Senate Bill sb0748
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 748
By Senator Justice
16-866-07 See HB
1 A bill to be entitled
2 An act relating to contracts for loans or
3 credit; creating s. 501.0119, F.S.; prohibiting
4 creditors from increasing rates of interest or
5 imposing fees on borrower accounts based upon
6 certain activities of the borrower; providing a
7 definition; providing for voiding certain
8 contract, loan, or credit agreement terms or
9 provisions; providing an effective date.
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11 Be It Enacted by the Legislature of the State of Florida:
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13 Section 1. Section 501.0119, Florida Statutes, is
14 created to read:
15 501.0119 Contracts for loans or credit; increasing
16 rate of interest or imposing fees prohibited; certain
17 instruments void.--
18 (1) A creditor may not increase the rate of interest
19 upon the existing account of a borrower or impose a fee upon
20 the outstanding balance owed by a borrower if the increased
21 rate of interest or the imposition of a fee is based solely
22 upon the borrower's indebtedness to any other creditor, an
23 adverse change in the borrower's consumer credit report or
24 credit score, or the borrower's failure to make timely
25 payments to any other creditor.
26 (2) For purposes of this section, the term "account"
27 includes, but is not limited to, loans, advances, lines of
28 credit, credit cards, open-end credit accounts, and similar
29 financial transactions.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 748
16-866-07 See HB
1 (3) Notwithstanding any other provision of law, any
2 term or provision in a contract, loan, or credit agreement
3 contrary to this section is void.
4 Section 2. This act shall take effect July 1, 2007.
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CODING: Words stricken are deletions; words underlined are additions.