Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for SB 2522
Barcode 744346
CHAMBER ACTION
Senate House
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05/02/2006 02:19 PM .
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11 Senator Posey moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 3, between lines 11 and 12,
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16 insert:
17 Section 5. Section 655.947, Florida Statutes, is
18 created to read:
19 655.947 Debt cancellation products.--
20 (1) Debt cancellation products, including, but not
21 limited to, debt cancellation contracts, debt suspension
22 agreements, and guaranteed asset protection contracts, are
23 loan or lease contract terms, or modifications to loan or
24 lease contracts, under which a creditor agrees to cancel or
25 suspend all or part of a customer's obligation to make
26 payments upon the occurrence of specified events. Debt
27 cancellation products may be offered, and a fee charged, by
28 financial institutions and their subsidiaries subject to the
29 provisions of this section. As used in this section, the term
30 "financial institutions" includes those as defined in s.
31 655.005(1)(h) and insured depository institutions as defined
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3:24 PM 04/29/06 s2522c1c-24-j01
Florida Senate - 2006 SENATOR AMENDMENT
Bill No. CS for SB 2522
Barcode 744346
1 in 12 U.S.C. s. 1813.
2 (2) The commission shall adopt rules to administer
3 this section, such rules shall be consistent with 12 C.F.R.
4 part 37, as amended.
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6 (Redesignate subsequent sections.)
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9 ================ T I T L E A M E N D M E N T ===============
10 And the title is amended as follows:
11 On page 1, line 13, after the semicolon,
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13 insert:
14 creating s. 655.947, F.S.; providing what
15 constitutes a debt cancellation product;
16 providing a definition; requiring the Financial
17 Services Commission to adopt rules;
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