House bill proposes increase to maximum interest rates for consumer finance loans

House Bill 1267 seeks to raise the maximum interest rate on consumer finance loans from 30 to 36 percent. The bill would eliminate the tiered interest structure and require an annual submission of reports to the Florida Office of Financial Regulation by licensees. The proposed changes aim to widen the number of people who qualify for consumer finance loans and prevent them from resorting to loan sharks. The bill was unanimously approved by the House Insurance & Banking Subcommittee on Monday and will move to the State Administration and Technology Appropriations Subcommittee, as well as the Commerce Committee. House

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