The Florida Senate

CS/CS/HB 605: Asset Protection Products

GENERAL BILL by Commerce Committee ; Insurance & Banking Subcommittee ; Tramont

Asset Protection Products; Specifies requirement regarding amount charged or financed for vehicle value protection agreement; specifies financial security requirements for providers; requires vehicle value protection agreements to include certain written disclosures in clear & understandable language & state terms, restrictions, or conditions governing cancellation; defines "excess wear & use waiver"; authorizes retail lessee to contract with retail lessor for an excess wear & use waiver; prohibits conditioning terms of consumer's motor vehicle lease on his or her payment for any excess wear & use waiver; requires certain disclosures for lease agreement that includes an excess wear & use waiver.

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• Bill History

  Date	Chamber	Action
  11/21/2023	House	• Filed
  11/30/2023	House	• Referred to Insurance & Banking Subcommittee • Referred to State Administration & Technology Appropriations Subcommittee • Referred to Commerce Committee • Now in Insurance & Banking Subcommittee
  1/9/2024	House	• 1st Reading (Original Filed Version)
  1/16/2024	House	• Added to Insurance & Banking Subcommittee agenda
  1/18/2024	House	• Favorable with CS by Insurance & Banking Subcommittee
  1/19/2024	House	• Reported out of Insurance & Banking Subcommittee • Laid on Table under Rule 7.18(a) • CS Filed
  1/22/2024	House	• Referred to State Administration & Technology Appropriations Subcommittee • Referred to Commerce Committee • Now in State Administration & Technology Appropriations Subcommittee • 1st Reading (Committee Substitute 1)
  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 2) • Added to Second Reading Calendar
  3/4/2024	House	• Laid on Table, companion bill(s) passed, see CS/CS/SB 902 (Ch. 2024-142)

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• CS/CS/HB 605, Committee Substitute 2 (Current Bill Version) Posted 2/16/2024 at 5:22 PM

  Bill Text:	PDF

  Analyses:	None

  Related Bills (1)

  Bill Number	Subject	Filed By	Relationship	Last Action and Location	Track Bills
  S 902 (er)	Motor Vehicle Retail Financial Agreements	Boyd	Similar	Last Action: 5/7/2024 Chapter No. 2024-142

  Citations - Statutes (9)

  Citation	Catchline	Location in Bill Location In Bill Help
  520.02	Definitions.	Page 3 (pdf)
  520.07	Requirements and prohibitions as to retail installment contracts.	Page 4 (pdf)
  520.151		Page 6 (pdf)
  520.152		Page 6 (pdf)
  520.153		Page 7 (pdf)
  520.154		Page 10 (pdf)
  520.155		Page 12 (pdf)
  520.156		Page 13 (pdf)
  520.157		Page 13 (pdf)

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• CS/HB 605, Committee Substitute 1 Posted 1/19/2024 at 6:36 PM

  Bill Text:	PDF

  Analyses:	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 902 (c2)	Motor Vehicle Retail Financial Agreements	Boyd	Similar	Last Action: 5/7/2024 Chapter No. 2024-142

  Committee Amendments (1)

  Amendment	Sponsor	Filed	Last Committee Action	Format
  183989 - Amendment Remove lines 90-317 and insert:	Tramont	2/14/2024 6:34 PM	Adopted without Objection 2/15/2024	PDF

  Citations - Statutes (9)

  Citation	Catchline	Location in Bill Location In Bill Help
  520.02	Definitions.	Page 3 (pdf)
  520.07	Requirements and prohibitions as to retail installment contracts.	Page 3 (pdf)
  520.151		Page 5 (pdf)
  520.152		Page 5 (pdf)
  520.153		Page 7 (pdf)
  520.154		Page 10 (pdf)
  520.155		Page 12 (pdf)
  520.156		Page 12 (pdf)
  520.157		Page 13 (pdf)

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• HB 605, Original Filed Version Posted 11/21/2023 at 8:35 AM

  Bill Text:	PDF

  Analyses:	Insurance & Banking Subcommittee (Post-Meeting) 5/7/2024 (pdf)

  Related Bills (1)

  Bill Number	Subject	Filed By	Relationship	Last Action and Location	Track Bills
  S 902 (c1)	Motor Vehicle Retail Financial Agreements	Boyd	Similar	Last Action: 5/7/2024 Chapter No. 2024-142

  Committee Amendments (1)

  Amendment	Sponsor	Filed	Last Committee Action	Format
  365049 - Amendment Remove lines 48-421 and insert:	Tramont	1/17/2024 6:16 PM	Adopted without Objection 1/18/2024	PDF

  Citations - Statutes (13)

  Citation	Catchline	Location in Bill Location In Bill Help
  24.118	Other prohibited acts; penalties.	Page 16 (pdf)
  501.604	Exemptions.	Page 17 (pdf)
  520.02	Definitions.	Page 2 (pdf)
  520.07	Requirements and prohibitions as to retail installment contracts.	Page 3 (pdf)
  520.1501		Page 5 (pdf)
  520.1502		Page 5 (pdf)
  520.1503		Page 6 (pdf)
  520.1504		Page 9 (pdf)
  520.1505		Page 11 (pdf)
  520.1506		Page 11 (pdf)
  521.003	Definitions.	Page 12 (pdf)
  521.007		Page 15 (pdf)
  671.304	Laws not repealed; precedence where code provisions in conflict with other laws; certain statutory remedies retained.	Page 17 (pdf)

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