SB481-SSA1,1,135
421.301
(20) (intro.) "Finance charge" means the sum of all charges, payable
6directly or indirectly by the customer as an incident to or as a condition of the
7extension of credit, whether paid or payable by the customer, the creditor or any other
8person on behalf of the customer to the creditor or to a 3rd party unless the creditor
9had no notice or knowledge of the charges paid or payable to the 3rd party. The term
10includes the following types of charges to the extent they are not permitted
11additional charges under s. 422.202
or, delinquency charges
(under s. 422.203
) or, 12deferral charges
(under s. 422.204
) or charges permitted to be collected or retained
13under s. 422.209 (5):
SB481-SSA1,2,43
422.209
(5) (intro.) This section does not preclude the collection or retention by
4the creditor of
delinquency any of the following:
SB481-SSA1,2,6
5(a) Delinquency charges under s. 422.203 for delinquencies or payments due
6prior to prepayment.
SB481-SSA1,2,88
422.209
(5) (b) A prepayment fee, if all of the following requirements are met:
SB481-SSA1,2,109
1. The loan for which the fee is assessed is prepaid within 6 months of its
10origination.
SB481-SSA1,2,1111
2. The parties have agreed in writing to the imposition of the fee.
SB481-SSA1,2,1312
3. The fee does not exceed $150 or 2% of the balance of the loan at the time the
13loan is prepaid, whichever is less.
SB481-SSA1,2,16
15(1) This act first applies to consumer credit transactions and loan agreements
16entered into, renewed, extended or modified on the effective date of this subsection.
