives to sometimes predatory payday loans, which have interest rates in triple digits. On Monday, HB 1267 was approved by the Insurance and Banking Subcommittee by a unanimous vote. Christie Arnold, associate for social concerns and respect life, testified in opposition. "We oppose HB 1267 because the bill contains a drastic across the board rate increase for Chapter 516 installment loans that will harm Florida's low-income consumers," said Arnold. Floridians deserve strengthening, not erosion, of consumer protection, especially during a time of increased inflation and financial concerns. SB 580 was approved by the Banking and Insurance Committee on Wednesday by an 8-3 vote.