Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 392
       
       
       
       
       
       
                                Barcode 354454                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/15/2009           .                                
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       The Committee on Finance and Tax (Pruitt) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2         Delete lines 185 - 188
    3  and insert:
    4  
    5         Section 5. Sections 1 through 4 of this act are intended to
    6  be clarifying and remedial in nature, and do not provide a basis
    7  for assessments of tax, or refunds of tax for periods prior to
    8  July 1, 2009.
    9         Section 6. Paragraph (r) of subsection (1) of section
   10  624.605, Florida Statutes, is amended to read:
   11         624.605 “Casualty insurance” defined.—
   12         (1) “Casualty insurance” includes:
   13         (r) Insurance for debt cancellation products.—Insurance
   14  that a creditor may purchase against the risk of financial loss
   15  from the use of debt cancellation products with consumer loans
   16  or leases or retail installment contracts. Insurance for debt
   17  cancellation products is not liability insurance but shall be
   18  considered credit insurance only for the purposes of s.
   19  631.52(4).
   20         1. For purposes of this paragraph, the term “debt
   21  cancellation products” means loan, lease, or retail installment
   22  contract terms, or modifications to loan, lease, or retail
   23  installment contracts, under which a creditor agrees to cancel
   24  or suspend all or part of a customer’s obligation to make
   25  payments upon the occurrence of specified events and includes,
   26  but is not limited to, debt cancellation contracts, debt
   27  suspension agreements, and guaranteed asset protection
   28  contracts. However, the term “debt cancellation products” does
   29  not include title insurance as defined in s. 624.608.
   30         2. Debt cancellation products may be offered by financial
   31  institutions, as defined in s. 655.005(1)(h);, insured
   32  depository institutions, as defined in 12 U.S.C. s. 1813(c);,
   33  and subsidiaries of such institutions, as provided in the
   34  financial institutions codes; a seller, as defined in s. 721.05,
   35  or the parents, subsidiaries, or affiliated entities of a
   36  seller, in connection with the sale of timeshare interests;, or
   37  by other business entities as may be specifically authorized by
   38  law., and Such products do shall not constitute insurance for
   39  purposes of the Florida Insurance Code.
   40         Section 7. Subsection (17) of section 721.05, Florida
   41  Statutes, is amended to read:
   42         721.05 Definitions.—As used in this chapter, the term:
   43         (17) “Facility” means any permanent amenity, including any
   44  structure, furnishing, fixture, equipment, service, improvement,
   45  or real or personal property, improved or unimproved, other than
   46  an accommodation of the timeshare plan, which is made available
   47  to the purchasers of a timeshare plan. The term does not include
   48  an incidental benefit as defined in this section.
   49         Section 8. If any provision of this act or the application
   50  thereof to any person or circumstance is held invalid, the
   51  invalidity does not affect other provisions or applications of
   52  the act which can be given effect without the invalid provision
   53  or application, and to this end the provisions of this act are
   54  severable.
   55         Section 9. This act shall take effect July 1, 2009.
   56  
   57  ================= T I T L E  A M E N D M E N T ================
   58         And the title is amended as follows:
   59         Delete lines 2 - 7
   60  and insert:
   61  
   62         An act relating to timeshares; amending ss. 125.0104,
   63         125.0108, 212.03, and 212.0305, F.S.; revising
   64         application of provisions imposing certain taxes upon
   65         consideration paid for occupancy of certain timeshare
   66         resort products; providing application and
   67         construction; amending s. 624.605, F.S.; expanding the
   68         list of entities authorized to offer debt cancellation
   69         products for purposes of the definition of the term
   70         “casualty insurance” to include a seller of a
   71         timeshare interests or the parents, subsidiaries, or
   72         affiliated entities of a seller; amending s. 721.05,
   73         F.S.; redefining the term “facility”; providing for
   74         severability; providing an effective date.