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CS/HB 1347: Consumer Finance Loans

GENERAL BILL by Commerce Committee ; Brackett ; (CO-INTRODUCERS) López, J.

Consumer Finance Loans; Prohibits person from operating branch of business making consumer finance loans before obtaining license; revises maximum interest rates on consumer finance loans; revises minimum amount of time before delinquency charge may be imposed; requires licensees offering assistance program to borrowers after federally declared major disaster to send notice to office; requires licensees to offer to borrowers credit education programs or seminars; provides requirements for licensee claiming submitted information contains trade secret; requires licensees to suspend actions for certain timeframe after federally declared disaster.

Effective Date: 7/1/2024
Last Action: 7/1/2024 - Chapter No. 2024-276
Bill Text: PDF
Senate Committee References:
  1. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    1/5/2024 House • Filed
    1/9/2024 House • 1st Reading (Original Filed Version)
    1/13/2024 House • Referred to Insurance & Banking Subcommittee
    • Referred to State Administration & Technology Appropriations Subcommittee
    • Referred to Commerce Committee
    • Now in Insurance & Banking Subcommittee
    1/23/2024 House • Added to Insurance & Banking Subcommittee agenda
    1/25/2024 House • Favorable by Insurance & Banking Subcommittee
    1/26/2024 House • Reported out of Insurance & Banking Subcommittee
    • Now in State Administration & Technology Appropriations Subcommittee
    2/2/2024 House • Added to State Administration & Technology Appropriations Subcommittee agenda
    2/6/2024 House • Favorable by State Administration & Technology Appropriations Subcommittee
    • Reported out of State Administration & Technology Appropriations Subcommittee
    • Now in Commerce Committee
    2/13/2024 House • Added to Commerce Committee agenda
    2/15/2024 House • Favorable with CS by Commerce Committee
    2/16/2024 House • Reported out of Commerce Committee
    • Laid on Table under Rule 7.18(a)
    • CS Filed
    2/19/2024 House • Bill referred to House Calendar
    • 1st Reading (Committee Substitute 1)
    • Added to Second Reading Calendar
    2/27/2024 House • Bill added to Special Order Calendar (3/1/2024)
    3/1/2024 House • Read 2nd time
    • Placed on 3rd reading
    • Added to Third Reading Calendar
    3/4/2024 House • Read 3rd time
    • CS passed; YEAS 104, NAYS 10
    3/4/2024 Senate • In Messages
    • Referred to Fiscal Policy
    • Withdrawn from Fiscal Policy -SJ 647
    • Placed on Calendar, on 2nd reading
    • Substituted for CS/SB 1436 -SJ 647
    • Received
    • Read 2nd time -SJ 647, 652
    • Read 3rd time -SJ 653
    • CS passed; YEAS 21 NAYS 18 -SJ 653
    3/4/2024 House • In Messages
    • Ordered enrolled
    6/17/2024 • Signed by Officers and presented to Governor
    6/28/2024 • Approved by Governor
    7/1/2024 • Chapter No. 2024-276

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  • CS/HB 1347, Enrolled (Current Bill Version) Posted 3/5/2024 at 8:25 AM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1436 (c1) Consumer Finance Loans Burton Similar Last Action: 3/4/2024 S Laid on Table, companion bill(s) passed, see CS/HB 1347 (Ch. 2024-276) -SJ 647

    Citations - Statutes (8)

    Citation Catchline Location in Bill Location In Bill Help
    516.01 Definitions. Page 2 (pdf)
    516.02 Loans; lines of credit; rate of interest; license. Page 4 (pdf)
    516.03 Application for license; fees; etc. Page 4 (pdf)
    516.031 Finance charge; maximum rates. Page 6 (pdf)
    516.15 Duties of licensee. Page 9 (pdf)
    516.19 Penalties. Page 14 (pdf)
    516.38 Page 11 (pdf)
    516.39 Page 13 (pdf)

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  • CS/HB 1347, Committee Substitute 1 Posted 2/16/2024 at 2:54 PM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1436 (c1) Consumer Finance Loans Burton Similar Last Action: 3/4/2024 S Laid on Table, companion bill(s) passed, see CS/HB 1347 (Ch. 2024-276) -SJ 647

    Floor Votes (2)

    Date Chamber Result
    3/4/2024 12:48 PM House 104 Yeas - 10 Nays
    3/4/2024 7:25 PM Senate 21 Yeas - 18 Nays

    Citations - Statutes (8)

    Citation Catchline Location in Bill Location In Bill Help
    516.01 Definitions. Page 2 (pdf)
    516.02 Loans; lines of credit; rate of interest; license. Page 4 (pdf)
    516.03 Application for license; fees; etc. Page 4 (pdf)
    516.031 Finance charge; maximum rates. Page 6 (pdf)
    516.15 Duties of licensee. Page 9 (pdf)
    516.19 Penalties. Page 14 (pdf)
    516.38 Page 11 (pdf)
    516.39 Page 13 (pdf)

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  • HB 1347, Original Filed Version Posted 1/5/2024 at 3:35 PM

    Bill Text:   PDF
    Analyses:   Insurance & Banking Subcommittee (Post-Meeting) 7/9/2024 (pdf)
    State Administration & Technology Appropriations Subcommittee (Post-Meeting) 2/6/2024 (pdf)
    Commerce Committee (Post-Meeting) 2/16/2024 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1436 (c1) Consumer Finance Loans Burton Similar Last Action: 3/4/2024 S Laid on Table, companion bill(s) passed, see CS/HB 1347 (Ch. 2024-276) -SJ 647

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    424401 - Amendment
    Remove lines 211-238 and insert:
    Brackett 2/13/2024
    8:14 PM
    Adopted without Objection
    2/15/2024
    PDF

    Citations - Statutes (8)

    Citation Catchline Location in Bill Location In Bill Help
    516.01 Definitions. Page 2 (pdf)
    516.02 Loans; lines of credit; rate of interest; license. Page 4 (pdf)
    516.03 Application for license; fees; etc. Page 4 (pdf)
    516.031 Finance charge; maximum rates. Page 6 (pdf)
    516.15 Duties of licensee. Page 9 (pdf)
    516.19 Penalties. Page 10 (pdf)
    516.38 Page 12 (pdf)
    516.39 Page 13 (pdf)

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