| 1 | Representative Legg offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 1572 and 1573, insert: |
| 5 | Section 23. Section 501.0119, Florida Statutes, is created |
| 6 | to read: |
| 7 | 501.0119 Contracts for loans or credit; increasing rate of |
| 8 | interest or imposing fees prohibited; certain instruments |
| 9 | void.-- |
| 10 | (1) A creditor may not increase the rate of interest upon |
| 11 | the existing account of a borrower or impose a fee upon the |
| 12 | outstanding balance owed by a borrower if the increased rate of |
| 13 | interest or the imposition of a fee is based solely upon the |
| 14 | borrower's indebtedness to any other creditor, an adverse change |
| 15 | in the borrower's consumer credit report or credit score, or the |
| 16 | borrower's failure to make timely payments to any other |
| 17 | creditor. |
| 18 | (2) For purposes of this section, the term "account" |
| 19 | includes, but is not limited to, loans, advances, lines of |
| 20 | credit, credit cards, open-end credit accounts, and similar |
| 21 | financial transactions. |
| 22 | (3) Notwithstanding any other provision of law, any term |
| 23 | or provision in a contract, loan, or credit agreement contrary |
| 24 | to this section is void. |
| 25 |
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| 26 | ======= T I T L E A M E N D M E N T ======= |
| 27 | Between lines 112 and 113, insert: |
| 28 | creating s. 501.0119, F.S.; prohibiting creditors from |
| 29 | increasing rates of interest or imposing fees on borrower |
| 30 | accounts based upon certain activities of the borrower; |
| 31 | providing a definition; providing for voiding certain contract, |
| 32 | loan, or credit agreement terms or provisions; |