House Bill 1169
CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 2000 HJR 1169
By Representative Reddick
1 House Joint Resolution
2 A joint resolution proposing the creation of
3 Section 19 of Article X of the State
4 Constitution relating to limiting interest on
5 consumer loans or credit sales.
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7 Be It Resolved by the Legislature of the State of Florida:
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9 That the creation of Section 19 of Article X set forth
10 below is agreed to and shall be submitted to the electors of
11 Florida for approval or rejection at the general election to
12 be held in November 2000:
13 ARTICLE X
14 MISCELLANEOUS
15 Section 19. Consumer credit.--
16 (a) Any consumer loan or credit sale contract which
17 has a rate of interest greater than 31 percent per annum
18 simple interest is void as to principal and interest.
19 (b) As used in this section, the term "consumer loan
20 or credit sale" means credit of no more than $500,000 that is
21 extended to a natural person in which the money, property, or
22 service which is the subject of the transaction is primarily
23 for personal, family, or household purposes.
24 (c) The provisions of this section shall not be
25 construed to repeal, modify, or limit provisions of federal
26 law creating exceptions to the general law governing interest
27 and usury and specifying the interest rates and charges which
28 may be made pursuant to such exceptions.
29 (d) The provisions of this section are not intended
30 and shall not be deemed to supersede or otherwise invalidate
31 any provisions of a commitment to insure by the Federal
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 2000 HJR 1169
146-249-00
1 Housing Administration; a commitment to guarantee by the
2 United States Department of Veterans Affairs; or a commitment
3 to purchase a loan issued by the Federal National Mortgage
4 Association, Governmental National Mortgage Association,
5 Federal Home Loan Mortgage Corporation, any department,
6 agency, or instrumentality of the Federal Government, or any
7 successor of such corporation, association, department,
8 agency, or instrumentality, pursuant to any provision of the
9 acts of Congress or federal regulations.
10 (e) The provisions of this section supersede and
11 repeal all provisions of the laws of this state which set a
12 maximum rate of interest chargeable in this state in excess of
13 the limit established by this section or which are otherwise
14 inconsistent with this section.
15 (f) This section applies only to loans or advances of
16 credit made after the effective date of this section. All laws
17 in existence before the effective date of this section shall
18 remain in full force and effect as to loans and advances of
19 credit made before the effective date of this section.
20 BE IT FURTHER RESOLVED that in accordance with the
21 requirements of section 101.161, Florida Statutes, the title
22 and substance of the amendment proposed herein shall appear on
23 the ballot as follows:
24 CONSUMER CREDIT
25 Proposes limiting to 31 percent per annum simple
26 interest the amount of interest chargeable on consumer loans
27 or credit sales.
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