CS for SB 838                                    First Engrossed
       
       
       
       
       
       
       
       
       2026838e1
       
    1                        A bill to be entitled                      
    2         An act relating to electronic payments of retail
    3         installment contracts; creating s. 520.105, F.S.;
    4         defining the terms “ACH payment” and “electronic
    5         payment”; authorizing holders of retail installment
    6         contracts and their agents to collect fees for
    7         processing electronic payments made by motor vehicle
    8         retail buyers under certain circumstances; providing
    9         an effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Section 520.105, Florida Statutes, is created to
   14  read:
   15         520.105 Convenience fee for processing electronic
   16  payments.—
   17         (1) As used in this section, the term:
   18         (a) “ACH payment” means a payment made by an automated
   19  clearing house electronic transfer from a retail buyer’s bank
   20  account.
   21         (b) “Electronic payment” means a payment made by credit
   22  card, debit card, electronic funds transfer, electronic check,
   23  or other electronic method.
   24         (2) A holder of a retail installment contract, or its
   25  agent, may collect a fee for processing a retail buyer’s
   26  electronic payment under the retail installment contract,
   27  provided that all of the following conditions are met:
   28         (a) The fee is reasonably related to the actual expense
   29  incurred by the holder or its agent in processing the electronic
   30  payment.
   31         (b) The holder or its agent does all of the following:
   32         1. Allows the retail buyer to make a payment by a method
   33  other than a method that incurs a fee.
   34         2. Maintains an option for a retail buyer to make an ACH
   35  payment without collecting a fee.
   36         3. Does not establish electronic payment as the expected
   37  form of payment.
   38         4. Before the retail buyer agrees to make a payment by a
   39  method that incurs a fee, discloses all of the following:
   40         a. The amount of the fee to be charged under this section.
   41         b. The retail buyer’s option to make a payment by an
   42  alternative method that does not incur a fee, including by cash,
   43  check, money order, or ACH payment.
   44         Section 2. This act shall take effect July 1, 2026.