Florida Senate - 2018                        COMMITTEE AMENDMENT
       Bill No. SB 386
       
       
       
       
       
       
                                Ì330726(Î330726                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  12/05/2017           .                                
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       The Committee on Banking and Insurance (Garcia) recommended the
       following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 48 - 67
    4  and insert:
    5         9. A delinquency charge of up to $15 for each payment in
    6  default for at least 10 days if the charge is agreed upon, in
    7  writing, between the parties before imposing the charge.
    8  Delinquency charges may be imposed as follows:
    9         a. For payments due monthly, the delinquency charge for a
   10  payment in default may not exceed $15.
   11         b. For payments due semimonthly, the delinquency charge for
   12  a payment in default may not exceed $7.50.
   13         c. For payments due every 2 weeks, the delinquency charge
   14  for a payment in default may not exceed $7.50 if two payments
   15  are due within the same calendar month, and may not exceed $5 if
   16  three payments are due within the same calendar month.
   17  
   18  Any charges, including interest, in excess of the combined total
   19  of all charges authorized and permitted by this chapter
   20  constitute a violation of chapter 687 governing interest and
   21  usury, and the penalties of that chapter apply. In the event of
   22  a bona fide error, the licensee shall refund or credit the
   23  borrower with the amount of the overcharge immediately but
   24  within 20 days after the discovery of such error.
   25         Section 2. Section 516.36, Florida Statutes, is amended to
   26  read:
   27         516.36 Monthly Installment requirement.—Every loan made
   28  pursuant to this chapter must shall be repaid in periodic
   29  monthly installments as nearly equal as mathematically
   30  practicable, except that the final payment may be less than the
   31  amount of the prior installments. Installments may be due every
   32  2 weeks, semimonthly, or monthly. This section does shall not