Florida Senate - 2016         CS for CS for CS for CS for SB 260
       
       
        
       By the Committees on Banking and Insurance; Rules; Judiciary;
       and Banking and Insurance; and Senators Smith and Richter
       
       597-03218-16                                           2016260c4
    1                        A bill to be entitled                      
    2         An act relating to financial transactions; amending s.
    3         501.0117, F.S.; providing that a convenience fee
    4         imposed upon a student or family paying certain fees
    5         by credit card to a private school is not considered a
    6         surcharge; amending s. 516.07, F.S.; revising the
    7         grounds for denial of an application for a license to
    8         make consumer finance loans; amending s. 670.108,
    9         F.S.; revising applicability; providing that ch. 670,
   10         F.S., governs certain funds transfers that are
   11         remittance transfers; providing that the federal
   12         Electronic Fund Transfer Act governs any inconsistency
   13         between a funds transfer made under the federal act
   14         and a funds transfer made under ch. 670, F.S.;
   15         amending s. 701.03, F.S.; reducing the time limit for
   16         a mortgagee or an assignee to cancel a mortgage,
   17         except in cases where the loan is an open-end
   18         mortgage; authorizing an open-end mortgage to be
   19         canceled within a specified timeframe if the borrower
   20         provides written notice of his or her intent to close
   21         the open-end mortgage; providing that a requirement
   22         that certain mortgages be cancelled within a specified
   23         timeframe does not apply to an open-ended mortgage
   24         existing before a certain date if the loan agreement
   25         contained procedures for cancelling the mortgage;
   26         providing applicability; providing an effective date.
   27          
   28  Be It Enacted by the Legislature of the State of Florida:
   29  
   30         Section 1. Subsection (1) of section 501.0117, Florida
   31  Statutes, is amended to read:
   32         501.0117 Credit cards; transactions in which seller or
   33  lessor prohibited from imposing surcharge; penalty.—
   34         (1) A seller or lessor in a sales or lease transaction may
   35  not impose a surcharge on the buyer or lessee for electing to
   36  use a credit card in lieu of payment by cash, check, or similar
   37  means, if the seller or lessor accepts payment by credit card. A
   38  surcharge is any additional amount imposed at the time of a sale
   39  or lease transaction by the seller or lessor that increases the
   40  charge to the buyer or lessee for the privilege of using a
   41  credit card to make payment. Charges imposed pursuant to
   42  approved state or federal tariffs are not considered to be a
   43  surcharge, and charges made under such tariffs are exempt from
   44  this section. A convenience fee imposed upon a student or family
   45  paying tuition, fees, or other student account charges by credit
   46  card to a William L. Boyd, IV, Florida resident access grant
   47  eligible institution, as defined in s. 1009.89, or to a private
   48  school, as defined in s. 1002.01, is not considered to be a
   49  surcharge and is exempt from this section if the amount of the
   50  convenience fee does not exceed the total cost charged by the
   51  credit card company to the institution. The term “credit card”
   52  includes those cards for which unpaid balances are payable on
   53  demand. This section does not apply to the offering of a
   54  discount for the purpose of inducing payment by cash, check, or
   55  other means not involving the use of a credit card, if the
   56  discount is offered to all prospective customers.
   57         Section 2. Paragraph (k) of subsection (1) of section
   58  516.07, Florida Statutes, is amended to read:
   59         516.07 Grounds for denial of license or for disciplinary
   60  action.—
   61         (1) The following acts are violations of this chapter and
   62  constitute grounds for denial of an application for a license to
   63  make consumer finance loans and grounds for any of the
   64  disciplinary actions specified in subsection (2):
   65         (k) Paying money or anything else of value, directly or
   66  indirectly, to any person as compensation, inducement, or reward
   67  for referring loan applicants to a licensee, if such amount is
   68  charged directly or indirectly to the borrower.
   69         Section 3. Section 670.108, Florida Statutes, is amended to
   70  read:
   71         670.108 Relationship to Electronic Fund Transfer Act
   72  Exclusion of consumer transactions governed by federal law.—
   73         (1)Except as provided in subsection (2), this chapter does
   74  not apply to a funds transfer any part of which is governed by
   75  the Electronic Fund Transfer Act of 1978 (Title XX, Pub. L. No.
   76  95-630, 92 Stat. 3728, 15 U.S.C. ss. 1693 et seq.), as amended
   77  from time to time.
   78         (2)This chapter applies to a funds transfer that is a
   79  remittance transfer as defined in the Electronic Fund Transfer
   80  Act, 15 U.S.C. s. 1693o-1, as amended from time to time, unless
   81  the remittance transfer is an electronic fund transfer as
   82  defined in the Electronic Fund Transfer Act, 15 U.S.C. s. 1693a,
   83  as amended from time to time.
   84         (3)If there is an inconsistency between a funds transfer
   85  under this chapter and the Electronic Fund Transfer Act, the
   86  Electronic Fund Transfer Act governs the inconsistency.
   87         Section 4. Section 701.03, Florida Statutes is amended to
   88  read:
   89         701.03 Cancellation.—
   90         (1) Whenever the amount of money due under a promissory
   91  note secured by a on any mortgage is shall be fully paid, the
   92  mortgagee or assignee shall within 45 60 days after satisfaction
   93  of the mortgage thereafter cancel the mortgage same in the
   94  manner provided by law, unless the mortgage is an open-end
   95  mortgage.
   96         (2)A mortgage that is an open-end mortgage as provided in
   97  the loan agreement may be canceled upon written notice from the
   98  borrower of the intent to close the mortgage. The mortgagee or
   99  assignee shall cancel the open-end mortgage within 45 days after
  100  receiving the notice. This subsection does not apply to an open
  101  end mortgage existing before July 1, 2016, if the loan agreement
  102  contained procedures for canceling the mortgage.
  103         Section 5. This act applies to remittance transfers
  104  initiated on or after July 1, 2016.
  105         Section 6. This act shall take effect July 1, 2016.
  106