Amendment SA1-SB668

LRBa0927/1

ARG:cjs

2023 - 2024 LEGISLATURE

SENATE AMENDMENT 1, TO SENATE BILL 668

January 10, 2024 - Offered by Senator Knodl.

SB668-SA1,1,1 At the locations indicated, amend the bill as follows:

SB668-SA1,1,2 1. Page 22, line 19: after that line insert:

SB668-SA1,1,4 “ Section 31m. 138.09 (7) (i) (intro.), 1. and 2. of the statutes are amended to read:

SB668-SA1,1,6 138.09 (7) (i) (intro.) In addition to interest, the licensee may charge all of the following:

SB668-SA1,1,8 1. The additional charges allowed in s. 422.202 whether or not the loan is a consumer loan;.

SB668-SA1,1,11 2. An amount sufficient to cover the fee for filing the termination statement required by s. 409.513 on loans secured by merchandise other than a motor vehicle, a manufactured home, or a boat; and.

SB668-SA1,31o Section 31o. 138.09 (7) (i) 4. of the statutes is created to read:

SB668-SA1,2,2 138.09 (7) (i) 4. A nonrefundable prepaid finance charge on a consumer loan, which is earned by the licensee when charged, subject to the following:

SB668-SA1,2,4 a. If the amount financed is $500 or less, the prepaid finance charge may not exceed 10 percent of the amount financed or $50, whichever is less.

SB668-SA1,2,7 b. If the amount financed is more than $500 but does not exceed $1,000, the prepaid finance charge may not exceed 7.5 percent of the amount financed or $75, whichever is less.

SB668-SA1,2,9 c. If the amount financed exceeds $1,000, the prepaid finance charge may not exceed 5 percent of the amount financed or $175, whichever is less.

SB668-SA1,2,14 d. Notwithstanding subd. 4. a. to c., a prepaid finance charge assessed on a consumer loan that is secured primarily by an interest in real property, in a mobile home, as defined in s. 101.91 (10), or in a manufactured home, as defined in s. 101.91 (2), including a refinancing or loan consolidation, may not exceed 2 percent of the amount financed.

SB668-SA1,2,19 e. If a licensee charges a prepaid finance charge on a consumer loan in which the amount financed does not exceed $1,000 that is prepaid from the proceeds of a new loan made by the same licensee within 4 months after the prior loan, then the licensee shall reduce any prepaid finance charge on the new loan by the amount of the prepaid finance charge on the prior loan.

SB668-SA1,2,24 f. If a licensee charges a prepaid finance charge on a consumer loan in which the amount financed exceeds $1,000 that is prepaid from the proceeds of a new loan made by the same licensee within 6 months after the prior loan, then the licensee shall reduce any prepaid finance charge on the new loan by the amount of the prepaid finance charge on the prior loan.”.

SB668-SA1,2,25 (End)