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LRBa0910/2
ARG:cjs
2023 - 2024 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO ASSEMBLY BILL 617
January 9, 2024 - Offered by Representative O'Connor.
AB617-AA1,1,11 At the locations indicated, amend the bill as follows:
AB617-AA1,1,2 21. Page 22, line 19: after that line insert:
AB617-AA1,1,4 3 Section 31m. 138.09 (7) (i) (intro.), 1. and 2. of the statutes are amended to
4read:
AB617-AA1,1,65 138.09 (7) (i) (intro.) In addition to interest, the licensee may charge all of the
6following
:
AB617-AA1,1,87 1. The additional charges allowed in s. 422.202 whether or not the loan is a
8consumer loan;.
AB617-AA1,1,119 2. An amount sufficient to cover the fee for filing the termination statement
10required by s. 409.513 on loans secured by merchandise other than a motor vehicle,
11a manufactured home, or a boat; and.
AB617-AA1,31o 12Section 31o. 138.09 (7) (i) 4. of the statutes is created to read:
AB617-AA1,2,2
1138.09 (7) (i) 4. A nonrefundable prepaid finance charge on a consumer loan,
2which is earned by the licensee when charged, subject to the following:
AB617-AA1,2,43 a. If the amount financed is $500 or less, the prepaid finance charge may not
4exceed 10 percent of the amount financed or $50, whichever is less.
AB617-AA1,2,75 b. If the amount financed is more than $500 but does not exceed $1,000, the
6prepaid finance charge may not exceed 7.5 percent of the amount financed or $75,
7whichever is less.
AB617-AA1,2,98 c. If the amount financed exceeds $1,000, the prepaid finance charge may not
9exceed 5 percent of the amount financed or $175, whichever is less.
AB617-AA1,2,1410 d. Notwithstanding subd. 4. a. to c., a prepaid finance charge assessed on a
11consumer loan that is secured primarily by an interest in real property, in a mobile
12home, as defined in s. 101.91 (10), or in a manufactured home, as defined in s. 101.91
13(2), including a refinancing or loan consolidation, may not exceed 2 percent of the
14amount financed.
AB617-AA1,2,1915 e. If a licensee charges a prepaid finance charge on a consumer loan in which
16the amount financed does not exceed $1,000 that is prepaid from the proceeds of a
17new loan made by the same licensee within 4 months after the prior loan, then the
18licensee shall reduce any prepaid finance charge on the new loan by the amount of
19the prepaid finance charge on the prior loan.
AB617-AA1,2,2420 f. If a licensee charges a prepaid finance charge on a consumer loan in which
21the amount financed exceeds $1,000 that is prepaid from the proceeds of a new loan
22made by the same licensee within 6 months after the prior loan, then the licensee
23shall reduce any prepaid finance charge on the new loan by the amount of the prepaid
24finance charge on the prior loan.”.
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