LRBa0927/1
ARG:cjs
2023 - 2024 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE BILL 668
January 10, 2024 - Offered by Senator Knodl.
SB668-SA1,1,4
3“
Section 31m. 138.09 (7) (i) (intro.), 1. and 2. of the statutes are amended to
4read:
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138.09
(7) (i) (intro.) In addition to interest, the licensee may charge
all of the
6following:
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1. The additional charges allowed in s. 422.202 whether or not the loan is a
8consumer loan
;.
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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.
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12Section 31o. 138.09 (7) (i) 4. of the statutes is created to read:
SB668-SA1,2,2
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:
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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.
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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.
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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.
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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.
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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.
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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.”.
