Amendment AA2-SB530

SB530-AA2,7,2 "2. No licensee may make a title loan to a customer who is liable for repayment of any amount on a title loan made by the licensee or another licensee. No licensee may make a title loan to a customer that results in the customer having liability for the loan, in principal, interest, and all other fees and charges, of more than 50 percent of the value of the motor vehicle used as security for the loan. The division shall promulgate rules for determining the value of a motor vehicle for purposes of this subdivision, including rules specifying pricing guides that may be used for determining value.".

SB530-AA2,7,4 43. Page 22, line 1: on lines 1, 5, 8, 12, 14, 17 and 21, after "payday" insert "or title".

SB530-AA2,7,5 44. Page 22, line 17: after that line insert:

SB530-AA2,7,8 "(12m) Title loans. (a) A licensee may not require a customer to provide the licensee with a key or copy of a key to a motor vehicle used as security for a title loan as a condition for making the title loan to the customer.

SB530-AA2,7,10 (b) A licensee may not make a title loan to a customer that has a term of more than one year.

SB530-AA2,7,17 (c) A licensee or person acting on behalf of a licensee may not take possession of a motor vehicle used as security for a title loan to a customer without serving notice on the customer in the manner provided under s. 801.11 (1) (a) or (b) at least 15 days prior to taking possession. The notice shall state the intent to take possession and describe the basis for the right to take possession. This paragraph does not apply to possession that is obtained by a customer's voluntary surrender of a motor vehicle. A violation of this paragraph is subject to s. 425.305.

SB530-AA2,7,21 (d) A licensee or other person may charge a customer a reasonable storage fee for a motor vehicle of the customer of which the licensee or person acting on behalf of the licensee has obtained possession, including possession that is obtained by voluntary surrender.

SB530-AA2,8,3 (e) No interest on a title loan may accrue as of the date that a licensee obtains possession of a motor vehicle used as security for the title loan, including possession that is obtained by voluntary surrender. No interest on a title loan may accrue after 60 days following a customer's failure to make any payment required for the loan, unless the customer has concealed the location of the motor vehicle used as security for the loan.

SB530-AA2,8,6 (f) A licensee shall return to a customer the amount of any proceeds from the disposition of a motor vehicle used as security for a title loan to the customer that exceed the customer's liability to the licensee for the loan.

SB530-AA2,8,9 (g) A customer is not liable to a licensee for any deficiency resulting from the licensee's disposition of a motor vehicle used as security for a title loan, unless the customer has engaged in misconduct.".

SB530-AA2,8,10 45. Page 22, line 18: on lines 18 and 20, after "payday" insert "and title".

SB530-AA2,8,11 46. Page 23, line 2: on lines 2, 4 and 5, after "payday" insert "or title".

SB530-AA2,8,12 47. Page 24, line 4: after "payday" insert "and title".

SB530-AA2,8,13 48. Page 24, line 13: after "payday" insert "or title".

SB530-AA2,8,14 49. Page 25, line 4: on lines 4, 7, 15 and 23, after "payday" insert "or title".

SB530-AA2,8,15 50. Page 25, line 17: on lines 17 and 19, after "payday" insert "and title".

SB530-AA2,8,16 51. Page 26, line 2: after "payday" insert "and title".

SB530-AA2,8,17 52. Page 26, line 16: on lines 16, 22 and 25, after "payday" insert "or title".

SB530-AA2,8,18 53. Page 27, line 1: on lines 1, 8 and 24, after "payday" insert "or title".

SB530-AA2,8,19 54. Page 27, line 2: after "payday" insert "and title".

SB530-AA2,8,20 55. Page 27, line 7: after "outstanding payday" insert "or title".

SB530-AA2,8,21 56. Page 27, line 7: after "open payday" insert "or title".

SB530-AA2,8,23 57. Page 27, line 15: on lines 15, 16 and 17, after "PAYDAY" insert "OR TITLE".

SB530-AA2,8,24 58. Page 28, line 6: on lines 6, 10 and 25, after "payday" insert "or title".

SB530-AA2,9,2 59. Page 28, line 14: on lines 14 and 16, after "payday" insert "and title".

SB530-AA2,9,3 60. Page 29, line 3: delete "$500" and substitute "$1,000".

SB530-AA2,9,4 61. Page 29, line 4: after "payday" insert "or title".

SB530-AA2,9,5 62. Page 29, line 9: delete lines 9 to 12 and substitute:

SB530-AA2,9,11 "(16) Private cause of action. If a person makes a payday or title loan to a customer that violates this section, the customer may bring an action against the person for an amount equal to twice the interest charged for the loan, or the actual damages, including any incidental and consequential damages, sustained by the customer by reason of the violation, whichever is greater, and, notwithstanding s. 814.04 (1), the costs of the action, including reasonable attorney fees.".

SB530-AA2,9,13 63. Page 32, line 3: after "(k)" insert ", or a title loan, as defined in s. 138.14 (1) (m)".

SB530-AA2,9,15 64. Page 32, line 6: after "act," insert "and title loans, as defined in section 138.14 (1) (m) of the statutes, as created by this act,".

SB530-AA2,9,16 (End)